It’s not that we fly by the seat of our pants. We’re not afraid of failure.

Ferguson contrasts improvisation with recklessness: the point is not that he (or his team) operates without preparation, but that they are willing to take creative risks because they do not treat failure as catastrophic. The second sentence reframes “flying by the seat of our pants” as a misdiagnosis; what looks like spontaneity is actually a cultivated tolerance for uncertainty. In a performance context—especially comedy and live television—this attitude can be a competitive advantage, enabling experimentation, authenticity, and quick adaptation. The quote also implies a workplace ethos: psychological safety and resilience matter more than rigid control when the goal is originality.