Wright Brothers

Risk, failure and innovation

John W Lewis's picture
Chat Date: 
Thu, Apr 24, 2014

In some ways, it might seem that innovation is a gamble, like buying a lottery ticket, although hopefully with rather more knowledge of the odds available. In another way, a model of the risk of innovation is like an inverted insurance policy: an investment might pay out and, in this case, we hope that it does.

In general, any risk implies that failure incurs costs. And there is the well-known saying that the biggest risk is not taking any.

So how do we think about the risk of innovation: in different areas; and when considering different options in the same area?

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