I wish I had learned more from failure than just mortification. I don’t think you learn much from success, and I don’t think you learn much from failure, unfortunately. It’s one of the sad things. You certainly learn that it’s more fun to have a hit than a flop.

It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, and comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows the great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat.

[Laughs] It was hard. I was working at a biotech company in California, as you may know, and so biotech companies in the States, they want results, right? They have investors that give a lot of money, and they want results sooner than later, especially in the US. So you know it’s great that the company I worked at was willing to work on it and to persist in funding it, and all of our venture capitalists and so forth. And I think in a real way it was a testament to the power of the biotechnology industry, but also it was a lot of pressure on me to manage the programme and to keep it going, with years and years of failure basically. Yeah, so I got pretty desperate: ‘Surely we’ll do it before this one’s completed!’. [Laughs]

No. I mean if you fail 70 percent of the time, you had a great year. You're dealing with failure seven out of ten times as a hitter.

Do a deep reflection on what exactly went wrong and write it down. Please don't do that lazy analysis where you just blame government, the economy, the markets, fundraising etc. It might have been a contributing factor and you should reflect that but please do that uncomfortably deep and introspective work of figuring out where *YOU* the founder went wrong.