Each time you fail, you have eliminated another wrong option.

A failure teaches you that something can't be done-that way.

There is great value in disaster. All our mistakes are burned up. Thank God we can start a new.

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've often felt there might be more to be gained by studying business failures than business successes.

I don't believe in failure. It's not failure if you enjoy the process.