The recipe for succeeding in any given field is hardly a mystery: good ideas, hard work, discipline, imagination, perseverance and maybe a little luck. Oh, and let’s not forget failure, which Dashun Wang and his colleagues at Northwestern University call “the essential prerequisite for success” in a new paper that, among other things, is based on an analysis of 776,721 grant applications submitted to the National Institutes of Health from 1985 to 2015.
In their effort to create a mathematical model that can reliably predict the success or failure of an undertaking, the researchers also analyzed 46 years’ worth of venture capital startup investments. They also tested the model on what Wang calls their “least conventional” but nevertheless important data set — 170,350 terrorist attacks carried out between 1970 and 2017.
The takeaway? “Every winner begins as a loser,” says Wang, associate professor of management and organizations at Northwestern’s Kellogg School of Management, who conceived and led the study.
“Being able to read is not a requirement for graduation at Madison East, especially if you are black or hispanic.” – David Blaska comments.