Failure is the most likely outcome of entrepreneurship. Hence there is absolutely nothing wrong with failure. It is the default outcome. Success on the other hand is rare and unpredictable. Very few find it. However what can help entrepreneurs succeed is when an ecosystem learns from failure.

A period of transition to a new quality in all spheres of society's life is accompanied by painful phenomena. When we were initiating perestroika we failed to properly assess and foresee everything. Our society turned out to be hard to move off the ground, not ready for major changes which affect people's vital interests and make them leave behind everything to which they had become accustomed over many years. In the beginning we imprudently generated great expectations, without taking into account the fact that it takes time for people to realize that all have to live and work differently, to stop expecting that new life would be given from above.

So Cambridge rejected me. Quite rightly, although at the time I thought it was a little churlish. So, I had to do it without any university training. ... and I began to realize that there were probably a lot more of these things, and that if you find these things, you get a position in the ladder which you can’t get to unless you have either got an education or something else. So by finding important things, you immediately get into the game, which you’d been excluded from otherwise.

In the end, I had to pay $3.3 million dollars to buy back that 90%.