Brush off your Failure folder and get innovative



Being an innovator can be a risky endeavour. Sometimes you get it right, most times you get it wrong. I am often told "hey that's a great idea". Sadly none of my innovative urges have yet resulted in me being able to pack up and retire to the Welsh valleys to live the life of a paid novelist. Yet I haven't given up. For starters, I have created a folder on my hard drive called "Failure" and in it I've been serendipitously archiving all of the business failure stories I come across. There is a lot you can learn from failure, and I'm determined to discover the elusive pattern so that I can reverse it and create some success.

My Failure folder makes for interesting reading. Archive number 23, for instance, is dated 1999 and relates to the failure of my team and I to successfully deploy an intelligent virtual personal assistant with its own personality and on-screen avatar. Our cyber secretary would replace a real one and undertake all of the usual tasks, but do them 100,000 times faster. In the "reason for failure" section of this particular entry it says "the executives we're pitching don't want a cyber secretary, they want to speak to a real secretary". My private diary note adds: "investment mood's sour; FEAR over upcoming doomsday scenario - the millennium bug."

An earlier entry, archive number 22 from 1997, says that after navigating three rounds of a tender process for an infrastructure project and being successfully awarded the project by the tender board, my team and I still don't get the contract. Reason for failure: "the chairman of the tender committee is reluctant to sign the contract, as he thinks there will be further pressure on costs next year and wants to keep a buffer." My private diary note says: "investment mood's sour; FEAR that Asian financial crisis may result in worldwide global meltdown."

So to keep my Failure folder fresh, I set off with some zeal last week to the World Space Risk Forum 2010 (WSRF) in Dubai. After all, in space 99 per cent just isn't good enough. I mean, you cannot exactly tell a space tourist: "well I'm sorry, but there is a 1 per cent chance that you'll be stranded in orbit forever." It's either success or failure, because in space nobody can hear you file that compensation claim.

The insurance men, astronauts and smartly suited executives at WSRF had some out of this world failure stories to tell, which I diligently noted. My first entry was Teledesic, a programme in the 1990s to launch a constellation of 840 active satellites in a low earth orbit, with the ability to provide uplinks of as much as 100 megabytes per second and downlinks of up to 720MB/s anywhere on the planet. It was marketed as an internet in the sky and would be the end of all fixed-line telecommunications operators. It even attracted funding from such luminaries as Craig McCaw, Bill Gates and Paul Allen. The project was officially closed in 2002. Reason for failure: "it was too ambitious, it was engineering led." My private diary note reads: "investment mood's sour; FEAR after dotcom crash." You know, I think I've heard that one before.

I'm able to quickly add another entry to the archive: the NASA X-15 hypersonic orbital craft that was invented in 1959. It was launched from the wing of a B-52 bomber at 45,000 feet and could travel up to a height of 353,760 feet, reaching speeds of 7,272kph in the process. Reason for failure: body structure was too expensive and the Apollo programme became a priority after the former US president John Kennedy in 1961 committed that by the end of the decade the US would send a man to the moon and return him safely.

As I'm about to add my private diary note, which will probably have some comment on a fearful investment climate, I hear how the audacious Virgin Galactic project is using the X-15 concept. The rocket ship being used by Virgin Galactic is a suborbital craft that is made of a cheaper carbon composite. It will be powered by environmentally friendly biofuels. The ship will be carried aloft by the Virgin White Knight II aircraft and released at 50,000 feet, from where it would travel up to a suborbital 73,000 feet, inducing six minutes of weightlessness for those willing to pay US$200,000 (Dh734,600) for the privilege.

We can only wonder what NASA may have achieved in space tourism if more effort was put into projects like the X-15; perhaps the 1970s television series Space 1999 wouldn't have been so far off the mark. But getting back to Virgin Galactic, it is too early to say whether it will be a success or not. But the low carbon footprint of the vehicle claimed by Virgin, its powerful brand and the desire of many wealthy people to "boldly go -" or as my kids would put it "to infinity and beyond", means there is a good chance of success.

The project also raises the exciting prospect of long-distance planetary transportation at a fraction of the time. Who wouldn't be interested in travelling from the UAE to the US in two hours and maintaining a minimal carbon footprint? I don't expect to add Virgin Galactic to my Failure archive and neither do I expect to add Al Yah Satellite Communications (Yahsat), which is owned by Mubadala Development. Yahsat was also at WSRF and plan to launch satellite-based broadband and direct TV across the MENA region.

Despite the fear in the global investment mood, there are some innovative players investing in a counter-cyclical manner. Maybe true innovators look fear in the eye and just go ahead anyway. Perhaps this is what I've been missing all these years. For starters I'm going to rename my "Failure" folder. I think I'll call it "Phoenix". Rehan Khan is a business consultant and writer based in Dubai business@thenational.ae

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.