Policy makers from the government of Singapore to the European Union have advocated “embracing failure” to encourage entrepreneurship. During this year’s launch of the White House initiative Startup America, one attendee made an impassioned plea that the United States follow this advice. After all, wasn’t it the fearlessness of America’s great pioneers—their willingness to stumble during their quest—that led them to succeed against all odds?
A version of this article appeared in the April 2011 issue of Harvard Business Review.