Experimental Labs for Start-ups: The Role of the ‘Venture-Sitter’

Abstract

<jats:p> Curley and Formica's (2008, 2010) studies of high-expectation entrepreneurship focus on the role of ‘experimental laboratories’ in promoting the start-up and successful development of high-expectation firms. Although it is not difficult to understand the potential usefulness of these experimental labs – business simulators in which skilled partners test high-expectation business ideas proposed by prospective entrepreneurs – some aspects of their implementation need to be clarified. There is a need for such a facility because the demand for knowledge from high-expectation entrepreneurs is currently not being met by the supply of available knowledge from experts. The ‘experimental lab’ process is regarded as coming to an end when the idea has been thoroughly tested and is ready for launch into the marketplace. However, some uncertainties remain about the nature of the proposed process, especially with regard to the precise means adopted to achieve the final aim. This article extends the authors' previous commentaries (Matricano, 2009; Pietrobon, 2009) on Curley and Formica's proposal. It considers the key role of the ‘venture-sitter’ in an experimental business laboratory. Venture-sitters are experts who, mirroring the approach of the baby-sitter, aim to obtain the trust of other experts (the ‘relatives’) and aspiring entrepreneurs (the ‘parents’) while looking after the new entrepreneurial idea (the ‘child’) to ensure that it is nurtured and developed in the best way possible. </jats:p>

ExperimentaLab

“…The experimental lab literature has hypothesized different ways to structure the team, even though it has not yet reached a final solution. Among others, this research adopts Matricano and Pietrobon’s (2010) idea of a ‘venture sitter’, whose role is not only to choose the team members most suitable for a particular idea but also, and mainly, to support the aspiring entrepreneur during the whole process of idea development. This person should not be a manager of the lab, but an active participant who may link the lab’s network of experts with the start-up idea.…”