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Eric Schmidt: “We celebrate our failures” on Google Wave demise

At Techonomy conference, Google CEO Eric Schmidt, spoke on a range of issues ranging from Android and Chrome OS to China to competition with Microsoft to a rumored deal with Verizon on Net neutrality, and more. In response to the surprise closure of Google Wave product,

“Our policy is we try things.” “We celebrate our failures (emphasis added). This’s a company where it’s absolutely OK to try something that’s very hard, have it not be successful, take the learning and apply it to something new.”

Schmidt said Wave, despite its lack of market success, was “a very clever product.”

Schmidt said the company likes to let the market determine which products are worthy of further investment and then re-invest in the ones that catch on. “We’ve a pretty strong view on this,” he said.

Schmidt said that Buzz, by contrast is doing well with tens of millions of users, basically Gmail users that also use the short-status product.

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