The Experimental Innovation Lab (X Lab) is a project based at MIT Sloan School of Management designed to train students in running experiments, as well as to assist companies in making evidence based decisions and increase the evidence available to businesses around the world to make the best decisions with available resources.
Evidence-based decision making is hard. Managers want to learn how to achieve their goals by mobilizing their resources and capabilities, but doing this requires evaluating the outcomes of their projects and initiatives, and knowing how to interpret them. The gold standard for building such knowledge is randomized experiments. From science to medical trials, this is the tool that is used when practitioners really want to know what causes something.
In recent years, businesses have started to harness this powerful tool to help them achieve key business goals. Amazon, E-Bay, Facebook, Google, Microsoft, and many others, are embracing randomized experiments to get the best evidence base for their decisions. And while their experiments started primarily in the digital realm, they are increasingly finding their way into the most important decisions that these firms make.
Led by Professors Don Sull and Neil Thompson, teams of students carry out real experiments in firms as part of their action learning course. This exciting new project is at the frontier of education, management and research.