Jones: Failure 'Is Worth It'

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Eleven Fifty founder and serial entrepreneur Scott Jones says failure in business is important because it can help innovators "find the winners." He joined other Indiana business leaders in last week's "Fail Fest," organized by Launch Fishers. Jones says, throughout his career, he has raised more than $200 million in capital, which has turned into about $5 billion for stakeholders. But, he adds $100 million of that capital was lost on failures. Jones cites a multi-year effort called Indy Robot Racing that ultimately resulted in the creation of a business that produces robotic lawn mowers. Jones and Launch Fishers Founder John Wechsler discussed Fail Fest on this weekend's edition of Inside INdiana Business Television. Editor's Note: Scott Jones is chairman of Grow INdiana Media Ventures LLC, the parent of Inside INdiana Business.

Jones says he hopes Fail Fest can become a regular event.

Speakers at last week's event included:

David Becker - First Internet Bank

Michael Cloran – DeveloperTown

Eric Doden - Indiana Economic Development Corporation

Gerry Hayes -Slane Capitol

Scott Hill – PERQ

Scott Jones - Eleven Fifty

Mike Langellier – TechPoint

Andy Medley – PERQ

Clay Robinson - Sun King Brewing Company

Neal Rothermel -VMS BioMarketing

Jacob Schpok - Office of Small Business and Entrepreneurship

Peter Shubert, Pd.D., P.E. - IUPUI School of Engineering and Technology

Shawn Schwegman - Gusto

Indiana Lt. Governor Sue Ellspermann

Sources: Launch Fishers, Inside INdiana Business