[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.28,0:00:03.86,Default,,0000,0000,0000,,[This talk contains mature language\NViewer discretion is advised]
Dialogue: 0,0:00:03.88,0:00:08.58,Default,,0000,0000,0000,,If we traveled back to the year 800 BC,
Dialogue: 0,0:00:08.60,0:00:12.42,Default,,0000,0000,0000,,in Greece, we would see\Nthat merchants whose business has failed
Dialogue: 0,0:00:12.44,0:00:16.76,Default,,0000,0000,0000,,were forced to sit in the marketplace\Nwith a basket over their heads.
Dialogue: 0,0:00:17.80,0:00:19.58,Default,,0000,0000,0000,,In premodern Italy,
Dialogue: 0,0:00:19.60,0:00:22.98,Default,,0000,0000,0000,,failed business owners,\Nwho had outstanding debts,
Dialogue: 0,0:00:23.00,0:00:26.78,Default,,0000,0000,0000,,were taken totally naked\Nto the public square
Dialogue: 0,0:00:26.80,0:00:30.46,Default,,0000,0000,0000,,where they had to bang their butts\Nagainst a special stone
Dialogue: 0,0:00:30.48,0:00:32.84,Default,,0000,0000,0000,,while a crown jeered at them.
Dialogue: 0,0:00:33.96,0:00:36.82,Default,,0000,0000,0000,,In the 17th century in France,
Dialogue: 0,0:00:36.84,0:00:40.66,Default,,0000,0000,0000,,failed business owners\Nwere taken to the center of the market,
Dialogue: 0,0:00:40.68,0:00:44.42,Default,,0000,0000,0000,,where the beginning of their bankruptcy\Nwas publicly announced.
Dialogue: 0,0:00:44.44,0:00:47.70,Default,,0000,0000,0000,,And in order to avoid\Nimmediate imprisonment,
Dialogue: 0,0:00:47.72,0:00:49.78,Default,,0000,0000,0000,,they had to wear a green bonnet
Dialogue: 0,0:00:49.80,0:00:53.16,Default,,0000,0000,0000,,so that everyone knew they were a failure.
Dialogue: 0,0:00:53.84,0:00:57.22,Default,,0000,0000,0000,,Of course, these are extreme examples.
Dialogue: 0,0:00:57.24,0:00:59.30,Default,,0000,0000,0000,,But it is important to remember
Dialogue: 0,0:00:59.32,0:01:02.66,Default,,0000,0000,0000,,that when we excessively\Npunish those who fail,
Dialogue: 0,0:01:02.68,0:01:05.82,Default,,0000,0000,0000,,we stifle innovation\Nand business creation,
Dialogue: 0,0:01:05.84,0:01:09.40,Default,,0000,0000,0000,,the engines of economic growth\Nin any country.
Dialogue: 0,0:01:10.48,0:01:16.22,Default,,0000,0000,0000,,Time has passed and today we don't\Npublicly humiliate failed entrepreneurs.
Dialogue: 0,0:01:16.24,0:01:19.44,Default,,0000,0000,0000,,And they don't broadcast\Ntheir failures on social media.
Dialogue: 0,0:01:20.20,0:01:25.66,Default,,0000,0000,0000,,In fact, I think that all of us\Ncan relate with the pain of failure.
Dialogue: 0,0:01:25.68,0:01:29.10,Default,,0000,0000,0000,,But we don't share the details\Nof those experiences.
Dialogue: 0,0:01:29.12,0:01:33.46,Default,,0000,0000,0000,,And I totally get it, my friends,\NI have also been there.
Dialogue: 0,0:01:33.48,0:01:35.14,Default,,0000,0000,0000,,I had a business that failed
Dialogue: 0,0:01:35.16,0:01:38.90,Default,,0000,0000,0000,,and sharing that story\Nwas incredibly hard.
Dialogue: 0,0:01:38.92,0:01:44.30,Default,,0000,0000,0000,,In fact, it required seven years,\Na good dose of vulnerability
Dialogue: 0,0:01:44.32,0:01:46.04,Default,,0000,0000,0000,,and the company of my friends.
Dialogue: 0,0:01:46.96,0:01:48.68,Default,,0000,0000,0000,,This is my failure story.
Dialogue: 0,0:01:49.44,0:01:54.38,Default,,0000,0000,0000,,When I was in college, studying business,\NI met a group of indigenous women.
Dialogue: 0,0:01:54.40,0:01:59.78,Default,,0000,0000,0000,,They lived in a poor rural community\Nin the state of Puebla, in central Mexico.
Dialogue: 0,0:01:59.80,0:02:03.10,Default,,0000,0000,0000,,They made beautiful handmade products.
Dialogue: 0,0:02:03.12,0:02:06.06,Default,,0000,0000,0000,,And when I met them and I saw their work,
Dialogue: 0,0:02:06.08,0:02:08.08,Default,,0000,0000,0000,,I decided I wanted to help.
Dialogue: 0,0:02:08.84,0:02:12.18,Default,,0000,0000,0000,,With some friends,\NI cofounded a 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: 0,0:02:16.04,0:02:18.28,Default,,0000,0000,0000,,and improve their quality of life.
Dialogue: 0,0:02:19.08,0:02:21.86,Default,,0000,0000,0000,,We did everything by the book,
Dialogue: 0,0:02:21.88,0:02:24.50,Default,,0000,0000,0000,,as we had learned in business school.
Dialogue: 0,0:02:24.52,0:02:25.94,Default,,0000,0000,0000,,We got investors,
Dialogue: 0,0:02:25.96,0:02:31.62,Default,,0000,0000,0000,,we spent a lot of time building\Nthe business and training the women.
Dialogue: 0,0:02:31.64,0:02:35.42,Default,,0000,0000,0000,,But soon we realized we were novices.
Dialogue: 0,0:02:35.44,0:02:38.70,Default,,0000,0000,0000,,The handmade products were not selling
Dialogue: 0,0:02:38.72,0:02:43.42,Default,,0000,0000,0000,,and the financial plan we had made\Nwas totally unrealistic.
Dialogue: 0,0:02:43.44,0:02:47.70,Default,,0000,0000,0000,,In fact, we worked\Nfor years without a salary,
Dialogue: 0,0:02:47.72,0:02:50.06,Default,,0000,0000,0000,,hoping that a miracle would happen,
Dialogue: 0,0:02:50.08,0:02:52.78,Default,,0000,0000,0000,,that magically a great buyer would arrive
Dialogue: 0,0:02:52.80,0:02:55.12,Default,,0000,0000,0000,,and she would make\Nthe business profitable.
Dialogue: 0,0:02:55.92,0:02:57.96,Default,,0000,0000,0000,,But that miracle never happened.
Dialogue: 0,0:02:58.92,0:03:01.74,Default,,0000,0000,0000,,In the end, we had to close the business
Dialogue: 0,0:03:01.76,0:03:04.04,Default,,0000,0000,0000,,and that broke my heart.
Dialogue: 0,0:03:05.00,0:03:08.30,Default,,0000,0000,0000,,I started everything\Nto create a positive impact
Dialogue: 0,0:03:08.32,0:03:10.42,Default,,0000,0000,0000,,on the life of the artisans.
Dialogue: 0,0:03:10.44,0:03:12.76,Default,,0000,0000,0000,,And I felt that I have done the opposite.
Dialogue: 0,0:03:13.72,0:03:16.10,Default,,0000,0000,0000,,I felt so guilty
Dialogue: 0,0:03:16.12,0:03:18.42,Default,,0000,0000,0000,,that I decided to hide this failure
Dialogue: 0,0:03:18.44,0:03:22.90,Default,,0000,0000,0000,,from my conversations\Nand my resume for years.
Dialogue: 0,0:03:22.92,0:03:25.38,Default,,0000,0000,0000,,I didn't know other failed entrepreneurs
Dialogue: 0,0:03:25.40,0:03:28.76,Default,,0000,0000,0000,,and I thought I was\Nthe only loser in the world.
Dialogue: 0,0:03:30.32,0:03:34.78,Default,,0000,0000,0000,,One night, seven years later,\NI was out with some friends
Dialogue: 0,0:03:34.80,0:03:38.30,Default,,0000,0000,0000,,and we were talking\Nabout the life of the entrepreneur.
Dialogue: 0,0:03:38.32,0:03:41.68,Default,,0000,0000,0000,,And of course,\Nthe issue of failure came out.
Dialogue: 0,0:03:42.28,0:03:46.90,Default,,0000,0000,0000,,I decided to confess to my friends\Nthe story of my failed business.
Dialogue: 0,0:03:46.92,0:03:49.66,Default,,0000,0000,0000,,And they shared similar stories.
Dialogue: 0,0:03:49.68,0:03:54.98,Default,,0000,0000,0000,,In that moment, a thought\Nbecame really clear in my mind:
Dialogue: 0,0:03:55.00,0:03:57.22,Default,,0000,0000,0000,,all of my friends were failures.
Dialogue: 0,0:03:57.24,0:03:59.30,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:03:59.32,0:04:02.34,Default,,0000,0000,0000,,Being more serious, that night I realized
Dialogue: 0,0:04:02.36,0:04:06.46,Default,,0000,0000,0000,,that A: I wasn't\Nthe only loser in the world,
Dialogue: 0,0:04:06.48,0:04:10.50,Default,,0000,0000,0000,,and B: we all have hidden failures.
Dialogue: 0,0:04:10.52,0:04:12.36,Default,,0000,0000,0000,,Please tell me if that is not true.
Dialogue: 0,0:04:14.32,0:04:17.86,Default,,0000,0000,0000,,That night was like an exorcism for me.
Dialogue: 0,0:04:17.88,0:04:23.42,Default,,0000,0000,0000,,I realized that sharing your failures\Nmakes you stronger, not weaker.
Dialogue: 0,0:04:23.44,0:04:25.78,Default,,0000,0000,0000,,And being open to my vulnerability
Dialogue: 0,0:04:25.80,0:04:30.18,Default,,0000,0000,0000,,helped me connect with others\Nin a deeper and more meaningful way
Dialogue: 0,0:04:30.20,0:04:34.20,Default,,0000,0000,0000,,and embrace life lessons\NI wouldn't have learned previously.
Dialogue: 0,0:04:35.20,0:04:37.30,Default,,0000,0000,0000,,As a consequence of this experience
Dialogue: 0,0:04:37.32,0:04:40.66,Default,,0000,0000,0000,,of sharing stories\Nof businesses that didn't work,
Dialogue: 0,0:04:40.68,0:04:43.10,Default,,0000,0000,0000,,we decided to create a platform of events
Dialogue: 0,0:04:43.12,0:04:46.18,Default,,0000,0000,0000,,to help others\Nshare their failure stories.
Dialogue: 0,0:04:46.20,0:04:48.52,Default,,0000,0000,0000,,And we called it Fuckup Nights.
Dialogue: 0,0:04:49.56,0:04:53.10,Default,,0000,0000,0000,,Years later, we also created\Na research center
Dialogue: 0,0:04:53.12,0:04:54.94,Default,,0000,0000,0000,,devoted to the story of failure
Dialogue: 0,0:04:54.96,0:04:58.94,Default,,0000,0000,0000,,and its implications\Non business, people and society
Dialogue: 0,0:04:58.96,0:05:03.64,Default,,0000,0000,0000,,and as we love cool names,\Nwe called it the Failure Institute.
Dialogue: 0,0:05:04.84,0:05:07.50,Default,,0000,0000,0000,,It has been surprising to see
Dialogue: 0,0:05:07.52,0:05:10.34,Default,,0000,0000,0000,,that when an entrepreneur\Nstands on a stage
Dialogue: 0,0:05:10.36,0:05:12.30,Default,,0000,0000,0000,,and shares a story of failure,
Dialogue: 0,0:05:12.32,0:05:15.50,Default,,0000,0000,0000,,she can actually enjoy that experience.
Dialogue: 0,0:05:15.52,0:05:19.54,Default,,0000,0000,0000,,It doesn't have to be a moment\Nof shame and embarrassment,
Dialogue: 0,0:05:19.56,0:05:21.74,Default,,0000,0000,0000,,as it used to be in the past.
Dialogue: 0,0:05:21.76,0:05:24.26,Default,,0000,0000,0000,,It is an opportunity\Nto share lessons learned
Dialogue: 0,0:05:24.28,0:05:26.06,Default,,0000,0000,0000,,and build empathy.
Dialogue: 0,0:05:26.08,0:05:27.58,Default,,0000,0000,0000,,We have also discovered
Dialogue: 0,0:05:27.60,0:05:32.70,Default,,0000,0000,0000,,that when the members of a team\Nshare their failures, magic happens.
Dialogue: 0,0:05:32.72,0:05:36.76,Default,,0000,0000,0000,,Bonds grow stronger\Nand collaboration becomes easier.
Dialogue: 0,0:05:37.60,0:05:39.94,Default,,0000,0000,0000,,Through our events and research projects,
Dialogue: 0,0:05:39.96,0:05:42.62,Default,,0000,0000,0000,,we have found some interesting facts.
Dialogue: 0,0:05:42.64,0:05:46.90,Default,,0000,0000,0000,,For instance, that men and women\Nreact in a different way
Dialogue: 0,0:05:46.92,0:05:49.34,Default,,0000,0000,0000,,after the failure of a business.
Dialogue: 0,0:05:49.36,0:05:52.26,Default,,0000,0000,0000,,The most common reaction among men
Dialogue: 0,0:05:52.28,0:05:56.10,Default,,0000,0000,0000,,is to start a new business\Nwithin one year of failure,
Dialogue: 0,0:05:56.12,0:05:58.26,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: 0,0:06:01.08,0:06:04.18,Default,,0000,0000,0000,,and postpone the creation\Nof a new business.
Dialogue: 0,0:06:04.20,0:06:06.50,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: 0,0:06:10.84,0:06:15.82,Default,,0000,0000,0000,,We feel that we need something else\Nto be a good entrepreneur.
Dialogue: 0,0:06:15.84,0:06:21.66,Default,,0000,0000,0000,,But I have seen that in many, many cases\Nwomen have everything that's needed.
Dialogue: 0,0:06:21.68,0:06:23.92,Default,,0000,0000,0000,,We just need to take the step.
Dialogue: 0,0:06:24.64,0:06:26.22,Default,,0000,0000,0000,,And in the case of men,
Dialogue: 0,0:06:26.24,0:06:30.50,Default,,0000,0000,0000,,it is more common to see that they feel\Nthey have enough knowledge
Dialogue: 0,0:06:30.52,0:06:35.16,Default,,0000,0000,0000,,and just need to put it in practice\Nin another place with better luck.
Dialogue: 0,0:06:35.92,0:06:38.42,Default,,0000,0000,0000,,Another interesting finding has been
Dialogue: 0,0:06:38.44,0:06:43.00,Default,,0000,0000,0000,,that there are regional differences\Non how entrepreneurs cope with failure.
Dialogue: 0,0:06:43.72,0:06:46.10,Default,,0000,0000,0000,,For instance, the most common reaction
Dialogue: 0,0:06:46.12,0:06:49.46,Default,,0000,0000,0000,,after the failure of a business\Nin the American continent
Dialogue: 0,0:06:49.48,0:06:51.66,Default,,0000,0000,0000,,is to go back to school.
Dialogue: 0,0:06:51.68,0:06:56.26,Default,,0000,0000,0000,,While in Europe, the most common reaction\Nis to look for a therapist.
Dialogue: 0,0:06:56.28,0:06:58.90,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:06:58.92,0:07:02.94,Default,,0000,0000,0000,,We're not sure which is a better reaction\Nafter the failure of a business,
Dialogue: 0,0:07:02.96,0:07:07.16,Default,,0000,0000,0000,,but this is something\Nwe will study in the future.
Dialogue: 0,0:07:08.00,0:07:11.10,Default,,0000,0000,0000,,Another interesting finding has been
Dialogue: 0,0:07:11.12,0:07:16.78,Default,,0000,0000,0000,,the profound impact that public policy\Nhas on failed entrepreneurs.
Dialogue: 0,0:07:16.80,0:07:19.30,Default,,0000,0000,0000,,For instance, in my country, in Mexico,
Dialogue: 0,0:07:19.32,0:07:22.62,Default,,0000,0000,0000,,the regulatory environment is so hard,
Dialogue: 0,0:07:22.64,0:07:27.66,Default,,0000,0000,0000,,that closing a business can take you\Na lot of time and a lot of money.
Dialogue: 0,0:07:27.68,0:07:29.68,Default,,0000,0000,0000,,Let's begin with the money.
Dialogue: 0,0:07:30.40,0:07:32.34,Default,,0000,0000,0000,,In the best possible scenario,
Dialogue: 0,0:07:32.36,0:07:34.98,Default,,0000,0000,0000,,meaning you don't have\Nproblems with partners,
Dialogue: 0,0:07:35.00,0:07:37.70,Default,,0000,0000,0000,,providers, clients, employees,
Dialogue: 0,0:07:37.72,0:07:39.78,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: 0,0:07:44.00,0:07:46.10,Default,,0000,0000,0000,,Which is a lot of money in Mexico.
Dialogue: 0,0:07:46.12,0:07:48.34,Default,,0000,0000,0000,,Someone who earns the minimum wage
Dialogue: 0,0:07:48.36,0:07:51.84,Default,,0000,0000,0000,,would have to work for 15 months\Nto save this amount.
Dialogue: 0,0:07:52.56,0:07:55.14,Default,,0000,0000,0000,,Now, let's talk about the time.
Dialogue: 0,0:07:55.16,0:07:58.38,Default,,0000,0000,0000,,As you may know,\Nin most of the developing world,
Dialogue: 0,0:07:58.40,0:08:02.40,Default,,0000,0000,0000,,the average life expectancy\Nof a business is two years.
Dialogue: 0,0:08:03.16,0:08:08.80,Default,,0000,0000,0000,,In Mexico, the process of officially\Nclosing a business takes two years.
Dialogue: 0,0:08:09.72,0:08:13.38,Default,,0000,0000,0000,,What happens when the average\Nlife expectancy of a business
Dialogue: 0,0:08:13.40,0:08:18.40,Default,,0000,0000,0000,,is so similar to the time it will take you\Nto close it if it doesn't work?
Dialogue: 0,0:08:19.12,0:08:22.18,Default,,0000,0000,0000,,Of course, this discourages\Nbusiness creation
Dialogue: 0,0:08:22.20,0:08:24.00,Default,,0000,0000,0000,,and promotes informal economy.
Dialogue: 0,0:08:24.84,0:08:27.42,Default,,0000,0000,0000,,In fact, econometric research has proved
Dialogue: 0,0:08:27.44,0:08:32.94,Default,,0000,0000,0000,,that if the process of declaring\Nbankruptcy takes less time and less money,
Dialogue: 0,0:08:32.96,0:08:35.68,Default,,0000,0000,0000,,more new firms will enter the market.
Dialogue: 0,0:08:36.48,0:08:39.34,Default,,0000,0000,0000,,For this reason, in 2017,
Dialogue: 0,0:08:39.36,0:08:42.78,Default,,0000,0000,0000,,we proposed a series\Nof public policy recommendations
Dialogue: 0,0:08:42.80,0:08:47.10,Default,,0000,0000,0000,,for the procedure of officially\Nclosing businesses in Mexico.
Dialogue: 0,0:08:47.12,0:08:48.78,Default,,0000,0000,0000,,For a whole year,
Dialogue: 0,0:08:48.80,0:08:52.14,Default,,0000,0000,0000,,we worked with entrepreneurs\Nfrom all over the country
Dialogue: 0,0:08:52.16,0:08:53.62,Default,,0000,0000,0000,,and with Congress.
Dialogue: 0,0:08:53.64,0:08:57.12,Default,,0000,0000,0000,,And the good news is that we managed\Nto help change the law.
Dialogue: 0,0:08:58.24,0:08:59.46,Default,,0000,0000,0000,,Yay!
Dialogue: 0,0:08:59.48,0:09:02.50,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:09:02.52,0:09:06.22,Default,,0000,0000,0000,,The idea is that when\Nthe new regulation comes into force,
Dialogue: 0,0:09:06.24,0:09:11.34,Default,,0000,0000,0000,,entrepreneurs will be able to close\Ntheir businesses in an online procedure
Dialogue: 0,0:09:11.36,0:09:13.80,Default,,0000,0000,0000,,that is faster and inexpensive.
Dialogue: 0,0:09:14.76,0:09:16.62,Default,,0000,0000,0000,,(Sighs)
Dialogue: 0,0:09:16.64,0:09:18.86,Default,,0000,0000,0000,,On the night we invented Fuckup Nights,
Dialogue: 0,0:09:18.88,0:09:23.36,Default,,0000,0000,0000,,we never imagined that the movement\Nwould grow this big.
Dialogue: 0,0:09:24.16,0:09:26.74,Default,,0000,0000,0000,,We are in 80 countries now.
Dialogue: 0,0:09:26.76,0:09:29.54,Default,,0000,0000,0000,,In that moment, our only intention
Dialogue: 0,0:09:29.56,0:09:32.94,Default,,0000,0000,0000,,was to put the topic\Nof failure on the table.
Dialogue: 0,0:09:32.96,0:09:36.66,Default,,0000,0000,0000,,To help our friends see that failure\Nis something we must talk about.
Dialogue: 0,0:09:36.68,0:09:41.30,Default,,0000,0000,0000,,It is not a cause of humiliation,\Nas it used to be in the past,
Dialogue: 0,0:09:41.32,0:09:44.08,Default,,0000,0000,0000,,or a cause of celebration,\Nas some people say.
Dialogue: 0,0:09:44.92,0:09:47.84,Default,,0000,0000,0000,,In fact, I want to confess something.
Dialogue: 0,0:09:48.76,0:09:52.98,Default,,0000,0000,0000,,Every time I listen\Nto Silicon Valley types or students
Dialogue: 0,0:09:53.00,0:09:58.64,Default,,0000,0000,0000,,bragging about failing fast and often\Nlike it's no big deal, I cringe.
Dialogue: 0,0:09:59.48,0:10:04.40,Default,,0000,0000,0000,,Because I think that there is a dark side\Non the mantra "fail fast."
Dialogue: 0,0:10:05.00,0:10:09.34,Default,,0000,0000,0000,,Of course, failing fast\Nis a great way to accelerate learning
Dialogue: 0,0:10:09.36,0:10:11.22,Default,,0000,0000,0000,,and avoid wasting time.
Dialogue: 0,0:10:11.24,0:10:14.78,Default,,0000,0000,0000,,But I fear that when\Nwe present rapid failure
Dialogue: 0,0:10:14.80,0:10:17.66,Default,,0000,0000,0000,,to entrepreneurs\Nas their one and only option,
Dialogue: 0,0:10:17.68,0:10:20.10,Default,,0000,0000,0000,,we might be promoting laziness.
Dialogue: 0,0:10:20.12,0:10:23.52,Default,,0000,0000,0000,,We might be promoting\Nthat entrepreneurs give up too easily.
Dialogue: 0,0:10:24.28,0:10:27.34,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: 0,0:10:31.20,0:10:32.84,Default,,0000,0000,0000,,of the failure of a business.
Dialogue: 0,0:10:33.60,0:10:37.10,Default,,0000,0000,0000,,For instance, when\Nmy social enterprise died,
Dialogue: 0,0:10:37.12,0:10:42.62,Default,,0000,0000,0000,,the worst part was that I had to go back\Nto the indigenous community
Dialogue: 0,0:10:42.64,0:10:45.62,Default,,0000,0000,0000,,and tell the women\Nthat the business had failed
Dialogue: 0,0:10:45.64,0:10:47.40,Default,,0000,0000,0000,,and it was my fault.
Dialogue: 0,0:10:48.28,0:10:53.26,Default,,0000,0000,0000,,For some people this could be seen\Nlike a great learning opportunity for me,
Dialogue: 0,0:10:53.28,0:10:56.34,Default,,0000,0000,0000,,but the truth is that\Nthe closure of this business
Dialogue: 0,0:10:56.36,0:10:58.92,Default,,0000,0000,0000,,represented much more than that.
Dialogue: 0,0:10:59.52,0:11:02.86,Default,,0000,0000,0000,,It meant that the women\Nwould stop receiving an income
Dialogue: 0,0:11:02.88,0:11:04.60,Default,,0000,0000,0000,,that they really needed.
Dialogue: 0,0:11:05.72,0:11:08.98,Default,,0000,0000,0000,,For this reason,\NI want to propose something.
Dialogue: 0,0:11:09.00,0:11:13.10,Default,,0000,0000,0000,,I want to propose\Nthat just as we put aside the idea
Dialogue: 0,0:11:13.12,0:11:16.34,Default,,0000,0000,0000,,of publicly humiliating\Nfailed entrepreneurs,
Dialogue: 0,0:11:16.36,0:11:22.34,Default,,0000,0000,0000,,we must put aside the idea\Nthat failing fast is always the best.
Dialogue: 0,0:11:22.36,0:11:25.14,Default,,0000,0000,0000,,And I want to propose a new mantra:
Dialogue: 0,0:11:25.16,0:11:27.50,Default,,0000,0000,0000,,fail mindfully.
Dialogue: 0,0:11:27.52,0:11:31.42,Default,,0000,0000,0000,,We must remember that businesses\Nare made of people,
Dialogue: 0,0:11:31.44,0:11:34.82,Default,,0000,0000,0000,,businesses are not entities\Nthat appear and disappear
Dialogue: 0,0:11:34.84,0:11:37.54,Default,,0000,0000,0000,,magically without consequences.
Dialogue: 0,0:11:37.56,0:11:40.86,Default,,0000,0000,0000,,When a firm dies,\Nsome people will lose their jobs.
Dialogue: 0,0:11:40.88,0:11:43.26,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\Nof social and green enterprises,
Dialogue: 0,0:11:46.72,0:11:50.98,Default,,0000,0000,0000,,the death of this business\Ncan have a negative impact
Dialogue: 0,0:11:51.00,0:11:54.44,Default,,0000,0000,0000,,on the ecosystems or communities\Nthey were trying to serve.
Dialogue: 0,0:11:55.36,0:11:59.46,Default,,0000,0000,0000,,But what does it mean to fail mindfully?
Dialogue: 0,0:11:59.48,0:12:04.22,Default,,0000,0000,0000,,It means being aware of the impact,\Nof the consequences
Dialogue: 0,0:12:04.24,0:12:06.12,Default,,0000,0000,0000,,of the failure of that business.
Dialogue: 0,0:12:06.92,0:12:09.44,Default,,0000,0000,0000,,Being aware of the lessons learned.
Dialogue: 0,0:12:09.96,0:12:13.46,Default,,0000,0000,0000,,And being aware of the responsibility
Dialogue: 0,0:12:13.48,0:12:15.68,Default,,0000,0000,0000,,to share those learnings with the world.
Dialogue: 0,0:12:16.40,0:12:17.62,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:12:17.64,0:12:21.08,Default,,0000,0000,0000,,(Applause)