By Rita Gunther McGrath on hbr.org
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In this step you'll learn about intelligent failure and how it can be leveraged to create value in uncertain environments. Intelligent failure is a concept coined by Duke University's Sim Sitkin, which involves learning from failure to create substantial value. Organizations must create a climate that encourages intelligent risk taking and doesn't punish any failures that result, in order to make the most of intelligent failure. Furthermore, initiatives should be designed to make the consequences of failure modest and to ensure that any failure happens quickly.