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SUMMARY:Small Changes With Big Impact: Experimental Evidence of a Scientif
 ic Approach to the Decision-making of Entrepreneurial Firms
DTSTART:20200914T170000
DTSTAMP:20260407T020701Z
UID:82a717503fd274d8c9bb6711cf7556dfbe034bfe7d21572cd10a219f
CATEGORIES:Conferences - Seminars
DESCRIPTION:Chiara Spina (Bocconi University / INSEAD)\nChiara Spina (Bocc
 oni University / INSEAD)\n"Small Changes With Big Impact: Experimental Evi
 dence of a Scientific Approach to the Decision-making of Entrepreneurial F
 irms"\nDiscussant: Chuck Eesley (Stanford University)\n\nAbstract\nIdentif
 ying the most promising business ideas is key to the introduction of novel
  firms\, but predicting their success can be difficult. We argue that if e
 ntrepreneurs adopt a scientific approach by formulating problems clearly\,
  developing theories about the implications of their actions\, and testing
  these theories\, they make better decisions. In particular\, this approac
 h helps entrepreneurs make more precise predictions of the value of their 
 idea and to spot new ideas with higher expected returns. We also examine t
 he mechanisms with which the scientific approach works. Specifically\, we 
 posit that scientific entrepreneurs are more precise initially\, and less 
 precise later on because they envision new version of their business idea 
 that are worth assessing. Using a field experiment with 250 nascent entrep
 reneurs attending a pre-acceleration program\, we provide evidence consist
 ent with these mechanisms. We teach the treated group to formulate the pro
 blem scientifically and to develop and test theories about their actions\,
  while the control group follows a standard training approach. We collect 
 18 data points on the decision-making and performance of all entrepreneurs
  for 14 months. Results show that increased precision in the assessment of
  the value of the business idea of treated entrepreneurs raises the probab
 ility that they close their start-ups. Scientific entrepreneurs are also m
 ore likely to see new opportunities with higher positive outcomes which pr
 ompt them to pivot to these new ideas and perform better.\n\nKeywords: sci
 entific approach\, entrepreneurship\, field experiment.\n\nEPFL Virtual In
 novation Seminar\nEVIS is a bi-weekly virtual seminar series focusing on S
 cience\, Technology and Innovation topics studied through the lens of Econ
 omics\, Entrepreneurship\, Strategy and Finance.\n 
LOCATION:Zoom
STATUS:CONFIRMED
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