Most startups will fail. Everyone in the startup community knows that failure is a more common occurrence than success. Silicon Valley has become so enamored by the “value of failure” that rumors suggest they are considering handing out merit badges for failed entrepreneurs. Just how common is startup failure? Harvard researcher Shikhar Ghosh cites that 75% of VC funded startups fail to return a single dime to their investors. So why do we hear so little about failed startups in Minnesota? Are we too “Minnesota nice” to brag about our failures?
This article is the first in my new series of Failure Forums published in Innovation Excellence. The series is focused on bringing the role of innovation failure to the forefront. It will intentionally bypass the innovation success stories to focus on the lessons learned from failures. It is never easy to disclose our professional failures but these brave innovation practitioners are doing exactly that so that others can learn from their experiences. This is the story of Jeff Stratman, a corporate innovator, and his journey to launch a new corporate venture called Orgango.
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