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Experimentation: The Key to Building an Exponential Organization

Innovation | Jul 31, 2023

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In the rapidly evolving business landscape, adaptability and innovation are crucial. One of the most important aspects of this is building a culture of experimentation in your organization.

If you don't already subscribe to Peter Diamandis' blog, you're seriously missing key food for innovators.

Experimentation is the means by which Exponential Organizations (ExOs) make data-driven decisions. Each experiment creates a set of learnings that can be used to improve a product, service, and/or process, or test a new product or service.  As emphasized by Jeff Holden, a renowned innovator and past XPRIZE board member, it's important to design your company as a potent experimental engine from the beginning.

The Power of Experimentation:  Key Lessons

  • A to B, then to C: Focus on getting from point A to point B. Once you’re at B, then you can see point C and plot a course toward it. This is also known as the MVP or Minimum Viable Product.
  • Imagination and Experimentation, not Expertise and Experience: An ExO acknowledges that expertise alone is not sufficient and that relentless experimentation is essential for progress.
  • Secrecy: Unless experimentation is the default policy throughout an organization, secrecy is critical when conducting experiments.

See:  McKinsey: Tech Trends 2023 That Every Fintech, Bank, or Financial Service Provider Must Consider

  • A Culture of Learning: Creating a culture that encourages taking risks is vital for unleashing the full potential of experimentation within an organization.
  • Big Companies Can Also Experiment: Large, mature organizations often face challenges when it comes to adopting a culture of experimentation. However, some multinational corporations have recognized the value of running experiments in smaller markets to mitigate these challenges and test ideas more efficiently.
  • Living on the Edge: By constantly experimenting, organizations stay closer to market realities.

Insights into Building a Culture of Experimentation

  • Appoint a “head of experiments” to educate and prompt continuous experimentation
  • Award teams that run experiments and learn, whether they succeed or fail
  • Elevate the experimentation conversation to your regular staff meeting
  • Encourage your management team to ask great questions
  • Offer an incentive or series of prizes

Jeff Bezos, Amazon Founder:

“Our success at Amazon is a function of the number of experiments we run per year, per month, per day.”

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In conclusion, experimentation is a tool of transformative potential. It goes beyond mere testing and trial and error—it’s about cultivating a mindset of discovery, driving innovation, enhancing performance, and embracing the unknown. If you’re not experimenting, then you’re an incremental organization and not an ExO.


NCFA Jan 2018 resize - Experimentation: The Key to Building an Exponential OrganizationThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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