06:27 AM

Silicon Valley And Las Vegas Thrive On Failure

Silicon Valley and Las Vegas are similar - both thrive on failure. The difference is that if you fail in Las Vegas you have to leave town. If you fail in Silicon Valley, you can stay and play again -- and with other people's money.

Every country wants to copy Silicon Valley but no one wants to copy its chief characteristic - failure. Massive amounts of it.

Above is an extract of a speech by Jim Breyer from Accel Partners, at the SVForum Visionary Awards, in which he thanks all the failed entrepreneurs. And urges them to come back and try again. And again.