By Startup Studio Insider : The startup ecosystem is booming like never before, even with the ongoing disruptions and behavioral changes in almost every industry globally. In this space, failure is almost imminent, but entrepreneurs have learned to not work alone and gather a team of like-minded individuals that can work toward the same goal.
If you’ve heard about business models like accelerators and incubators, you might be interested in learning about startup studios (or venture studios) and how this model is revolutionizing the way businesses are made. In this blog post, Startup Studio Insider will break down the power startup studios can bring to the venture creation process. Let’s dive in!
What Is A Startup Studio?
A startup studio is an organization that repeatedly creates business through market-tested disruptive ideas applying several pooled resources. Simply put, it is a startup that creates other startups and sets them for success by offering financial and strategic support to bring ideas to life.
Working with a startup studio partner is similar to having a joint investment with another cofounder. The partner helps to set goals, build a brand, and create specialized teams to oversee a startup development from its early stages, market launch, and beyond.
How Does A Startup Studio Work?
A startup studio works by building management know-how, technical tools, data, and organizational strategies tailored through years of experience and adding to the same infrastructure.
The professionals that make the team include industry veterans and newly skilled hands-on workers who work through processes such as:
- Ideation: Successful studios have to create a solution to problems they face daily. The professionals will come up, brainstorm, and develop new ideas for mitigating risk and navigating issues. Sometimes they get ideas from outside entrepreneurs and deliberate them to make the concepts even better suited to solve problems.
- Validation: Once the studio sets to pursue an idea, the founders will try to discuss it to ensure it is feasible through thorough market research and running test on it. These include screen measures for removing any unsuitable ideas to ensure the final idea is valid and effective.
- Creation: The studio uses prototypes and customer feedback to create a solid business plan. If any fail, they can either start again from the bottom or drop the idea.
- Spinning out: After creating a business, the studio will operate it for a specified period, then let it spin out and work under its executive team. The executive team can also be part of the studio, while some can also be hired externally.
- Scaling-up: After raising funds and starting the process to scale up, businesses can choose to work independently with their in-house team and as a team with the startup studio.
How Startup Studios Build Great Teams
Studios mitigate the risk of starting a new business by helping entrepreneurs to focus on what matters most. The business owners also need not worry about making bad hires as industry-proven professionals with years of experienced surround them. The entire workforce consists of top professionals such as:
- Product developers
- Sales/business developers
- Marketing/communication specialists
- Financial advisors
- Designers
- Accountants
- HR
- Software developers
- Legal representatives
Leveraging Networking Tools
If you find it challenging to discover the right people to help boost your startup studio, you can use available tools such as LinkedIn. These platforms have a dozen entrepreneurial-minded groups and think tanks that share visionary ideas and goals.
The key to a successful startup studio is to generate practical ideas related to industry trends. It is essential to know where your ideas come from. Some studios use internal teams to generate ideas, while others rely on founders who already know how to scale their business.
Want to learn more about how startup studios work? Check out the Startup Studio Insider blog to find more information and create a startup studio team to make your business attractive to potential stakeholders.