The Silicon Valley mantra of “Fail Fast” does not work in every case. Avoid Silicon Valley mantras when working on information technology. Real life is more complicated. Facebook as a company took many years to become a major company. Apple, Microsoft, and several other large companies had and likely still have their intense moments, but good things take time.
The Galaxy Note 7 situation appears linked to attempts to get out a top grade phone weeks ahead of the iPhone 7 announcement. A laudable goal and indeed a clear act of decisive decision-making. The problem is that complex engineering cannot be rushed. Even when you have an established process.
The “good old days” of the 1980s and 1990s saw information technology and processes that was much simpler than exists today. Back then, you could rush things out and even if there were a few rough edges, you could still succeed. Today, customers expect finished items with no major show stopping aspects. Along with that, all the simplified graphical user interfaces and hardware form factors are possible because of “more” not less complexity behind the scenes. You cannot rush any of it and have a stable product.
The lesson is, if you are going to engineer a solid solution, you must take your time. Plan well. Test thoroughly and triple check everything. Otherwise, the cost may be your very way of sustaining a living.