Abstract
There is a growing pressure on the business incubator community to design real-world experiments and act on the basis of a systematic body of evidence which goes beyond the conventional territory of the business plan where teams of aspiring start-up founders operate in isolation of one another to project cash flows that have a little basis in reality or diverge so far from or it as to be unusable.
… innovations do not arrive fully fledged but are nurtured through an experimentation process that takes place in laboratories and development organizations.
Stefan H. Thomke, 2003
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Notes
- 1.
The S-Curve illustrates the introduction, growth, and maturation of innovations as well as the technological cycles that most industries experience.
- 2.
``Rational expectations are the hypothesis in economics which states that agents' predictions of the future value of economically relevant variables are not systematically wrong in that all errors are random’’ (Wikipedia: Rational expectations). As Skidelsky (2009, pp. 33–36), biographer of John Maynard Keynes, says, “By means of rational expectations…..economists came to believe that the future was certain…..In the history of thought, rational expectation hypothesis represents a fusion of the rational aspirations of the Enlightenment with that belief in the ‘wisdom of the crowd’ characteristic of American democracy’’.
- 3.
Service intermediaries are normally paid with time-based fees and not in accordance with the results derived from their operations. Time-consuming analysis leads to higher fees.
- 4.
As Reeves et al. (2010) observed, adopting a culture of experimentation means that companies “appreciate the necessity of an experimental approach, embrace creative dissatisfaction with the status quo, provides incentives that encourage experimentation and remove barriers that discourage it, measure the effectiveness and economics of experimentation rigorously, tolerate failure as a necessary part of learning, soften internal and external boundaries to facilitate collaboration, cultivate statistically literacy and a hunger for information”.
- 5.
In this context, the reference to Mastermind relates to a board game Mastermind (rather than the BBC television quiz game of the same name) in which one player, the code breaker, seeks to decode a pattern of colored pegs set by the other player, the code maker. A feature of the game is that the code maker provides feedback to the code breaker as the latter suggests an answer, so that the code breaker can learn from incorrect guesses, as the game unfolds.
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Curley, M., Formica, P., Nicolò, V. (2013). From Entrepreneurial Fission to Entrepreneurial Fusion: Achieving Interaction Resonance in a Micro-Innovation Ecology. In: Curley, M., Formica, P. (eds) The Experimental Nature of New Venture Creation. Innovation, Technology, and Knowledge Management. Springer, Cham. https://doi.org/10.1007/978-3-319-00179-1_6
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