Lab Work For Your Business Model
Source: Columbia University
Management professor Rita McGrath says experimentation must be an integral part of a company's strategy in order to remain competitive in the future. "The level of uncertainty and speed of change are touching sectors that used to be buffered from that," McGrath says. "When you don't know what's going to happen, you don't have much choice except to experiment." McGrath offers three rules for results-driven experimentation: Keep it cheap in the beginning; don't sacrifice variety for efficiency; design experiments as true experiments, not projects.