When to Begin Anew

“If things are not failing, you are not innovating enough.” –Elon Musk, CEO of SpaceX and Tesla Motors

“Bad shit is coming. It always is in a startup. The odds of getting from launch to liquidity without some kind of disaster happening are one in a thousand. So don’t get demoralized.”  –Paul Graham, co-founder of Y Combinator

Whether you’re launching a new company or new product line, there are times when you want to call it quits.

But, should you?

Are you giving up too quickly on a good idea?

Will you regret it when your competitor sticks it out and wins?

Craig Forman, an entrepreneur and investor in NextNews Ventures in San Francisco, asked a panel of entrepreneurs at a recent ReCode conference what they look for when they decide throw in the towel. The panelists were: former General Magic executive Joanna Hoffman (Kate Winslet character in the movie “Steve Jobs”), former Aereo CEO Chet Kanojia and Y Combinator partner Dalton Caldwell talked with Recode’s Peter Kafka). Listen closely. These guys and gals had to call it quits on their ventures and lived to tell about it:

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