Accel's Jim Breyer thanks failed entrepreneurs

Everyone wants to copy Silicon Valley but no one wants to copy its chief characteristic - failure. Massive amounts of it.

Las Vegas and Silicon Valley are similar - both thrive on failure. All those massive Las Vegas hotels and luxurious resorts were built by money from losers.

You can't see the visible effects of failure in the same way, but Silicon Valley loses billions of dollars a year in losing ventures.

The difference is that if you fail in Las Vegas you have to leave town. If you fail in Silicon Valley, you can stay and play again -- and with other people's money.

Here is an extract of a speech by Jim Breyer from Accel Partners, at the SVForum Visionary Awards, in which he thanks all the failed entrepreneurs. And urges them to come back and try again. And again.