How has a setback or failure set you up for later success?

I didn't see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life.

I will begin with the importance of learning from experience. It is less important, I believe, where you start. It is more important how and what you learn. If the quality of the learning is high, the development gradient is steep, and, given time, you can find yourself in a previously unattainable place. I believe the Infosys story is living proof of this. Learning from experience, however, can be complicated. It can be much more difficult to learn from success than from failure. If we fail, we think carefully about the precise cause. Success can indiscriminately reinforce all our prior actions.

No one has a 5.0 in real life. In fact, when you finish school, the whole notion of a GPA just goes away. When you're in school, every little mistake is a permanent crack in your windshield. But in the real world, if you're not swerving around and hitting the guard rails every now and then, you're not going fast enough. Your biggest risk isn't failing, it's getting too comfortable.

I had such failure for the first ten years in Silicon Valley. General Magic — over a billion dollars invested in 1990 dollars! Could you imagine what that is today? The best team in the world. We were told we were gonna topple Microsoft and all these companies.

Day one of my first job out of college, my boss found out that I didn't know how to enter data into Lotus 1-2-3. That's a spreadsheet—ask your parents. His mouth dropped open and he said, ‘I can't believe you got this job without knowing that”—and then walked out of the room. I went home convinced that I was going to be fired. I thought I was terrible at everything… but it turns out I was only terrible at spreadsheets.

It was like switching out the engines mid-flight. I remember the day we turned on this free service, had we probably gone on for about six more months, I think we might have died as a company. That was a defining moment and that was as late as 2013. I think every great company has at least three near-death experiences.

Don't be scared of the ‘what ifs,’ because the truth is, the only failure is not trying. That's the only way you can fail. Trying and having it not work out isn't failure.

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.

One setback after another, we shook it off and skated to the next opportunity. Each time, we gain skills and strengthen our character. No setback that comes our way doesn't look like an opportunity these days.

To launch Canva, we needed investment and a tech team. Finding the right people for both took two years but there is always a lot of rejection for entrepreneurs in their early days. But every time we got a hard question or a reason why people wouldn't invest, we stayed focused on what we could change. I revised our pitch deck after every meeting, more than 100 times in one year, to answer the questions or fix the reason for rejection from the last time. You just have to keep going. The normal thing to do after your 100th, 80th or even 20th ‘no’ would be to stop, but you just have to persevere.

When we started Airbnb, no one wanted to invest. I felt like a failure so many days. It was small, it wasn't growing... A sane person probably would have quit. But we kept going through obscurity, through rejection. We couldn't raise money — but over time, it started growing.