[Dedas]

Well, putting all your money into research in the early game is one viable strategy.
Another is to put it in military units (if you have good ones as Pan does) to expand your economy by grabbing as many provinces as possible and still be able to defend them from early rushers.
Yet another, and a more common one, is to try doing everything at once. This will of course make your error marginal smaller, as one unlucky event (like losing your pretender) can cost you the game.

Which way you choose depends of course on the situation at hand, like your own nation, the psyche of your opponents, the map size and so forth.

The point I'm making is that there isn't just one "best way" to begin the game. There are a lot of difficult questions to answer and decide upon. Yes research is important, but so is expanding, not to forget defense or offense against other players. Should you balance all these or will one lead to the other in a more stable and powerful way if you maximize it? Indeed difficult questions, not easily answered.