Failcon Conference in Tel Aviv discussed failures, how we learn from them and go on to find success. This conference is for start uppists.
There were some interesting talks about how failing is a healthy part of our culture in Israel. A childrens book about 5 balloons that burst and a TV show where the hero always fell and then got back up were sighted.
Actually we could have gone back even further to our first book. Adam and Eve also fell and then bounce back to create a start up called the human race.
On a more down-to-earth note here are two important points that were talked about:
Don’t spend years develping something. It may turn out to be a waste of time. The better strategy is to develop a subset–put it on the market and get feedback. You can then develop it more as time goes on.
Another important point was to think about how to distribute or market the solution at the beginning. Otherwise you may find yourself with a great product that isn’t viable because you can’t market or distribute in a way that makes economic sense.
Failure and Link Bait
I couldn’t help but notice some parallels to the link bait world of Internet marketing. It can be best to develop many link bait products instead of investing a lot of time on one that may not work. Sometimes it may increase your chance of success.
And think about your distribution–if the link bait is not something people want to talk about it will be difficult for it to succeed.
Of course making generalizations is dangerous for start ups and link bait as well. In many situations going against accepted wisdom can work.
At the end of the day each situation you can’t depend on others mistakes. What you can do, is be aware of others failures and decide if it is relevant for you in the present situation.