The existing literature has studied how entrepreneurs with a scientific behaviour are more likely to perform better compared to non-scientific entrepreneurs. In the experiment performed by Camuffo, a pool of start-ups was divided into two classes, a control group which was taught the heuristic method and a treatment group which was trained to use the scientific method. The objective of this training was to help entrepreneurs to validate the value proposition of their start-up, as well as the financial strategy for the future development of their business. The result is that start-ups in the treatment group are more likely to pivot their business model and/or their financial strategy. However, (Massimo G. Colombo, 2015) has investigated how the presence of factors, such as education of team members and prior work experience, can influence the success of start-ups. Those factors, not considered in (Camuffo, 2020), may have a moderating effect on scientific approach adoption. We believe, therefore, that the scientific approach adoption does not lead to the same outcome of decision-making processes, which in our case is the pivoting decision, for all start-ups. We will investigate how the specific characteristics of the team, such as previous economic-managerial studies impact the relationship between the financial pivot and membership of the treatment group. The research question that we formulate is therefore how the relationship between financial pivot and the treatment group is affected by specific team knowledge. To answer this question, we joined the InnoVentureLab research group, with which we participated in an experiment, born from the collaboration of Politecnico di Milano, Politecnico di Torino, and the ICRIOS center at Bocconi University, which involved a sample of 145 Italian start-ups in the scaleup phase. The aim was to impart financial planning methodologies and tools to businesses to participants, facilitate the search for financiers, and help them secure financing for their start-ups. We used a regression model to understand which kind of relationship links the treatment group participation and the likelihood of a start-up to pivot from its financial strategy. In addition, a moderation model has been built to test whether the specific knowledge of each team has an influence on the relationship between financial pivoting and participation in the treatment group. The regression analysis conducted using the Probit model showed that members belonging to the treatment group are more likely to change their financial strategy than those belonging to the control group. Furthermore, by testing the moderation model it was demonstrated that there is an interaction between the effect that membership in the treatment group has on the probability of pivoting and the presence within the entrepreneurial team of members with specific knowledge.
La letteratura esistente ha studiato come gli imprenditori con un comportamento scientifico abbiano maggiori probabilità di ottenere risultati migliori rispetto agli imprenditori non scientifici. In particolare, nell'esperimento condotto da Camuffo, un gruppo di start-up è stato diviso in due classi, un gruppo di controllo a cui è stato insegnato il metodo euristico e un gruppo di trattamento a cui è stato insegnato a utilizzare il metodo scientifico. L'obiettivo di questa formazione era aiutare gli imprenditori a convalidare la proposta di valore della loro start-up, nonché la strategia finanziaria per lo sviluppo futuro della loro attività. Il risultato è che le start-up del gruppo di trattamento hanno maggiori probabilità di cambiare il loro modello di business e/o la loro strategia finanziaria. Tuttavia, (Massimo G. Colombo, 2015) ha studiato come la presenza di fattori, quali l'istruzione dei membri del team e l'esperienza lavorativa precedente, possa influenzare il successo delle start-up. Questi fattori, non considerati in (Camuffo, 2020), possono avere un effetto moderatore sull'adozione dell'approccio scientifico. Riteniamo, quindi, che l'adozione di un approccio scientifico non porti allo stesso risultato dei processi decisionali, che nel nostro caso è la decisione di effettuare pivoting, per tutte le start-up. Indagheremo come le caratteristiche specifiche del team, come i precedenti studi economico-gestionali, influiscano sulla relazione tra il pivot finanziario e l'appartenenza al gruppo di trattamento. La domanda di ricerca che formuliamo è quindi come la relazione tra il pivot finanziario e il gruppo di trattamento sia influenzata dalle conoscenze specifiche del team. Per rispondere a questa domanda, siamo entrati a far parte del gruppo di ricerca InnoVentureLab, con il quale abbiamo partecipato ad un esperimento, nato dalla collaborazione tra il Politecnico di Milano, il Politecnico di Torino e il centro ICRIOS dell'Università Bocconi, che ha coinvolto un campione di 145 start-up italiane in fase di scaleup. L'obiettivo era trasmettere ai partecipanti metodologie e strumenti di pianificazione finanziaria per le imprese, facilitare la ricerca di finanziatori e aiutarli a ottenere finanziamenti per le loro start-up. Abbiamo utilizzato un modello di regressione per capire quale tipo di relazione leghi la partecipazione al gruppo di trattamento e la probabilità di una start-up di cambiare la propria strategia finanziaria. Inoltre, è stato costruito un modello di moderazione per verificare se le conoscenze specifiche di ciascun team hanno un'influenza sulla relazione tra il pivoting finanziario e la partecipazione al gruppo di trattamento. L'analisi di regressione condotta utilizzando il modello Probit ha mostrato che i membri appartenenti al gruppo di trattamento hanno maggiori probabilità di cambiare la propria strategia finanziaria rispetto a quelli appartenenti al gruppo di controllo. Inoltre, testando il modello di moderazione, è stato dimostrato che esiste un'interazione tra l'effetto che l'appartenenza al gruppo di trattamento ha sulla probabilità di pivoting e la presenza nel team imprenditoriale di membri con conoscenze specifiche.
Scientific training and financial pivoting: empirical evidence from a Randomized Control Trial
Di FABIO, SARA;DI VITO SCHIAVONI, PAOLO
2021/2022
Abstract
The existing literature has studied how entrepreneurs with a scientific behaviour are more likely to perform better compared to non-scientific entrepreneurs. In the experiment performed by Camuffo, a pool of start-ups was divided into two classes, a control group which was taught the heuristic method and a treatment group which was trained to use the scientific method. The objective of this training was to help entrepreneurs to validate the value proposition of their start-up, as well as the financial strategy for the future development of their business. The result is that start-ups in the treatment group are more likely to pivot their business model and/or their financial strategy. However, (Massimo G. Colombo, 2015) has investigated how the presence of factors, such as education of team members and prior work experience, can influence the success of start-ups. Those factors, not considered in (Camuffo, 2020), may have a moderating effect on scientific approach adoption. We believe, therefore, that the scientific approach adoption does not lead to the same outcome of decision-making processes, which in our case is the pivoting decision, for all start-ups. We will investigate how the specific characteristics of the team, such as previous economic-managerial studies impact the relationship between the financial pivot and membership of the treatment group. The research question that we formulate is therefore how the relationship between financial pivot and the treatment group is affected by specific team knowledge. To answer this question, we joined the InnoVentureLab research group, with which we participated in an experiment, born from the collaboration of Politecnico di Milano, Politecnico di Torino, and the ICRIOS center at Bocconi University, which involved a sample of 145 Italian start-ups in the scaleup phase. The aim was to impart financial planning methodologies and tools to businesses to participants, facilitate the search for financiers, and help them secure financing for their start-ups. We used a regression model to understand which kind of relationship links the treatment group participation and the likelihood of a start-up to pivot from its financial strategy. In addition, a moderation model has been built to test whether the specific knowledge of each team has an influence on the relationship between financial pivoting and participation in the treatment group. The regression analysis conducted using the Probit model showed that members belonging to the treatment group are more likely to change their financial strategy than those belonging to the control group. Furthermore, by testing the moderation model it was demonstrated that there is an interaction between the effect that membership in the treatment group has on the probability of pivoting and the presence within the entrepreneurial team of members with specific knowledge.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/196980