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Fail Fast Explained

        posted by , May 22, 2013

What is it?

Fail fast is a business strategy that quickly, cheaply and safely validates approaches before committing to a big investment.

Definition: Fail Fast

Fail fast is a business technique that quickly tests strategies, plans and designs. The idea is to avoid big investments until you're highly certain they will be successful.



So What?

Fail fast is a strategy that can be applied to every area of your business from marketing to information technology.

It allows your business to avoid big failures while innovating at a fast pace. Fail fast is widely considered a core innovation strategy that has several key advantages:

  • Agility
    By trying new things quickly a business is able to change more rapidly.

  • Cheap
    Avoiding big failures can save your business a great deal of money.

  • Innovative
    Fail fast allows your business to entertain creative ideas that would be too risky with a fail-big approach.

  • Productive
    Implementing tests, prototypes and pilots first allows you to discover and refine productive approaches.

  • Resilient
    Fail fast allows you to develop a large pipeline of ideas that makes your business more resilient to change.


How To Fail Fast

Failing fast is a business technique that can be applied to everything you do. For example:

  • Innovation
    Develop a large number of small innovations. Provide a path from idea to commercialization that tests ideas early. This may include prototypes, test marketing and pilots.

  • Projects
    Plan projects to release regular working prototypes. As a rule of thumb, never go more than a month between releases.

  • Methods
    Improve your processes incrementally. Validate improvements with measurement. Sponsor pilots for aggressive change of methods.



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