"Try again. Fail again. Fail better" - a quote from Samuel Beckett that has become a mantra for start up businesses.
Irish CEOs have embraced what i's called a "fail fast" culture in their organisations quicker than their global counterparts, according to the KPMG Global CEO Outlook.
82% of CEOs surveyed want their employees to feel empowered to innovate and try new things without worrying about negative consequences
Seamus Hand, Managing Partner of KPMG in Ireland, said the survey found, that both, globally and in Ireland, CEOs need to be a lot more agile, and to achieve that, there needs to be a culture of innovation where people are encouraged to try new things.
"A toleration of failure is part of their culture and that helps drive success in businesses," he said.
It allows people makes mistakes and learn from them.
The 'fail fast' culture is something that is associated with the US, but Mr Hand believes the business environment in Ireland has come to recognise the benefits of it too.
"Like everything in the US, failure tends to be bigger and toleration of failure is bigger. Here what we are talking about, and what the survey finds is that Irish CEOs in particular are more interested in embedding a culture of trying new things and when they don't work out quite as planned, people learn from it.
"It's more at a micro-level that they are learning from failure to try and drive forward a company," he said.
This culture of embracing failure fast, originated in the tech industry in Silicon Valley, and because there is a thriving tech sector in Ireland, it has been embraced here too.
The survey shows that CEOs in Ireland and around the world are looking to grow their businesses by creating organisational agility to disrupt existing business models. The vast majority of Irish CEOs are confident they will succeed in this regard.
"We are seeing it more and more in traditional businesses where large companies who have been successful, they are looking at new entrants that are coming in to disrupt their industry. Therefore, the companies and the CEOs in particular in this survey, are saying they need to disrupt themselves," Mr Hand said.
"We even see it in our own business. We are encouraging our own people in KPMG to look at what we are doing, looking at how we can do it differently and try and disrupt our business."
Investors too not only tolerate the 'fail fast' culture, they want to see more of it, because it means an organisation is innovative, agile, and resilient.
"Resilience is an important one, because resilience incorporates agility and drives growth. Investors are no longer interested in a traditional company that is living on past glory," Mr Hand stated.