Published: May 2016
We’re working on much bigger failures right now
Innovation necessitates failure, according to Amazon’s CEO Jeff Bezos. The flop of the Fire Phone is an infamous example of such failure. The company had to take a $170 million charge in write-down costs for the phone in the quarter following its release. However, Bezos plans for more, even bigger failures in the future.
“If you think that’s a big failure, we’re working on much bigger failures right now,” he shared regarding the Fire Phone flop.
As such a big company, Bezos believes the size of mistakes needs to match that growth and has seen that “a small number of winners pay for dozens, hundreds of failures.”