Business Guide

business   »  business strategy   »  fail fast explained

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.

3 Shares Google Twitter Facebook

Related Articles

Business Strategy
Lists of business strategies and tactics.

Strategies that fail to adapt to these forces are a recipe for disaster.

The 7 key benefits of train-the-trainer.

Niches and segments are both ways to target markets by factors such as price, quality, location, demographics and psychographics. So what is the difference?

Sustainable competitive advantage is another animal. It's an advantage that keeps going for many years or decades. Ideally, forever.

Recently on Simplicable

Communication Strategies

posted by John Spacey
The intrigue of communication strategy.

Time to Market Explained

posted by Anna Mar
How to speed past your competition.

Arbitrage Explained

posted by Anna Mar
The idea with arbitrage is to buy and sell very quickly to take advantage of temporary price differences.

Precommitment As A Strategy

posted by Anna Mar
A risky strategy that comes up more than you'd expect. Burning your bridges is a military strategy that demonstrates your resolve to your opponent ...


about     contact     sitemap     privacy     terms of service     copyright