Laboratory Experiments as a Tool in the Empirical Economic Analysis of High-Expectation Entrepreneurship

Abstract

<jats:p> High-expectation start-ups are firms launched by entrepreneurs with high ambitions for growth. The encounter between new technology and entrepreneurship that characterizes such new ventures has a significant impact on the nature and speed of economic development, driving the growth of high-technology industries and helping to make the economic system open, complex and adaptive. Thus high-expectation entrepreneurship deserves special attention in entrepreneurship education. This paper introduces and explains the importance of high-expectation entrepreneurship. Then, using an approach borrowed from both experimental scientific research and the practice of medicine, the authors propose a form of business idea testing and entrepreneur training in a laboratory environment. The ability to transpose, test and iterate new ideas and models in a business laboratory has significant potential in terms of promoting rapid learning and the preliminary validation of a new business idea – thus cutting risk, reducing cost and maximizing revenue potential. The authors argue that this approach is far more appropriate for entrepreneurship development in the new economic environment than traditional business education models. </jats:p>

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

“…How can they make it useful for their start-up? Is it really A premise to further analysis Some answers to the above questions can be deduced from Curley and Formica's (2008) paper. However, in assessing a model that aims to reduce the risks of launching new start-ups, all dangers of misunderstanding must be addressed.…”

“…'It is important to note that simulators, as learning tools, increase performance, enhance the development of business and entrepreneurial skills and reduce the costs of making errors in real life. A correct interpretation of the results can provide useful feedback to players so that they can adjust their efforts INDUSTRY & HIGHER EDUCATION Vol 24, No 5, October 2010, pp 318-322, doi:10.5367/ihe.2010.0002 to master the subject matter' (Curley and Formica, 2008).…”

Accelerating Venture Creation and Building on Mutual Strengths in Experimental Business Labs

“…1 'High-expectation' start-ups are firms launched by entrepreneurs with high ambitions for growth. See Curley and Formica (2008). 2 The International Organization for Knowledge Economy and Enterprise Development (IKED), a think-tank based in Malmö, has designed and implemented the Patient Certificate Scheme (PCS) 'to enable people to become more aware, and to be empowered, so as to take the measures needed to counter pressing health issues and thus promote long-term wellness, whether proactively or when a disease has already struck.'…”

Achieving and Sustaining New Knowledge Development in High-Expectation Start-ups

“…It is anticipated that high-expectation start-ups will drive the new economy (Curley and Formica, 2008). There is therefore great interest in their capabilities and prospects.…”

“…Both problems may be attributable to the transmitter, the receiver, the object transmitted and/or the context in which the knowledge is transmitted -and they can be eliminated by the effective linking together of these four elements by a knowledge promoter. This critical function of the knowledge promoter is complex and requires particular skills (Cranefield and Yoong, 2007) that may not be held by those involved in a firm's start-up phase or by the nascent entrepreneur (Curley and Formica, 2008).…”