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Canadians are supposed to be good losers. But when a team of students from Memorial University of Newfoundland and Boston-based Northeastern University finished second in a recent engineering competition in Los Angeles, the team posted a tweet that claimed victory: “As the sun sets, we take home the 2nd place prize for speed. However, history has been made this day by proving the air-bearing concept.”

I’ll translate that tweet in a minute. For entrepreneurs, however, the significance of this tweet is that innovation is never wasted. Whether you win or lose with your latest iteration of a product, service or process, the key is that you’re pushing ahead and you’re measuring your success. Keep it up, and eventually you’ll outrun the competition.

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You’ll also find that innovating creates new opportunities. In fact, two Memorial mechanical engineering students, Jeremy Andrews and Adam Keating, developed a new collaboration technology while sharing complex designs with their colleagues in Massachusetts – and now they’re turning it into a business. This month, their CoLab Software will demonstrate their first prototype as they seek beta-testers for their product prior to commercial release in early 2018.