“Failure hurts, but failing is a part of the free market. It is a part of economic renewal. The nature of my business, and venture capital in itself requires me to accept failure. By my estimates, I have failed about 600 times to date. A willingness to fail allows me to take bigger risks with my investments, which on the whole has generated more extraordinary returns than if I had not been willing to fail. Nevertheless, I have experienced a few enormous failures that were hard to walk away from and equally hard to learn from. Here is one:”