Tragically enough, failure is an integral part of success, particularly in the startup world. Without the knowledge gleaned from dire mistakes, entrepreneurs wouldn't have the experience necessary to keep up with changing trends, manage unruly employees, or deal with unexpected viral memos, all things that can be expected in the future of a new startup founder. Fortunately, learning from others is similarly beneficial and doesn't hurt anyone's feelings, which is why one startup is trying to help you learn from the mistakes of others.
Failory is a new startup that aims to turn failure into a learning experience. By interviewing entrepreneurs that have run companies that are defunct, they're providing an invaluable asset to budding startup founders that could be in the middle of making the exact same mistake.
“Our objective is to teach to aspiring entrepreneurs the mistakes that failed startups committed to avoid making the same errors,” said Rich Clominson, cofounder of Failory, on IndieHackers.
As a comedian, I know the value of failure more than most. I know that for every joke that doesn't work, I'm gleaning integral knowledge about how to succeed in the future. Unfortunately, that doesn't make bombing on stage any less painful, which is what makes a service like this so valuable. Giving potential entrepreneurs and current startup founders a resource to avoid mistakes while building their business could completely transform how people run businesses and even cut into the mythical 8 out of 10 startups that fail within the first few years.
Because the startup has just launched, the number of interviews available is fairly small. However, as time goes on, Failory could become the go-to place for startup lessons and education. Because if you can't learn from failure, you just can't learn.
Read more about the value of startup failure on TechCo