Learning from Failure - The Secret Sauce of Silicon Valley

What's the secret sauce of Silicon Valley? Failure, reports Tina Seelig, Executive Director of the Stanford Technology Ventures Program.

To develop more successes, she urges, entrepreneurs have got to take a risk, and this is the notion behind every deal in the entire ecosystem. Venture capitalists fund risk and, by association, failure, in order to find the "hits" in the haystack. Failure is a perfectly acceptable part of the entrepreneurial process, provided that the smart entrepreneur learns from their errors along the way.

There are some lessons for leaders in what Tina has to say: