EXPERIMENTATION ACCELERATES NEW PRODUCT INTRODUCTION
Imagine a world in which everything that exists today is all that would exist in the future. We have today what we will ever have, which is what we have always had. Without regular experimentation our world would be stagnant. No new innovation eliminates the need for innovation, which removes the need for growth and industry. Stagnation within innovation leads to stagnation within the economy. It is a slippery slope that ends in the destruction of industry.
Experimentation Leads to Industry Success
The thought of experiencing widespread removal of experimentation is preposterous, yet so many companies practice exactly that within their own corporate set-up. Experimentation allows for product growth, paving the path for the introduction of new products.
To be successful in today’s economy it is essential to have a mind that is open to experimentation. This is what has allowed so many start-ups within Silicon Valley to become so successful. Vivek Wadhwa, a leading entrepreneur and director of research at the Center for Entrepreneurship and Research in Silicon Valley said once that “an open-minded and diverse population that readily shares information, encourages experimentation, accepts failure and dispenses with formality and hierarchy is what makes Silicon Valley the successful hub that it is.”
Indeed, many analysts look to Silicon Valley as an example of how a formulaic approach to growing a corporation is the strongest method. This ideal formula actually models the scientific method, with experimentation at its forefront. This is what is often referred to as the lean startup method. Know what you are working with, and be cautious in the steps you take forward. Don’t overreach, and always grow. Experimentation provides you with the resources to test, evaluate and learn what the most successful avenues are to guide your business down. Rolling out new platforms, new ideas or new directions without testing your product out first could mean major scale-backs, and this is a huge waste of time and money. Every smart start-up knows the importance of beta testing. This experimentation period makes it possible to understand what your audience is looking for, and gives you the opportunity to tailor your product innovation to the needs of the consumer.
Experimentation is plain and simple good business practice. Know what your audience is looking for, test it out, and know that you are ready to bring in the new product without huge risk. Experimentation allows for the faster new product introduction, but also for greater success with those new product rollouts. This is the smart way to grow an industry, and is precisely what separates those on top from those who go under.