Documents 6 bankruptcies, and 13 businesses that closed up shop - at the very least suggests he doesn't know what he's doing.
Business has something in common with war and engineering:
1 You try a bunch of stuff that looks like it might work.
2 Some of it works, some of it doesn't.
3a. You stop doing (and wasting resources on) what doesn't work
3b, and continue doing more of what does (transferring any remaining resources from the abandoned paths.)
In business, step 3a is called "a large business environment, major projects are done in separate subsidiary corporations. This uses the "corporate veil" as a firewall, to keep the failed attempts from reaching back and sucking up more resources from what's succeeding. Dropping a failed experiment in step 3a (when it's failed so badly that there's nothing left to salvage in a different attempt's 3b) is called "bankruptcy". It lets you stop throwing good money after bad and move on.
So bankruptcy is NOT necessarily a sign of weakness, stupidity, or lack of business acumen. On the contrary: It shows the decision-maker was smart enough to spend a bit extra to erect the firewall between the bulk of his holdings and the iffy project.
So a successful large-business-empire-operator who is also innovative will usually have a number of bankruptcies in his history. It's no big deal, anyone in business at or near that level knows it, and took it into account if they risked some of their resources in someone else's experiment that failed in the hope of profit if it succeeded.
Also: Someone starting out may have to few resources to run many experiments simultaneously. (Or even a big guy may be reduced to a little guy by too many failures - not necessarily his fault.) So he has to try serially, doing only one or a few at a time. This may mean total bankruptcy, even multiple times, before coming up with something that does work. Lots of successful businessmen went through total bankruptcy, sometimes several times, before hitting it big.