Jeff Bezos, the founder of Amazon, has often spoken about the nature of failure and innovation, especially in the context of his own company’s journey. He distinguishes between two different types of failure: “experimental” failures and “operational” failures.
One of Amazon’s core values is customer obsession, it’s a keystone that holds together everything they do. Jeff Bezos, CEO of Amazon, 2017 Letter to Amazon Shareholders outlines four key principles that he believes are critical to keeping his company, any company, relevant, competitive and dominant.
The most common strategy all innovators use to create new industries is to take advantage of an emerging trend or technology. It’s becoming harder to pull that off because we’re living in the “next big thing” economy, one where every new product and service is a gimmick looking for a market.
Still, a good 99% of the conversations about the future are about what’s changing, what that means and what to do about it. I’m guilty of it myself. And while it’s important to discuss these matters, the flip side of that is even more important: what won’t change.…
Failure can’t be separated from invention, it’s not optional. It’s also why you can’t mandate innovation, only inspire it. You can create the conditions necessary for it to happen, but it’s not a set-it and forget it deal.