Purpose and advantages of a growth marketing venture studio
The world requires solid solutions for solving persistent challenges that impact modern society. This implies that entrepreneurs and organizations need to look for new, innovative ways to think about relevant opportunities and technology.
While necessity is regarded as the mother of innovation, still building a company or any new product is no easy venture. Right from the assembly of the right team to securing proper funding, there are several aspects that you need to consider –especially if you are a first-time founder.
It is estimated that around 90 percent of startups tend to fail eventually. This raises concerns about the reason they are failing and what can be done to resolve the issue. Since the time of the mid-1990s, a new business model –referred to as Venture Studios, has come up with embedded agility in its working framework. The model is committed to delivering budding entrepreneurs with ample integrity and support. Let us know about it in detail.
What is a Venture Studio?
It is an all-new model for entrepreneurship. The model aims at combining the notion of business-building with venture funding. Through relevant design, the model of the venture studio serves as a reliable matchmaker. It helps in linking business ideas to the respective counterparts for executing the given ideas.
Venture Studios provide assistance to entrepreneurs in understanding the unknown domains of building a business venture. It is achieved by providing them access to the initial capital amount along with needed operational support. The primary objective of a venture studio is to come across a number of successful startups –all from the ground up.
Why Does Your Business or Startup Need a Venture Studio?
A venture studio can be regarded as a powerhouse working alongside a number of scaleups and startups simultaneously. Some venture studios commence with ideas from within the organization –typically concerned with the creation of an entirely new business. On the other hand, there are models that use the overall experience and expertise for helping existing startups or founding organizations ensure the building, scaling, and growing of the business into successful ventures.
There are some core aspects that differentiate a venture studio from other startup-based models like incubators and accelerators. These are:
#A Long-term Venture
In contrast to being around just during the infancy stage of the startup (like in an incubator), or a fixed period of time for ensuring marketing of businesses (like in an accelerator), the concept of the venture studio comes forth with a strategic approach to helping startups during each stage of the development process.
Throughout different stages, venture studios work collaboratively alongside founders of the organization to ensure that their business is growing, scaling, thriving, and ultimately existing.
Starting a business venture from scratch is a risky affair. The major benefit of working with a venture studio is that it is capable of sharing the overall risks while delivering several years of expertise to companies. It is committed to helping businesses in avoiding common mistakes made by other similar businesses.
Instead of investing money into expensive and short-term skills, most venture studio organizations tend to benefit from the presence of highly skilled and experienced teams working alongside management teams for shouldering the burden of growing businesses.
#Access to Personalized Support
In comparison to the traditional concept of accelerators, a venture studio is known to offer highly personalized support to organizations with which they are working. These entities become interim members of the executive team of the organization. Therefore, it helps in personalizing different types of support offered depending on the specific needs of every business.
Importance of Venture Studios in Modern Innovation
The situation of the ongoing pandemic has initiated rapid digital transformation while making way for a low-touch economy to result in everlasting changes.
· For ensuring sustained growth, you seek services from startup accelerators, intrapreneurship, and so more. The core business model of your organization remains unchanged. However, the overall exponential growth of the business model typically changes. Therefore, in such a scenario, venture studios work the best.
· Co-creation serves to be a better engagement mode when you wish to adapt to the respective needs of the end customers in case of a crisis. You can leverage the benefits from the perspective of both the executive and the entrepreneur. The ongoing pandemic has brought about a series of rapid changes that you are required to adapt to for thriving.
· Expertise in operations and strategy, when blended with the disruptive format of the all-new venture, it leads to improved growth opportunities. It is increasingly possible with a venture studio in comparison to other business models.
Startup as a Service –the Process of Venture Building
The founder’s schedule is all about the ups and downs of the given business venture. It is estimated that around 40 percent of entrepreneurs across the globe state that they started their business with the notion of changing the world.
Venture studios are known to emphasize developing products and businesses that aim at solving some industry-specific challenges in a manner that is accessible and value-generating. Through a series of product-market fit, rapid iterations, manufacturing viability, and sprint cycles, venture studios undergo in-depth validations of individual business ideas for assessing its overall potential and impact. Then, it aims at scaling the business up for success.
The Future of the Venture Studio Model
Venture studios have already managed to garner a pioneering status in the modern world of entrepreneurship. Therefore, there is no denying the fact that the given business model will continue evolving in the future era. While it is impossible to predict the exact changes, calculated assumptions can still be made depending on what is available.
In the future, you can expect the venture studios to work like a properly-trained machine with seamless development processes and reduced failures. With the help of a streamlined business-building process, there will be the requirement of fewer resources with respect to bringing more ideas into the business pipeline. All the best!