[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.27,0:00:03.42,Default,,0000,0000,0000,,[This talk contains mature language\NViewer discretion is advised]
Dialogue: 0,0:00:03.90,0:00:08.60,Default,,0000,0000,0000,,If we traveled back to the year 800 BC,
Dialogue: 0,0:00:08.62,0:00:12.40,Default,,0000,0000,0000,,in Greece, we would see\Nthat merchants whose business has failed
Dialogue: 0,0:00:12.43,0:00:16.78,Default,,0000,0000,0000,,were forced to sit in the marketplace\Nwith a basket over their heads.
Dialogue: 0,0:00:17.82,0:00:19.56,Default,,0000,0000,0000,,In premodern Italy,
Dialogue: 0,0:00:19.58,0:00:22.98,Default,,0000,0000,0000,,failed business owners,\Nwho had outstanding debts,
Dialogue: 0,0:00:23.01,0:00:26.79,Default,,0000,0000,0000,,were taken totally naked\Nto the public square
Dialogue: 0,0:00:26.82,0:00:30.46,Default,,0000,0000,0000,,where they had to bang their butts\Nagainst a special stone
Dialogue: 0,0:00:30.48,0:00:32.82,Default,,0000,0000,0000,,while a crown cheered at them.
Dialogue: 0,0:00:34.01,0:00:36.81,Default,,0000,0000,0000,,In the 17th century in France,
Dialogue: 0,0:00:36.83,0:00:40.65,Default,,0000,0000,0000,,failed business owners were taken\Nto the center of the market,
Dialogue: 0,0:00:40.67,0:00:44.00,Default,,0000,0000,0000,,where the beginning of their bankruptcy\Nwas publicly announced.
Dialogue: 0,0:00:44.43,0:00:47.68,Default,,0000,0000,0000,,And in order to avoid\Nimmediate imprisonment,
Dialogue: 0,0:00:47.70,0:00:49.78,Default,,0000,0000,0000,,they had to wear a green bonnet
Dialogue: 0,0:00:49.80,0:00:53.29,Default,,0000,0000,0000,,so that everyone knew they were a failure.
Dialogue: 0,0:00:53.88,0:00:57.22,Default,,0000,0000,0000,,Of course, these are extreme examples.
Dialogue: 0,0:00:57.24,0:00:59.32,Default,,0000,0000,0000,,But it is important to remember
Dialogue: 0,0:00:59.34,0:01:02.64,Default,,0000,0000,0000,,that when we excessively\Npunish those who fail,
Dialogue: 0,0:01:02.67,0:01:05.82,Default,,0000,0000,0000,,we stifle innovation\Nand business creation,
Dialogue: 0,0:01:05.84,0:01:09.46,Default,,0000,0000,0000,,the engines of economic growth\Nin any country.
Dialogue: 0,0:01:10.50,0:01:15.86,Default,,0000,0000,0000,,Time has passed, and today we don't\Npublicly humiliate failed entrepreneurs.
Dialogue: 0,0:01:16.24,0:01:19.64,Default,,0000,0000,0000,,And they don't broadcast\Ntheir failures on social media.
Dialogue: 0,0:01:20.23,0:01:25.67,Default,,0000,0000,0000,,In fact, I think that all of us can relate\Nwith the pain of failure.
Dialogue: 0,0:01:25.70,0:01:28.72,Default,,0000,0000,0000,,But we don't share the details\Nof those experiences.
Dialogue: 0,0:01:29.10,0:01:33.47,Default,,0000,0000,0000,,And I totally get it, my friends,\NI have also been there.
Dialogue: 0,0:01:33.49,0:01:35.14,Default,,0000,0000,0000,,I had a business that failed
Dialogue: 0,0:01:35.17,0:01:38.60,Default,,0000,0000,0000,,and sharing that story\Nwas incredibly hard.
Dialogue: 0,0:01:38.92,0:01:44.29,Default,,0000,0000,0000,,In fact, it required seven years,\Na good dose of vulnerability,
Dialogue: 0,0:01:44.32,0:01:46.32,Default,,0000,0000,0000,,and the company of my friends.
Dialogue: 0,0:01:46.100,0:01:48.66,Default,,0000,0000,0000,,This is my failure story.
Dialogue: 0,0:01:49.46,0:01:54.40,Default,,0000,0000,0000,,When I was in college, studying business,\NI met a group of indigenous women.
Dialogue: 0,0:01:54.42,0:01:59.76,Default,,0000,0000,0000,,They lived in a poor rural community\Nin the state of Puebla, in central Mexico.
Dialogue: 0,0:01:59.78,0:02:02.66,Default,,0000,0000,0000,,They made beautiful handmade products.
Dialogue: 0,0:02:03.13,0:02:06.07,Default,,0000,0000,0000,,And when I met them and I saw their work,
Dialogue: 0,0:02:06.09,0:02:08.19,Default,,0000,0000,0000,,I decided I wanted to help.
Dialogue: 0,0:02:08.88,0:02:12.18,Default,,0000,0000,0000,,With some friends, I co-founded\Na social enterprise
Dialogue: 0,0:02:12.20,0:02:16.02,Default,,0000,0000,0000,,with the mission to help the women\Ncreate an income stream
Dialogue: 0,0:02:16.04,0:02:18.31,Default,,0000,0000,0000,,and improve their quality of life.
Dialogue: 0,0:02:19.08,0:02:21.84,Default,,0000,0000,0000,,We did everything by the book,
Dialogue: 0,0:02:21.86,0:02:24.50,Default,,0000,0000,0000,,as we had learned in business school.
Dialogue: 0,0:02:24.53,0:02:25.93,Default,,0000,0000,0000,,We got investors,
Dialogue: 0,0:02:25.96,0:02:31.24,Default,,0000,0000,0000,,we spent a lot of time building\Nthe business and training the women.
Dialogue: 0,0:02:31.64,0:02:34.98,Default,,0000,0000,0000,,But soon we realized we were novices.
Dialogue: 0,0:02:35.43,0:02:38.71,Default,,0000,0000,0000,,The handmade products were not selling,
Dialogue: 0,0:02:38.74,0:02:43.43,Default,,0000,0000,0000,,and the financial plan we have made\Nwas totally unrealistic.
Dialogue: 0,0:02:43.45,0:02:47.78,Default,,0000,0000,0000,,In fact, we worked\Nfor years without a salary,
Dialogue: 0,0:02:47.80,0:02:50.08,Default,,0000,0000,0000,,hoping that a miracle would happen,
Dialogue: 0,0:02:50.10,0:02:52.76,Default,,0000,0000,0000,,that magically a great buyer would arrive
Dialogue: 0,0:02:52.78,0:02:55.53,Default,,0000,0000,0000,,and she would make\Nthe business profitable.
Dialogue: 0,0:02:55.86,0:02:57.99,Default,,0000,0000,0000,,But that miracle never happened.
Dialogue: 0,0:02:58.93,0:03:01.72,Default,,0000,0000,0000,,In the end, we had to close the business,
Dialogue: 0,0:03:01.74,0:03:04.04,Default,,0000,0000,0000,,and that broke my heart.
Dialogue: 0,0:03:05.01,0:03:08.28,Default,,0000,0000,0000,,I started everything to create\Na positive impact
Dialogue: 0,0:03:08.30,0:03:10.17,Default,,0000,0000,0000,,on the life of the artisans.
Dialogue: 0,0:03:10.48,0:03:12.91,Default,,0000,0000,0000,,And I felt that I have done the opposite.
Dialogue: 0,0:03:13.79,0:03:16.08,Default,,0000,0000,0000,,I felt so guilty,
Dialogue: 0,0:03:16.10,0:03:18.42,Default,,0000,0000,0000,,that I decided to hide this failure
Dialogue: 0,0:03:18.44,0:03:22.16,Default,,0000,0000,0000,,from my conversations\Nand my resume for years.
Dialogue: 0,0:03:22.93,0:03:25.38,Default,,0000,0000,0000,,I didn't know other failed entrepreneurs
Dialogue: 0,0:03:25.40,0:03:28.67,Default,,0000,0000,0000,,and I thought I was\Nthe only loser in the world.
Dialogue: 0,0:03:30.31,0:03:34.77,Default,,0000,0000,0000,,One night, seven years later,\NI was out with some friends
Dialogue: 0,0:03:34.79,0:03:38.31,Default,,0000,0000,0000,,and we were talking\Nabout the life of the entrepreneur.
Dialogue: 0,0:03:38.33,0:03:41.61,Default,,0000,0000,0000,,And of course, the issue\Nof failure came out.
Dialogue: 0,0:03:42.31,0:03:46.59,Default,,0000,0000,0000,,I decided to confess to my friends\Nthe story of my failed business.
Dialogue: 0,0:03:46.90,0:03:49.35,Default,,0000,0000,0000,,And they shared similar stories.
Dialogue: 0,0:03:49.68,0:03:54.96,Default,,0000,0000,0000,,In that moment, a thought\Nbecame really clear in my mind:
Dialogue: 0,0:03:54.98,0:03:57.32,Default,,0000,0000,0000,,all of my friend were failures.
Dialogue: 0,0:03:57.34,0:03:58.49,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:03:59.28,0:04:02.97,Default,,0000,0000,0000,,Being more serious,\Nthat night I realized that
Dialogue: 0,0:04:02.100,0:04:06.45,Default,,0000,0000,0000,,A: I wasn't the only loser in the world,
Dialogue: 0,0:04:06.47,0:04:10.51,Default,,0000,0000,0000,,and B: we all have hidden failures.
Dialogue: 0,0:04:10.54,0:04:12.64,Default,,0000,0000,0000,,Please tell me if that is not true.
Dialogue: 0,0:04:14.30,0:04:17.88,Default,,0000,0000,0000,,That night was like an exorcism for me.
Dialogue: 0,0:04:17.90,0:04:22.87,Default,,0000,0000,0000,,I realized that sharing your failures\Nmakes you stronger, not weaker.
Dialogue: 0,0:04:23.45,0:04:25.78,Default,,0000,0000,0000,,And being open to my vulnerability
Dialogue: 0,0:04:25.80,0:04:30.19,Default,,0000,0000,0000,,helped me connect with others\Nin a deeper and more meaningful way,
Dialogue: 0,0:04:30.21,0:04:34.28,Default,,0000,0000,0000,,and embrace life lessons\NI wouldn't have learned previously.
Dialogue: 0,0:04:35.22,0:04:37.29,Default,,0000,0000,0000,,As a consequence of this experience
Dialogue: 0,0:04:37.32,0:04:40.65,Default,,0000,0000,0000,,of sharing stories\Nof businesses that didn't work,
Dialogue: 0,0:04:40.68,0:04:43.09,Default,,0000,0000,0000,,we decided to create a platform of events
Dialogue: 0,0:04:43.11,0:04:46.17,Default,,0000,0000,0000,,to help others share\Ntheir failure stories.
Dialogue: 0,0:04:46.19,0:04:48.33,Default,,0000,0000,0000,,And we called it Fuckup Nights.
Dialogue: 0,0:04:49.58,0:04:53.11,Default,,0000,0000,0000,,Years later, we also created\Na research center
Dialogue: 0,0:04:53.13,0:04:54.94,Default,,0000,0000,0000,,devoted to the story of failure
Dialogue: 0,0:04:54.97,0:04:58.99,Default,,0000,0000,0000,,and its implications on business,\Npeople and society
Dialogue: 0,0:04:59.01,0:05:03.70,Default,,0000,0000,0000,,and as we love cool names,\Nwe called it the Failure Institute.
Dialogue: 0,0:05:04.85,0:05:07.08,Default,,0000,0000,0000,,It has been surprising to see
Dialogue: 0,0:05:07.10,0:05:10.25,Default,,0000,0000,0000,,that when an entrepreneur\Nstands on a stage
Dialogue: 0,0:05:10.28,0:05:12.35,Default,,0000,0000,0000,,and shares a story of failure,
Dialogue: 0,0:05:12.37,0:05:15.52,Default,,0000,0000,0000,,she can actually enjoy that experience.
Dialogue: 0,0:05:15.54,0:05:19.53,Default,,0000,0000,0000,,It doesn't have to be a moment\Nof shame and embarrassment,
Dialogue: 0,0:05:19.55,0:05:21.31,Default,,0000,0000,0000,,as it used to be in the past.
Dialogue: 0,0:05:21.77,0:05:24.27,Default,,0000,0000,0000,,It is an opportunity\Nto share lessons learned
Dialogue: 0,0:05:24.29,0:05:25.65,Default,,0000,0000,0000,,and build empathy.
Dialogue: 0,0:05:26.12,0:05:27.58,Default,,0000,0000,0000,,We have also discovered
Dialogue: 0,0:05:27.60,0:05:32.30,Default,,0000,0000,0000,,that when the members of a team\Nshare their failures, magic happens.
Dialogue: 0,0:05:32.67,0:05:36.75,Default,,0000,0000,0000,,Bonds grow stronger\Nand collaboration becomes easier.
Dialogue: 0,0:05:37.67,0:05:39.92,Default,,0000,0000,0000,,Through our events and research projects,
Dialogue: 0,0:05:39.94,0:05:42.60,Default,,0000,0000,0000,,we have found some interesting facts.
Dialogue: 0,0:05:42.62,0:05:46.87,Default,,0000,0000,0000,,For instance, that men and women\Nreact in a different way
Dialogue: 0,0:05:46.90,0:05:48.90,Default,,0000,0000,0000,,after the failure of a business.
Dialogue: 0,0:05:49.35,0:05:52.24,Default,,0000,0000,0000,,The most common reaction among men
Dialogue: 0,0:05:52.26,0:05:56.10,Default,,0000,0000,0000,,is to start a new business\Nwithin one year of failure,
Dialogue: 0,0:05:56.12,0:05:57.86,Default,,0000,0000,0000,,but in a different sector.
Dialogue: 0,0:05:58.28,0:06:01.06,Default,,0000,0000,0000,,While women decide to look for a job
Dialogue: 0,0:06:01.08,0:06:03.83,Default,,0000,0000,0000,,and postpone the creation\Nof a new business.
Dialogue: 0,0:06:04.25,0:06:06.49,Default,,0000,0000,0000,,Our hypothesis is that this happens
Dialogue: 0,0:06:06.52,0:06:10.82,Default,,0000,0000,0000,,because women tend to suffer more\Nfrom the impostor syndrome.
Dialogue: 0,0:06:10.85,0:06:15.81,Default,,0000,0000,0000,,We feel that we need something else\Nto be a good entrepreneur.
Dialogue: 0,0:06:15.83,0:06:21.32,Default,,0000,0000,0000,,But I have seen that in many, many cases\Nwomen have everything that's needed.
Dialogue: 0,0:06:21.70,0:06:24.03,Default,,0000,0000,0000,,We just need to take the step.
Dialogue: 0,0:06:24.68,0:06:26.21,Default,,0000,0000,0000,,And in the case of men,
Dialogue: 0,0:06:26.24,0:06:30.51,Default,,0000,0000,0000,,it is more common to see that they feel\Nthey have enough knowledge,
Dialogue: 0,0:06:30.54,0:06:35.12,Default,,0000,0000,0000,,and just need to put it in practice\Nin another place with better luck.
Dialogue: 0,0:06:35.96,0:06:38.40,Default,,0000,0000,0000,,Another interesting finding has been
Dialogue: 0,0:06:38.43,0:06:43.09,Default,,0000,0000,0000,,that there are regional differences\Non how entrepreneurs cope with failure.
Dialogue: 0,0:06:43.74,0:06:46.09,Default,,0000,0000,0000,,For instance, the most common reaction
Dialogue: 0,0:06:46.11,0:06:49.44,Default,,0000,0000,0000,,after the failure of a business\Nin the American continent
Dialogue: 0,0:06:49.47,0:06:51.15,Default,,0000,0000,0000,,is to go back to school.
Dialogue: 0,0:06:51.68,0:06:55.93,Default,,0000,0000,0000,,While in Europe, the most common reaction\Nis to look for a therapist.
Dialogue: 0,0:06:55.96,0:06:58.59,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:06:58.92,0:07:02.93,Default,,0000,0000,0000,,We're not sure which is a better reaction\Nafter the failure of a business,
Dialogue: 0,0:07:02.96,0:07:07.17,Default,,0000,0000,0000,,but this is something\Nwe will study in the future.
Dialogue: 0,0:07:08.05,0:07:11.08,Default,,0000,0000,0000,,Another interesting finding has been
Dialogue: 0,0:07:11.11,0:07:16.21,Default,,0000,0000,0000,,the profound impact that public policy\Nhas on failed entrepreneurs.
Dialogue: 0,0:07:16.78,0:07:19.36,Default,,0000,0000,0000,,For instance, in my country, in Mexico,
Dialogue: 0,0:07:19.38,0:07:22.63,Default,,0000,0000,0000,,the regulatory environment is so hard,
Dialogue: 0,0:07:22.66,0:07:27.39,Default,,0000,0000,0000,,that closing a business can take you\Na lot of time and a lot of money.
Dialogue: 0,0:07:27.70,0:07:29.84,Default,,0000,0000,0000,,Let's begin with the money.
Dialogue: 0,0:07:30.42,0:07:32.35,Default,,0000,0000,0000,,In the best possible scenario,
Dialogue: 0,0:07:32.38,0:07:34.97,Default,,0000,0000,0000,,meaning you don't have\Nproblems with partners,
Dialogue: 0,0:07:34.99,0:07:37.68,Default,,0000,0000,0000,,providers, clients, employees,
Dialogue: 0,0:07:37.70,0:07:39.78,Default,,0000,0000,0000,,in the best possible scenario,
Dialogue: 0,0:07:39.80,0:07:43.98,Default,,0000,0000,0000,,officially closing a business\Nwill cost you 2,000 dollars.
Dialogue: 0,0:07:44.01,0:07:46.09,Default,,0000,0000,0000,,Which is a lot of money in Mexico.
Dialogue: 0,0:07:46.11,0:07:48.34,Default,,0000,0000,0000,,Someone who earns the minimum wage
Dialogue: 0,0:07:48.36,0:07:51.96,Default,,0000,0000,0000,,would have to work for 15 months\Nto save this amount.
Dialogue: 0,0:07:52.60,0:07:54.66,Default,,0000,0000,0000,,Now, let's talk about the time.
Dialogue: 0,0:07:55.15,0:07:58.39,Default,,0000,0000,0000,,As you may know, in most\Nof the developing world,
Dialogue: 0,0:07:58.42,0:08:02.50,Default,,0000,0000,0000,,the average life expectancy\Nof a business is two years.
Dialogue: 0,0:08:03.20,0:08:08.81,Default,,0000,0000,0000,,In Mexico, the process of officially\Nclosing a business takes two years.
Dialogue: 0,0:08:09.74,0:08:13.40,Default,,0000,0000,0000,,What happens when the average\Nlife expectancy of a business
Dialogue: 0,0:08:13.42,0:08:18.43,Default,,0000,0000,0000,,is so similar to the time it will take you\Nto close it if it doesn't work?
Dialogue: 0,0:08:19.15,0:08:22.17,Default,,0000,0000,0000,,Of course, this discourages\Nbusiness creation
Dialogue: 0,0:08:22.19,0:08:24.19,Default,,0000,0000,0000,,and promotes informal economy.
Dialogue: 0,0:08:24.86,0:08:27.44,Default,,0000,0000,0000,,In fact, econometric research has proved
Dialogue: 0,0:08:27.46,0:08:32.94,Default,,0000,0000,0000,,that if the process of declaring\Nbankruptcy takes less time and less money,
Dialogue: 0,0:08:32.97,0:08:35.69,Default,,0000,0000,0000,,more new firms will enter the market.
Dialogue: 0,0:08:36.51,0:08:39.32,Default,,0000,0000,0000,,For this reason, in 2017,
Dialogue: 0,0:08:39.34,0:08:42.77,Default,,0000,0000,0000,,we proposed a series\Nof public policy recommendations
Dialogue: 0,0:08:42.79,0:08:47.11,Default,,0000,0000,0000,,for the procedure of officially\Nclosing businesses in Mexico.
Dialogue: 0,0:08:47.13,0:08:48.79,Default,,0000,0000,0000,,For a whole year,
Dialogue: 0,0:08:48.82,0:08:52.15,Default,,0000,0000,0000,,we worked with entrepreneurs\Nfrom all over the country
Dialogue: 0,0:08:52.17,0:08:53.60,Default,,0000,0000,0000,,and with Congress.
Dialogue: 0,0:08:53.62,0:08:57.31,Default,,0000,0000,0000,,And the good news is that we managed\Nto help change the law.
Dialogue: 0,0:08:58.25,0:08:59.44,Default,,0000,0000,0000,,Yay!
Dialogue: 0,0:08:59.47,0:09:02.48,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:09:02.51,0:09:06.22,Default,,0000,0000,0000,,The idea is that when\Nthe new regulation comes into force,
Dialogue: 0,0:09:06.24,0:09:11.33,Default,,0000,0000,0000,,entrepreneurs will be able to close\Ntheir businesses in an online procedure
Dialogue: 0,0:09:11.35,0:09:13.80,Default,,0000,0000,0000,,that is faster and inexpensive.
Dialogue: 0,0:09:15.44,0:09:16.63,Default,,0000,0000,0000,,(Sighs)
Dialogue: 0,0:09:16.66,0:09:18.87,Default,,0000,0000,0000,,On the night we invented Fuckup Nights,
Dialogue: 0,0:09:18.89,0:09:23.38,Default,,0000,0000,0000,,we never imagined that the movement\Nwould grow this big.
Dialogue: 0,0:09:24.17,0:09:26.29,Default,,0000,0000,0000,,We are in 80 countries now.
Dialogue: 0,0:09:26.74,0:09:29.55,Default,,0000,0000,0000,,In that moment, our only intention
Dialogue: 0,0:09:29.58,0:09:32.64,Default,,0000,0000,0000,,was to put the topic\Nof failure on the table.
Dialogue: 0,0:09:32.97,0:09:36.68,Default,,0000,0000,0000,,To help our friends see that failure\Nis something we must talk about.
Dialogue: 0,0:09:36.70,0:09:41.28,Default,,0000,0000,0000,,It is not a cause of humiliation,\Nas it used to be in the past,
Dialogue: 0,0:09:41.30,0:09:44.43,Default,,0000,0000,0000,,or a cause of celebration,\Nas some people say.
Dialogue: 0,0:09:44.94,0:09:47.85,Default,,0000,0000,0000,,In fact, I want to confess something.
Dialogue: 0,0:09:48.81,0:09:52.99,Default,,0000,0000,0000,,Every time I listen\Nto Silicon Valley types or students
Dialogue: 0,0:09:53.01,0:09:58.64,Default,,0000,0000,0000,,bragging about failing fast and often\Nlike it's no big deal, I cringe.
Dialogue: 0,0:09:59.46,0:10:04.40,Default,,0000,0000,0000,,Because I think that there is a dark side\Non the mantra "fail fast."
Dialogue: 0,0:10:05.04,0:10:09.36,Default,,0000,0000,0000,,Of course, failing fast\Nis a great way to accelerate learning
Dialogue: 0,0:10:09.38,0:10:10.91,Default,,0000,0000,0000,,and avoid wasting time.
Dialogue: 0,0:10:11.24,0:10:14.79,Default,,0000,0000,0000,,But I fear that when\Nwe present rapid failure
Dialogue: 0,0:10:14.82,0:10:17.66,Default,,0000,0000,0000,,to entrepreneurs as their\None and only option,
Dialogue: 0,0:10:17.68,0:10:19.75,Default,,0000,0000,0000,,we might be promoting laziness.
Dialogue: 0,0:10:20.11,0:10:23.84,Default,,0000,0000,0000,,We might be promoting\Nthat entrepreneurs give up too easily.
Dialogue: 0,0:10:24.32,0:10:27.33,Default,,0000,0000,0000,,I also fear that the culture\Nof rapid failure
Dialogue: 0,0:10:27.36,0:10:31.18,Default,,0000,0000,0000,,could be minimizing\Nthe devastating consequences
Dialogue: 0,0:10:31.20,0:10:33.14,Default,,0000,0000,0000,,of the failure of a business.
Dialogue: 0,0:10:33.63,0:10:37.07,Default,,0000,0000,0000,,For instance, when\Nmy social enterprise died,
Dialogue: 0,0:10:37.09,0:10:42.61,Default,,0000,0000,0000,,the worst part was that I had to go back\Nto the indigenous community
Dialogue: 0,0:10:42.63,0:10:45.63,Default,,0000,0000,0000,,and tell the women\Nthat the business had failed,
Dialogue: 0,0:10:45.65,0:10:47.39,Default,,0000,0000,0000,,and it was my fault.
Dialogue: 0,0:10:48.28,0:10:53.24,Default,,0000,0000,0000,,For some people this could be seen\Nlike a great learning opportunity for me,
Dialogue: 0,0:10:53.27,0:10:56.34,Default,,0000,0000,0000,,but the truth is that\Nthe closure of this business
Dialogue: 0,0:10:56.37,0:10:58.86,Default,,0000,0000,0000,,represented much more than that.
Dialogue: 0,0:10:59.54,0:11:02.86,Default,,0000,0000,0000,,It meant that the women\Nwould stop receiving an income
Dialogue: 0,0:11:02.89,0:11:04.58,Default,,0000,0000,0000,,that they really needed.
Dialogue: 0,0:11:05.74,0:11:08.67,Default,,0000,0000,0000,,For this reason,\NI want to propose something.
Dialogue: 0,0:11:09.01,0:11:13.15,Default,,0000,0000,0000,,I want to propose that\Njust as we put aside the idea
Dialogue: 0,0:11:13.17,0:11:16.34,Default,,0000,0000,0000,,of publicly humiliating\Nfailed entrepreneurs,
Dialogue: 0,0:11:16.36,0:11:21.75,Default,,0000,0000,0000,,we must put aside the idea\Nthat failing fast is always the best.
Dialogue: 0,0:11:22.38,0:11:25.01,Default,,0000,0000,0000,,And I want to propose a new mantra:
Dialogue: 0,0:11:25.03,0:11:27.04,Default,,0000,0000,0000,,fail mindfully.
Dialogue: 0,0:11:27.54,0:11:31.42,Default,,0000,0000,0000,,We must remember that businesses\Nare made of people,
Dialogue: 0,0:11:31.45,0:11:34.82,Default,,0000,0000,0000,,businesses are not entities\Nthat appear and disappear
Dialogue: 0,0:11:34.84,0:11:36.97,Default,,0000,0000,0000,,magically without consequences.
Dialogue: 0,0:11:37.58,0:11:40.54,Default,,0000,0000,0000,,When a firm dies,\Nsome people will lose their jobs.
Dialogue: 0,0:11:40.86,0:11:43.26,Default,,0000,0000,0000,,And others will lose their money.
Dialogue: 0,0:11:43.28,0:11:46.70,Default,,0000,0000,0000,,And in the case of social\Nand green enterprises,
Dialogue: 0,0:11:46.72,0:11:50.96,Default,,0000,0000,0000,,the death of this business\Ncan have a negative impact
Dialogue: 0,0:11:50.98,0:11:54.58,Default,,0000,0000,0000,,on the ecosystems or communities\Nthey were trying to serve.
Dialogue: 0,0:11:55.36,0:11:59.01,Default,,0000,0000,0000,,But what does it mean to fail mindfully?
Dialogue: 0,0:11:59.50,0:12:04.22,Default,,0000,0000,0000,,It means being aware of the impact,\Nof the consequences
Dialogue: 0,0:12:04.24,0:12:06.38,Default,,0000,0000,0000,,of the failure of that business.
Dialogue: 0,0:12:06.90,0:12:09.50,Default,,0000,0000,0000,,Being aware of the lessons learned.
Dialogue: 0,0:12:09.100,0:12:13.44,Default,,0000,0000,0000,,And being aware of the responsibility
Dialogue: 0,0:12:13.47,0:12:16.39,Default,,0000,0000,0000,,to share those learnings with the world.
Dialogue: 0,0:12:16.41,0:12:17.57,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:12:17.60,0:12:20.98,Default,,0000,0000,0000,,(Applause)