The Benefits of Applying the Scientific Method to Startups

Researchers at the Bocconi University in Milan (Italy) have studied the effects of applying the scientific method to startups and found promising results.

Professors Arnaldo Camuffo, Alessandro Cordova, Alfonso Gambardella and Chiara Spina conducted randomized control testing to see what would happen if entrepreneurs were trained in the scientific method, like chemists and biologists, instead of traditional business practices.

Running startups is often a trial-and-error process. Many factors contribute to the success or failure of a new venture.

It turns out that entrepreneurs who behave like scientists perform better and are more likely to pivot to a different idea.

The results showed that entrepreneurs who received scientific training were significantly more likely to succeed in bringing their product to market or pivoting to a new idea.

The scientific method helps entrepreneurs think deeply about the steps they need to take to achieve success.

It allows entrepreneurs to systematically test and validate their ideas, leading to a more informed decision-making process.

The scientific method also helps entrepreneurs keep their costs low by testing in increments.

This allows entrepreneurs to identify and correct problems early on, reducing the risk of blowing through funding in an attempt to secure a foothold in the market.

These cost savings can be a game-changer for any company that's trying to innovate and develop a new product.

Applying the Scientific Method to Startups

The scientific method can be applied in different stages of a company's development, including entrepreneurial startups and international expansion.

The scientific method can be especially useful during the early stages of a startup.

By thinking deeply about the steps they need to take to succeed, entrepreneurs can avoid common pitfalls and increase their chances of success.

Testing in increments also allows entrepreneurs to identify and correct problems early on, reducing the risk of wasting time and resources on a doomed venture.

This approach also helps with expanding into foreign markets.

This can be a challenging process and often requires the same approaches as starting a new business.

Not everything that works in one country will work in another.

By applying the scientific method, entrepreneurs can systematically test and validate their ideas in new markets, reducing the risk of failure and increasing the chances of success.

In conclusion, the scientific method can be a valuable tool for entrepreneurs, increasing their chances of success and reducing costs.

We encourage entrepreneurship communities to consider implementing the scientific method to achieve their goals.