In this episode of the Idea to Value Podcast, I speak with Samuel West, the creator and curator of the Museum of Failure in Helsingborg, Sweden.
The Museum of Failure is a collection of interesting innovation failures. The majority of all innovation projects fail and the museum showcases these failures to provide visitors with a fascinating learning experience.
The collection consists of over seventy failed products and services from around the world. Every item provides unique insight into the risky business of innovation.
Talking points from the episode:
- Why “failure as a badge of honour” in Silicon Valley is not necessarily a good thing (03:45)
- The failure of the Nokia N-Gage, and how it illustrates how Nokia failed to admit negative indicators (05:00)
- The failure of Blockbuster, and how it shows the importance of being willing to flex and change your business model over time (07:45)
- The failure of KODAK, who invented the technology for the mainstream digital camera but could not integrate this innovation successfully into their existing business (10:00)
- The concept of Psychological Safety, and how it is the driver for innovation in high-performance teams (16:30)
- The difference between failure as part of experimentation, and failure of a project overall (19:30)
- What companies can do to avoid catastrophic failure (20:30)
Links from this Episode:
Museum of Failure: https://www.museumoffailure.se/
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