Britain's Prince Andrew admits we shouldn't "be afraid of failure".
The Duke of York is hosting Pitch @ Palace on Wednesday night (03.04.14) at St James's Palace where 12 budding entrepreneurs will have the chance to put forward their ideas to an audience of business leaders, venture capitalists, investors and other individuals.
This is the second year the event will take place but last year's was done on a smaller scale and the duke insists it's a new idea which may fail.
He explained to the Daily Telegraph newspaper: "I'm looking forward to see what happens. I'm excited.
"This is about getting out there and doing it. To some extent, as a start-up, we are trying to do something that's new and has not been tried before, could potentially fail, and we'll see what comes out of it. It may surprise us all. We may find it's a complete disaster, I don't know, but if you don't try it, you'll never know.
"We are serial entrepreneurs in that we're coming up with these ideas all the time. This is just one of a number."
The 54-year-old royal believes failure is an "experience worth having" before achieving the end goal of "success".
He added: "Don't be afraid of failure. It's quite a good thing to fail. You'll never end the fear of failure, we can only encourage people to recognise that failure on the road to success is an experience worth having."
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