The entirety of this article is copied from an email by @angellist on September 28, 2017 that I cannot find on the internet and is far too good not to share
This week Elon Musk released a never before seen blooper reel of SpaceX’s failed attempts at landing the Falcon 9 rocket. Watch the video with the sound on, and pay close attention to the subtitles.
Every one of those explosions amounts to millions of lost investor dollars, attempting a technique that no one in the industry thought was possible. In June, SpaceX completed two Falcon 9 landings in 48 hours.
Failure is critical for innovation to happen.
“If you already know it’s going to work, it’s not an experiment, and only through experimentation can you get real invention. The most important inventions come from trial and error with lots of failure, and the failure is critical, and it’s also embarrassing.” —
Jeff Bezos, CEO of Amazon
Bezos likely has the Amazon Fire Phone in mind, which from the outside, was considered an embarrassing failure for the company. And yet, it’s those same attempts that lead to the Amazon Echo, and dozens of innovations that made the 1996 online bookseller one of the most important companies on the planet.
Startups fail all the time. There is even a Product Graveyard to commemorate (and learn from) the most successful ones. The word ‘pivot’ gets thrown around a lot and ‘failing fast’ has become a startup mantra. Failure isn’t fun and shouldn’t be celebrated, but it is needed to advance technological progress.
If you’re starting a startup, pick your co-founders wisely. If you’re thinking of joining one, uncertainty awaits, but there’s no faster way to learn than at a startup.
Tenacious Ventures Management Pty Ltd (CAR 001275760), Tenacious Ventures Management Partnership, LP (CAR 001298484), Tenacious Ventures Fund II Management Partnership, LP (CAR 001298483), and Tenacious Ventures Fund II Staple Co Pty Ltd (CAR 001298487) are Corporate Authorised Representatives of Sandford Capital Pty Ltd (ABN 82 600 590 887), Australian Financial Services Licence No 461981, and are authorised to provide advisory and dealing in connection with investments to wholesale clients only.