In mineral exploration, the success rate is astonishingly low—only 1 in 1000 prospects become a productive mine. At Equivest, our mission is to transform these odds dramatically. This guiding principle shapes everything we do.
What sets us apart from thousands of other companies? Why do we believe we have a competitive edge?
Mineral exploration is an extraordinarily complex and abstract challenge. To navigate this environment effectively, we must understand what makes it unique.
Understanding your learning environment is crucial. In most sports, you get immediate feedback, allowing you to refine your techniques quickly through repeated practice. Mineral exploration is different. You don’t get the benefit of thousands of repetitions. It’s a highly abstract process where most trial and error must be conceptual. Most geologists never experience a Tier 1 discovery. It’s a multifaceted problem set in a tough learning environment.
So, what are the success factors in such an environment?
We looked to another complex field: geopolitical and economic forecasting. A 20-year study revealed that the worst-performing forecasters were highly specialized in their fields. Their accuracy was worse than random guessing, and it declined with more experience and credentials. The best forecasters, however, were individuals with a broad range of analytical tools and the ability to synthesize diverse perspectives.
This result challenges the belief that deep specialization alone leads to mastery. In fact, broad-based thinking and the integration of diverse perspectives can be far more effective in complex environments like mineral exploration.
This doesn’t mean we don’t need specialists. It means we need a diverse team of specialists who can work closely together. The best teams are those with a wide range of skills and the ability to collaborate effectively.
Another study found that scientific papers citing novel combinations of sources were twice as likely to be cited in subsequent research. This underscores the value of interdisciplinary approaches.
Steve Jobs famously emphasized the importance of having designers that think like engineers and engineers that think like designers. This principle has been instrumental in driving innovation at companies like Apple, where interdisciplinary collaboration led to groundbreaking products.
At Equivest, we embrace this philosophy. We've seen it work firsthand and we know how important this approach is when pushing the boundaries of mineral exploration. We believe in the power of having geologists who think like geophysicists and geophysicists who think like geologists. This philosophy was exemplified by Joanna, co-founder of Equivest, and Ksenia, our board member, a geophysicist, during the Dugong discovery. Joanna's understanding of geophysics and Ksenia's grasp of geology allowed them to integrate their strengths, ask better questions, and push the boundaries of what was possible.
At Equivest, our focus on "range" and interdisciplinary collaboration drives our people strategy. Data scientist are working hand in hand with geologists to answer geological questions. By fostering a culture that values diverse skills and perspectives, we are not only improving our success rates but also pushing the boundaries of what's possible in the mineral exploration.
References:
1. Tetlock, P. E. (2005). *Expert Political Judgment: How Good Is It? How Can We Know?* Princeton University Press.
2. Uzzi, B., Mukherjee, S., Stringer, M., & Jones, B. (2013). *Atypical Combinations and Scientific Impact*. Science, 342(6157), 468-472.
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