Everyone should hear or read the J. K. Rowling commencement address to this year's Harvard graduating class. All the way through.
When I talk about failure, I'm usually talking about little failures. Rowling experienced a "big failure," allowing her to say "rock bottom became the solid foundation on which I rebuilt my life." She goes on to say that such failure allows you to strip away everything superfluous in life and focus on what matters.
She also talks about the importance of imagining ourselves into other people's situations. The better we can do that, the bigger the difference we can make. There's something to keep in mind whenever you're trying to innovate.
Harvard Magazine J.K. Rowling Speaks at Harvard Commencement, 2008-Jun
So why do I talk about the benefits of failure? Simply because failure meant a stripping away of the inessential. I stopped pretending to myself that I was anything other than what I was, and began to direct all my energy into finishing the only work that mattered to me. Had I really succeeded at anything else, I might never have found the determination to succeed in the one arena I believed I truly belonged. I was set free, because my greatest fear had already been realised, and I was still alive, and I still had a daughter whom I adored, and I had an old typewriter and a big idea. And so rock bottom became the solid foundation on which I rebuilt my life.