Tim Bradshaw, head of the Russell Group of leading UK universities, has a curious tale to tell about failure. A few years ago he visited the Cambridge office of an admired Japanese company to find them fretting about the success rate of their research & development. At 70%, it was far too high: the research teams had been risk averse, pursuing easy wins at the expense of more radical and risky long shots.

The late Marty Sklar, a Disney veteran, once told me a similar tale — if his colleagues weren’t failing at half of their endeavours, they weren’t being brave or creative enough. My boss at the World Bank 15 years ago had the same worry that too many projects were succeeding.

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