Experimental Entrepreneurs

41 Pages Posted: 21 Jan 2022

See all articles by David W. Galenson

David W. Galenson

University of Chicago - Department of Economics; National Bureau of Economic Research (NBER)

Date Written: January 20, 2022

Abstract

Experimental entrepreneurship is often overlooked: experimentalists are less flamboyant than their conceptual peers, and their innovations arrive gradually and less conspicuously. Experimentalists work patiently to innovate, proceeding by trial and error in pursuit of ambitious but often imprecise goals. When individual experimental entrepreneurs are recognized, their successes are generally regarded as anomalous or idiosyncratic. But there is in fact a pattern of experimental entrepreneurship – of innovators gaining greater knowledge and judgment over the course of their careers, often arriving at their greatest achievements late in their lives. This paper examines the careers of a number of experimental innovators, including some of the most important entrepreneurs of the past century: their products vary widely, from hamburgers and sneakers to microloans and investment management, but all share the quality of perseverance coupled with a commitment to learning from experience.

Suggested Citation

Galenson, David W., Experimental Entrepreneurs (January 20, 2022). University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2022-08, Available at SSRN: https://ssrn.com/abstract=4013827 or http://dx.doi.org/10.2139/ssrn.4013827

David W. Galenson (Contact Author)

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