If you cannot fail, you cannot learn.

There is much that public policy can do to support American entrepreneurs. Health insurance reform will make it easier for entrepreneurs to take a chance on a new business without putting their family's health at risk. Tort reform will make it easier to take prudent risks on new products in a number of sectors.

The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.

Start-ups make so many mistakes that the challenge to identify the root cause of a failure is tough. But believing in your own plan is probably the worst.

Every startup has a chance to change the world, by bringing not just a new product, but an entirely new institution into existence.

The grim reality is that most start-ups fail. Most new products are not successful. Yet the story of perseverance, creative genius, and hard work persists.

All innovation begins with vision. It’s what happens next that is critical.