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Startups enjoy ridiculing suits (& bus school profs!) for their focus on strategic planning rather than iterative learning, MVPs, etc... The tension betwn strategic planning and iterative learning has finally been resolved by @joshgans @sstern_mit @wu_jane bit.ly/2ua6MZT
The Paradox of Entrepreneurship - ranking alternative viable strategies requires knowledge that can only be gained through experimentation, but experimentation to resolve uncertainty ultimately results in some level of commitment that can foreclose particular strategic options.
Implication for entrepreneurs: "to reject passivity in the process of commercializing their ideas, to recognize the shadow cost of learning by experimentation, and to apply "Test Two, Choose One" to guide their choice process." #startup #strategy #DecisionMaking
#Policy implication: programs fostering the #CommercializationOfScience through #entrepreneurship can support an ORGANIZED #SEARCH PROCESS that often yields multiple equally viable alternatives and improves the process of translating promising ideas into successful ventures
