This article responds to "Laboratory experiments as a tool in the empirical economic analysis of high-expectation start-ups" by Martin Curley and Piero Formica, published in the December 2008 issue of "Industry and Higher Education". Curley and Formica introduce a new concept for high-expectation start-ups, involving the use of "laboratory…

Laboratory simulations combine the strengths of lab experiments and field studies while avoiding many of their liabilities. They permit the emotional involvement, the time needed for development of norms and interlocked systems of interaction, and the broad range of variables typical of field settings, yet allow for experimental controls and…