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:
By trying new things quickly a business is able to change more rapidly.
Avoiding big failures can save your business a great deal of money.
Fail fast allows your business to entertain creative ideas that would be too risky with a fail-big approach.
Implementing tests, prototypes and pilots first allows you to discover and refine productive approaches.
Fail fast allows you to develop a large pipeline of ideas that makes your business more resilient to change.
How To Fail FastFailing fast is a business technique that can be applied to everything you do. For example:
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.
Plan projects to release regular working prototypes. As a rule of thumb, never go more than a month between releases.
Improve your processes incrementally. Validate improvements with measurement. Sponsor pilots for aggressive change of methods.