Resourcing Lab Experiments for New Ventures: The Potential of a Start-up Database

Abstract

Curley and Formica introduce a new concept for high-expectation start-ups, involving the use of ‘laboratory experiments’. These experiments prepare potential entrepreneurs for the challenges they will face by providing a combination of interactive business experience and an opportunity to deepen their knowledge of their future markets. This article argues that a database providing information about previous start-ups could be of great use to the would-be entrepreneur and would enhance the value of the experimental phase. The database would provide instant access to information that would contribute to the experimental process. Ready access to the histories of previous start-ups would help new entrepreneurs to learn from the successes and failures of others. In this respect it would increase their chances of turning their ambitious business ideas into practical realities outside the simulation bubble.