Have you ever wondered why some companies achieve overwhelming success while others fall by the wayside? The key could lie in the application of the scientific method in innovation. A recent study by Bocconi University revealed a surprising finding: startups that adopted the scientific method in their innovation process achieved significantly higher financial results.
What does this mean? That just as a scientist formulates hypotheses and tests them in a laboratory, entrepreneurs can apply this rigorous approach, known as the scientific method, allowing them to validate their ideas, identify opportunities and reduce the risk of failure.
The method implemented in the study
The proposed working model consist of 5 phases:
- Formulate a hypothesis: Clearly define the initial idea to be tested.
- Identify key factors: Identify and analyze the key factors that support the hypothesis.
- Investigate and resolve uncertainties: Conduct experiments to verify the viability of the hypothesis.
- Refine and retest theories: Adjust the hypothesis based on the results and perform additional tests.
- Terminate if necessary: If no theory is viable, close the startup and learn from the failures.
Photo of the National Cancer Institute on Unsplash
Why does it work?
By applying this method to your business, you will be making decisions based on data and not assumptions. The scientific method in innovation allows you to:
- Reduce the risk of failure: By validating your ideas before investing large amounts of time and money.
- Increase efficiency: By focusing on solutions that really work.
- Fostering continuous innovation: By creating a culture of experimentation and learning.
The results of the study speak for themselves
The Bocconi University study, which analyzed more than 750 startups, revealed that those that used the scientific method achieved impressive results. The top 25% of startups that applied this method saw an average increase of $32,000 USD in revenue. Even more surprising is the case of the top 5%, where the average increase was $540,000 USD. These numbers are irrefutable proof that the scientific method is a powerful tool to boost the growth of your startup.
How to implement the scientific method in innovation?
- Foster a culture of experimentation: Create an environment where mistakes are valued and learned from.
- Benchmarking: Comparing different solutions to identify which one works best.
- Seeking constant feedback: Asking your customers what they think of your solution and using that information to improve it.
- Repeat the process iteratively: Continue testing and improving your solution on a constant basis.
Blaster: Your Partner in Innovation
At Blaster, we help you implement the scientific method in innovation for your projects. Our team will guide you through each stage of the process, from hypothesis formulation to validation of your idea and subsequent development and implementation. Contact us and discover how the scientific method can transform your business.
