In my book Ready, Set, Done: How to Innovate When Faster is the New Fast, I made this observation: “Innovation comes from risk, and risk comes from experience. The most important asset today isn’t found on your balance sheet – it is found in the accumulated wisdom from the many risks that you’ve taken. The more experiential capital you have, the more you’ll succeed.”
In this clip from a recent keynote, I speak to why experiential capital has become even more important with the economic downturn.
I close with the observation: “Investing in experiential capital is one of the most important things you can do.” When people ask me about the “secrets” of innovative organizations, this is one of the key attributes I outline.
They realize they are immersed in a world of fast-paced ideas — and they take on many different projects, some of which are doomed to fail, in order to build the overall experience of the organization.