Shenzhen's Secret? Failure tolerance in R&D

The Round Table podcast discusses Shenzhen's new policy of "failure tolerance" in state-funded research, which aims to encourage innovation by removing penalties for researchers who fail despite acting responsibly. The hosts, Heyang, Steve Hatherly, and Li Yi, explore the reasons behind Shenzhen's pioneering move, the specific conditions under which failure is tolerated, and the broader implications for China's research and funding system. They highlight how this policy addresses the fear of failure that often stifles innovation, promotes long-term investment, and fosters a culture that respects experimentation. The conversation also touches on the importance of due diligence to prevent exploitation of the system and extends the concept of failure tolerance to entrepreneurship and personal life, advocating for a more accepting attitude towards setbacks as essential for growth and discovery.