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The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

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Commentary250 Years of Innovation

America’s secret weapon isn’t just innovation — It’s the freedom to fail

By
Keith Krach
Keith Krach
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By
Keith Krach
Keith Krach
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July 3, 2026, 6:30 AM ET
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An attendee wearing an America 250 shirt during the Great American State Fair on the National Mall in Washington, DC, US, on Monday, June 29, 2026. Graeme Sloan/Bloomberg via Getty Images
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For most of human history, failure carried consequences that lasted a lifetime. In many countries, failure closes doors. It limits opportunity. It follows people long after the moment itself has passed.  That has never been the American way. 

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From the beginning, the United States was built on a different idea— not just the freedom to succeed, but the freedom to fail, and more importantly, the freedom to try again. That was not a side effect of the system. It was one of its defining features. 

When the Founders broke from the most powerful empire in the world, success was far from certain. The risk was real. The consequences were permanent. They were not betting on certainty. They were betting on freedom itself. That willingness to act without guarantees became part of the nation’s DNA. 

Over time, it shaped how progress happens here. Failure was not treated as an endpoint. It became part of the process.— a necessary step in building something better. 

That created a competitive advantage the world still underestimates. 

In systems that punish failure, people hesitate, protect what exists, and wait for certainty that never comes. In systems that allow failure, people move, test, learn, and build. Progress accelerates because people are willing to take risks others will not. 

I have seen this firsthand. At DocuSign, the idea seemed simple: replace paper agreements with digital ones, allow people to sign from anywhere, and make the process faster, easier, and more secure. 

But changing how the world executes agreements was never just about software. Entire industries were built around paper, physical presence, and manual trust. — we were not simply introducing a new product; we were challenging centuries of entrenched behavior. 

There were setbacks. Moments when adoption lagged, when the market moved more slowly than expected, when the path forward was unclear. In many countries, that would have been the end of the story. 

But in a system built on the freedom to fail, it was just the beginning. We kept building., learning, and refining the model until it worked. And over time, what began as an idea became infrastructure. 

Today, more than 1.5 billion people rely on the DocuSign Global Trust Network. What once required paper, presence, and time now moves instantly, securely, and at global scale. Trust is no longer confined to a handshake or a signature on a page.  

That transformation did not happen in spite of failure. It happened because of it: each misstep revealed something new, each obstacle clarified the path, and each iteration made the system stronger. That is how progress actually works. 

Today, that principle is under pressure. In a world of constant visibility and instant judgment, the cost of failure can feel higher than ever— the instinct is to avoid risk, protect what exists, and wait for certainty that never arrives. 

But when failure disappears, progress disappears with it. 

The challenge for the next generation is not to eliminate failure. It is to preserve the freedom to fail. — that freedom is what allows people to try, learn, and build something better than what came before. 

For 250 years, the United States has advanced not because it avoided failure, but because it allowed it.— because it trusted individuals enough to let them fall short, learn, and move forward. 

That is not weakness. It is strength: progress belongs to societies willing to learn faster than they fear failure. 

As the nation marks its 250th year, Freedom 250 exists to renew that principle.— not as nostalgia, but as a commitment to the future and a reminder that progress does not come from getting everything right the first time. It comes from having the freedom to keep going until you do. 

That is the freedom to try, to adapt, to build again. That is the engine of progress. That is the American spirit.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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By Keith Krach
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Keith Krach is CEO of Freedom 250 and former Chairman and CEO of DocuSign. He previously served as U.S. Under Secretary of State for Economic Growth, Energy, and the Environment. 


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