A Scientific Approach to Innovation Management: Theory and Evidence from Four Field Experiments

63 Pages Posted: 31 Mar 2021 Last revised: 23 Jun 2022

See all articles by Arnaldo Camuffo

Arnaldo Camuffo

Bocconi University

Alfonso Gambardella

Bocconi University - Department of Management and Technology

Danilo Messinese

affiliation not provided to SSRN

Elena Novelli

City University London - The Business School

Emilio Paolucci

Polytechnic University of Turin - Department of Operation and Business Management

Chiara Spina

INSEAD

Date Written: March 2021

Abstract

This paper studies the implications of an approach in which managers and entrepreneurs make decisions under uncertainty by formulating and testing theories such as scientists do. By combining the results of four Randomized Control Trials (RCTs) involving 754 start-ups and small-medium enterprises and 10,730 data points over time, we find that managers and entrepreneurs who adopt this approach terminate more projects, do not experiment with many new ideas, and perform better. We develop a model that explains these results.

Keywords: field experiments, Management Practices, Scientific entrepreneurship, strategic decision-making, uncertainty

JEL Classification: L21, L26, M13, M21

Suggested Citation

Camuffo, Arnaldo and Gambardella, Alfonso and Messinese, Danilo and Novelli, Elena and Paolucci, Emilio and Spina, Chiara, A Scientific Approach to Innovation Management: Theory and Evidence from Four Field Experiments (March 2021). CEPR Discussion Paper No. DP15972, Available at SSRN: https://ssrn.com/abstract=3816857

Arnaldo Camuffo (Contact Author)

Bocconi University ( email )

Via Sarfatti, 25
Milan, MI 20136
Italy

Alfonso Gambardella

Bocconi University - Department of Management and Technology ( email )

Via Roentgen 1
Milan, MI 20136
Italy

Danilo Messinese

affiliation not provided to SSRN

Elena Novelli

City University London - The Business School ( email )

106 Bunhill Row
London, EC1Y 8TZ
United Kingdom

Emilio Paolucci

Polytechnic University of Turin - Department of Operation and Business Management ( email )

Corso Duca degli Abruzzi, 24
Torino, Torino 10129
Italy
+39 011 5647240 (Phone)
+39 011 5647299 (Fax)

Chiara Spina

INSEAD ( email )

Boulevard de Constance
77305 Fontainebleau Cedex
France

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