Peter Rip at Crosslink Capital has a great post about the entrepreneurs perspective on failing fast. He lays out the analysis an entrepreneur has to take when raising capital for a consumer Internet company. He actually provides the framework behind what we're doing at Judy's Book. I must say that my process has been more intuitive than Peter's....but what's interesting is that while we're positioning to re-launch Judy's Book in the near future, we're also work on a couple of smaller sites that could get into market quickly. While this does have the effect of diversification, that's not what is motivating me (us) to launch multiple sites. Rather, it's my belief that simple sites are more likely to capture the consumers attention and they also happen to be easier to build. One last comment on Peter's post is that failing fast is not an objective unto itself -- succeeded faster is the objective and sometimes you need to fail first in order to succeed.