Startup studios: types, approaches, perspectives
Every person who has ever thought about his own project knows that the key to success is a minimum of mistakes. The less you need to fix, the faster and better the process goes. That is the reason entrepreneurs and startups begin to unite in the studios.
What studios are there?
The US Department of Commerce identifies 4 main types of parties:
1. Business incubators help startups to build a solid foundation for growth. The list of their functions is quite wide: it may include mentoring, technical support, assistance with finding clients, promoting in the market, and so on.
2. Business accelerators — unions that tend to get involved in the high-availability phase of the product and help the teams for a short time, long enough to prepare for a major investment.
3. Venture funds are normally looking for ready-made projects with sales and good growth potential, therefore they often conduct a long due diligence process in order not to make the wrong choice.
4. Venture builders — a form of cooperation that doesn't just support startups, creates them itself. Such studios take full responsibility for the business: from idea to sale, or profit.
But what is the point of cooperation?
Startup studios can be compared to manufactures of the 16th century: their task is to speed up the process of product creation and create special vacancies.
How to find party members?
For this, both traditional and modern methods are used. You may apply almost all types of assessments, interviews, as well as business games, case methods, and simulations. All these approaches make it possible to identify people who are keen on entrepreneurship and who share your values.
Perspectives of startup studios
It is not a secret their number is growing rapidly all over the world, but they have serious barriers to entry and a number of problems. For example, trying to squeeze the maximum out of the project, even to the detriment of investors, is a common thing. If only the entrepreneurs resolve the difficulties, studios reach their full potential. Nevertheless, it is already clear that they are superior to individual project managers.
Would you like to create your own startup studio?