Literature on creativity and innovation has discussed the issue of failure in the light of its benefits and limitations for enhancing human potential in all domains of life, but in business, science, engineering, and industry more specifically. In this paper, the Intelligent Fast Failure (IFF) as a useful tool of creativity and innovation for maximizing personal and institutional productivity, relevance and value is reviewed. In particular, IFF is a useful teaching and learning tool for public and private educational contexts. IFF, a term coined by Jack V. Matson in late 1980s and early 1990s, demystifies the aversion from failure, encourages calculated and well-informed risk-taking and initiative, and whenever applied, either yields results that could benefit individuals, organizations and society at large or teaches lessons for future endeavors. IFF and some of its derivatives used by various authors and institutions are explored along with some examples of its applications, and its potential and limitations in the 21st century.