India’s iconic Tata Group is a remarkably diversified company with investments as divergent as tea and steel. As the company seeks to grow beyond its Indian roots and compete with the best globally, innovation is becoming increasingly central to its strategy. Toward that end, chairman Ratan Tata has instituted a surprising competition: A prize for the best failed idea! To spark innovation and keep the company from avoiding risks, the prize is intended to communicate how important trying and failing can be. “Failure is a Gold Mine!” proclaims the near-retirement chairman, hoping to leave the sprawling company with enough of an innovative spark to keep it relevant on the global stage.