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In a startup environment, the concept of incentivizing smart failure can be applied by encouraging and rewarding innovative experiments, regardless of their outcome. This can be done by recognizing and appreciating employees who conduct quality experiments that provide valuable insights about the future, even if the experiments were not successful. It's important to ensure that these experiments are conducted within a defined risk band to protect team members and the organization. This approach fosters a culture of innovation and learning, which is crucial for startups.
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Incentivize smart failure to encourage genuinely innovative experiments and not safe ones. Reward employees who deliver quality experiments instead of only those whose experiments were successful. Good experiments are those that help the organization learn more about the future. Protect team members who perform experiments within a defined risk band.
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How do you prepare your business for black swan events like pandemics or financial crises? Rogue Waves by Jonathan Brill explores how to prepare for a...
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