Experimental Labs for Start-ups: The Role of the ‘Venture-Sitter’

Abstract

Curley and Formica's (2008, 2010) studies of high-expectation entrepreneurship focus on the role of ‘experimental laboratories’ in promoting the start-up and successful development of high-expectation firms. Although it is not difficult to understand the potential usefulness of these experimental labs – business simulators in which skilled partners test high-expectation business ideas proposed by prospective entrepreneurs – some aspects of their implementation need to be clarified. There is a need for such a facility because the demand for knowledge from high-expectation entrepreneurs is currently not being met by the supply of available knowledge from experts. The ‘experimental lab’ process is regarded as coming to an end when the idea has been thoroughly tested and is ready for launch into the marketplace. However, some uncertainties remain about the nature of the proposed process, especially with regard to the precise means adopted to achieve the final aim. This article extends the authors' previous commentaries (Matricano, 2009; Pietrobon, 2009) on Curley and Formica's proposal. It considers the key role of the ‘venture-sitter’ in an experimental business laboratory. Venture-sitters are experts who, mirroring the approach of the baby-sitter, aim to obtain the trust of other experts (the ‘relatives’) and aspiring entrepreneurs (the ‘parents’) while looking after the new entrepreneurial idea (the ‘child’) to ensure that it is nurtured and developed in the best way possible.