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OpenView invited our portfolio companies into a 2-day product management forum today, led by product guru Marty Cagan. Marty has a really practical approach to helping companies get the best possible product and I highly recommend his book, Inspired.

I have been pushing failure on the OpenView teams and portfolio companies forever (example here) and I was really happy to hear Marty talking about the need for failure in the product management process. The basic fact is that you won’t get the best product and development effort without failing!

More broadly, if you are working on creating competitive advantage, business growth strategies, and/or company development strategies, then you should be designing experiments that will lead to fast results so that you can fail (most) quickly, but also find and grow the best successes!

Marty played some clips from this Derek Sivers video below that are very compelling. It is 15 minutes long, but well worth the time! My strong view is that you won’t build a great company without failing a lot, and perhaps this video will give you the confidence and conviction to fail more often!

Scott Maxwell founded OpenView Venture Partners in 2006 and has worked in venture capital for over 13 years.