In his annual letter to shareholders, Jeff Bezos said Amazon’s biggest successes have come from failures.

The sentiment is a popular trope from Big Tech companies and startups. Now Bezos is getting candid about what his company has learned from some of its biggest missteps.

“Amazon will be experimenting at the right scale for a company of our size if we occasionally have multibillion-dollar failures,” Bezos wrote in the letter. “Of course, we won’t undertake such experiments cavalierly. We will work hard to make them good bets, but not all good bets will ultimately pay out.”

As a company grows, everything will need to scale, including the size of failed experiments, he wrote. Bezos often shares thoughts, analysis and glimpses into future plans in his annual shareholders letter, which started in 1997.

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