Failure, for me, has served as the impetus for reflection and innovation in life and in business. Failure serves as a springboard to innovation when it is perceived or framed as an opportunity to make change and create progress. Johnson and Johnson has had many failed ventures that have resulted from J & J "placing bets on many potential opportunities -- most opportunities possibly fail, but the ones that do succeed, they succeed big" and these failures "are an essential price to pay for successful innovation and long-term growth" (Johnson & Johnson, 2006). Mr. Johnson himself is quoted, "failure is our most important product".
Johnson & Johnson (2006). Creativity and innovation driving business. Retrieved October 3, 2008 from http://creativityandinnovation.blogspot.com/2006/09/failures-and-stumbles-driving.html
