This paper models an entrepreneur's choice between investing in a safe activity or experimenting with a new risky one, and how much to invest in "entrepreneurial capital" that permits more effective use of arriving information on the latter - how much to learn how to learn. Optimal investment...

Experimental entrepreneurship is often overlooked: experimentalists are less flamboyant than their conceptual peers, and their innovations arrive gradually and less conspicuously. Experimentalists work patiently to innovate, proceeding by trial and error in pursuit of ambitious but often...