If you don't give people a chance to fail... you won't innovate... if you wanna be an innovative company allow people to make mistakes.

You must first be willing to fail - and you must have the courage to go for it anyway.

If you punish people too much for failure, then they will respond accordingly and the innovation you will get will be very incrementalist. Nobody's going to try anything bold for fear of getting fired or punished in some way. The risk/reward must be balanced, in favor of making bold moves.

I'm an investor in a number of biotech companies, partly because of my incredible enthusiasm for the great innovations they will bring.

Nobody likes to fail. I want to succeed in everything I do, which isn't much. But the things that I'm really passionate about, if I fail at those, if I'm not successful, what do I have?

My passion has been to build an enduring company where people were motivated to make great products. Everything else was secondary. Sure, it was great to make a profit, because that was what allowed you to make great products. But the products, not the profits were the motivation.