Research on the Impact of Innovation Failure Tolerance on Technological Innovation

Abstract

The process of technological innovation is characterized by high risk and high uncertainty. It is urgent to contain the risks of technological innovation and encourage the innovation environment of technological trial and error. Based on the existing research on the tolerance of innovation failure, this paper reveals the four influence paths of the tolerance of innovation failure on technological innovation from the perspective of failure tolerance. The research found that the tolerance of failure through the four paths of technological failure tolerance, market failure tolerance, financing failure tolerance, and policy failure tolerance by each innovation subject has realized an innovation environment that encourages tolerance of error and error and thus promotes technological innovation. Based on this, in view of how to improve the failure tolerance of the innovation subject to promote technological innovation, this paper puts forward countermeasures and suggestions to improve the risk compensation mechanism, establish an innovation consortium, and create an inclusive external environment. It provides a theoretical framework and decision-making reference for building a policy environment and market environment that can tolerate innovation failure and encourage innovation trial and error.