'Failure itself is not the value, and the notion that people run and fail forward fast is ridiculous,' 2U CEO Chip Paucek tells businessinsider
Chip Paucek is the cofounder and CEO of the educational tech company 2U.
Research has found that about 70% of venture-backed startups, those that are looking to scale, fail to ever return money to investors. It makes sense, then, that as a startup hub, Silicon Valley would develop a particular culture around failure, where you can"fail forward" and keep throwing ideas and cash out there until something sticks and you get a billion-dollar company.
"I would say without question, the fact that I did what I did and failed is part of what makes me now, no question. But the failure itself is not the value, and the notion that people run and fail forward fast is ridiculous," he told us. "I laid off the 70 and it's the worst day of my career, without question," he said."Nothing's close, still today. If you go through that and it doesn't change you, you have no brain or soul." He shut down the Cerebellum Corporation two years later.
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