Zane Safrit, the highly-collaborative CEO of Conference Calls Unlimited, has added substantially to the conversation about how accepting and learning from failure enhances collaboration. Incidentally, Zane is a living, breathing example of a CEO who leverages collaborative culture and tools to create value.

Conference Calls Unlimited has integrated many collaborative tools into its culture. Using the basecamp Wiki product from 37 Signals, Zane notes, helps eliminate backdoor channels of conversation and decisions at Conference Calls Unlimited. But minimizing fear of failure is more about the culture Zane has helped instill than it is about the tool per se. Rather than trying to hide mistakes, team members feel comfortable sharing work and ideas for all to see. Some ideas work and a few fail, but everybody keeps learning and collaborating; and the company benefits from the cultural acceptance that it’s ok to fail. Zane and his team avoid using the word mistake and instead focus on learning and collaborative accomplishments. And the result is that Conference Calls Unlimited, Zane feels, makes fewer mistakes because of the collaborative culture and environment. You can read Zane’s post here.

Meantime, Citigroup and Merrill Lynch are searching for CEO replacements in the wake of the sub-prime mortgage meltdown. The problem, according to a story (subscription required) by Aaron Lucchetti and Monica Langley in Monday’s Wall Street Journal, is that these firms suffer from a thin talent pool. It seems that the lack of internal CEO candidates stems from a Wall Street culture that is so focused on quarterly returns that leaders quickly lose their jobs if they fail to deliver.

Something else that’s at play on Wall Street is the star cultures that plague many firms. An individual must perform as a star analyst, star trader, or a star executive. If he or she fails, the company is quick to sack the individual. Trust is out the window, and the organization—as we’re now seeing—suffers. This kind of culture gives rise to scandals including numbers fudging. Enron, which had a star culture, comes to mind. In collaborative cultures, team members brainstorm, make mistakes, chalk up successes, and often create far more value for the organization. Overcoming the fear of failing advances collaborative culture and can deliver significant returns.