A great article from LinkedIn, Open letter to Indian Startups, Entrepreneurs, VCs and Startup Employees - Let’s Celebrate Failure, from Bhavin Turakhia, Founder and CEO of Directi.He provides some excellent insight on why it's important to realize failure happens.
- Valley VCs know that someone who has failed on various occasions actually carries with them valuable lessons reducing the risk of failing at a subsequent venture.
- The Valley...has re-defined failure. They don’t even call it that. They call it a “PIVOT”.
- Here are some stats about Y-Combinator - one of the most successful startup accelerators. Their acceptance rate is about 3 to 5%. Within the ones that do get accepted the odds of success are 10%. (Read more here)
- India is JUST starting out, folks. Our smartphone penetration and internet penetration are in low double digits (<20% … I believe actuals are even lesser than 15%).
- Fellow Entrepreneurs - Keep at it. I often get asked about things that were instrumental in our success. And if there was one thing I can point to in my journey is that I NEVER GAVE UP.
I definitely agree with his premise that failure is often just a step to success. It might be even more important to remember this lesson in the coming weeks as we saw some noticeable declines in valuations this week from some prominent Silicon Valley names.
I think he came up with the perfect idea and hashtag. It's never bad to #CelebrateFailure.