Failure: The F-Word Silicon Valley Loves And Hates
This is my response to this article posted on NPR. Here is my favorite quote from Janice Fraser, founder and CEO of LUXr, a product design firm for startups.
The worst moment is when you have to tell your staff. You have these people who, beyond reason, have put their trust in you. And you have to look them in the eye and say, ‘I’m sorry, this isn’t going to work.’ It’s always when the money’s running out … because you keep going until the money runs out. At the end, it’s just you and one or two other people, filing papers with the state and packing up the boxes. And that is not fun.
I’ve also been there once. It was the worst moment not just in my entrepreneurial career but in my entire life. However, human being is a creature that keeps learning whether you like it or not. I personally learned a lot from my own failure too. I mean, I had to.
Superior ecosystem of startup can be built with experienced entrepreneurs: those who succeeded and failed. If any region outside Silicon Valley were to replicate its success, it must have those who failed because they are the ones most likely succeed next and give down-to-earth advices to first time entrepreneurs.
Bringing a conference like FailCon to the region is necessary ingredient to build the ecosystem and I really encourage people to support idea of sharing their experiences. For those who have seen FailCon watch one of these YouTube clips.