Second Mountain’s Post

What Business Leaders can Learn from Scientists As business owners and advisors who rely on innovation to drive growth and performance, this recent study drew our attention. Among 759 new ventures examined in Europe, the study finds that firms employing a “scientific method” to innovation generated significantly more revenue than a control group, and importantly, were much more likely to pivot away from commercially unviable ideas early. The scientific method is nothing new – it is a centuries-old discipline of crafting a question, formulating hypothesis, testing it through experiments and deriving conclusions via empirical analysis – thus ensuring that the results are reliable and verifiable. Yet many business decisions continue to be made based on hunches, beliefs and intuition, with limited objective analysis. By thinking like scientists, business leaders can significantly reduce risk, improve robustness of decisions under uncertainty and instill confidence in their leadership with both internal and external stakeholders. Let us know your thoughts on how you approach innovation and read more here: https://lnkd.in/grpcwdy8

A scientific approach to entrepreneurial decision‐making: Large‐scale replication and extension

A scientific approach to entrepreneurial decision‐making: Large‐scale replication and extension

onlinelibrary.wiley.com

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