Amazon’s chief executive, Jeff Bezos, has admitted that he has made billions of dollars of failures on experiments, including the failed Fire Phone.
Bezos said that embracing failures was an important part of surviving and thriving as a modern business, commenting on projects from the Kindle to the “Prime Air” drone delivery service, which he said is more than a publicity stunt.
“I’ve made billions of dollars of failures at amazon.com. Literally,” Bezos told theBusiness Insider Ignition conference in New York, saying that it would be akin to having “a root canal with no anaesthesia” to dwell on them.
“None of those things are fun, but they also don’t matter,” said Bezos. “What really matters is that companies that don’t continue to experiment – companies that don’t embrace failure – they eventually get into a desperate position, where the only thing they can do is make a ‘Hail Mary’ bet at the very end of their corporate existence. I don’t believe in bet-the-company bets.”
Source: The Guardian