Failure is never easy, but it doesn’t have to be fatal. Entrepreneurs can learn important lessons when a business goes under—wisdom that might help them succeed somewhere down the line.

So goes the thinking behind the first Fail Night—billed as a “somber, supportive and celebratory” meeting—from 6 to 8 p.m. Feb. 26 at the Kauffman Foundation, 4800 Rockhill Road, where an open microphone will be available to small business founders willing to share their failure stories.

The failure rate can be very high for young companies. About 50 percent of all new businesses are still open four years later, studies show.

“We see this forum as an opportunity to give closure to some founders who haven’t talked about their failures, while helping current startups avoid similar pitfalls,” Nathan Kurtz, entrepreneurship manager at Kauffman, said in a release.

Kurtz will put his failure where his mouth is at the event. He and former business partner Diana Kander, a Kauffman senior fellow, will share the flawed assumptions that led to the downfall of their startup, Legal Sonar, which tried to connect consumers with lawyers by way of social connections.

Attendance at Fail Night is limited to 100. Register to attend at this website.