5 benefits of innovating in a venture building studio
Venture building studios and startup accelerator programmes are great contexts for innovators to develop their ideas and turn them into reality. They provide valuable resources, timelines, and connections that can all help entrepreneurs live their dreams. They also immerse the innovators in a creative space - a developmental environment is key to success!
At the start of 2023, AREA42 launched MISSION42, our new venture building studio focusing on startup creation. MISSION42 finds the real problems that SMEs face when doing business with each other. In turn, MISSION42 through its vibrant innovation ecosystem then develops corresponding TradeTech solutions. Why? To ease B2B commerce while addressing validated customer needs. This helps fulfil AREA42’s mission to make trade more frictionless and risk-savvy.
So, it seems like the perfect time to take a look at the benefits of participating in a venture building studio.
5 Benefits of Joining a Venture Building Studio
Mentorship and Coaching
Business incubation is not easy, especially if you’re on your own. So, one of the biggest benefits of joining a venture building studio is the mentorship and coaching that is provided. Experienced entrepreneurs and investors provide guidance and support to help the venture builders go down the right path. This mentorship can help entrepreneurs avoid costly mistakes and get the most out of their venture.
Some areas the coaches and mentors help with are setting KPIs and challenges, analysing data, and finding the right insights. What else do coaches help with? They help entrepreneurs work through the validation process, determining a sound business plan, overcoming obstacles, and dealing with blockers. Just about anything in the start-up creation process.
A venture building studio also provides networking opportunities. Networking is an invaluable resource for innovators. This enables them to connect with other entrepreneurs and potential investors. Having multiple, simultaneous entrepreneurial teams enables sharing of good practice. The failures and successes become collaborative learning points, and a built-in extended network to call on.
If the studio is part of a bigger organisation, the participating entrepreneurs may have access to skills and specialties already placed in the organisation. This builds up synergies and efficiencies. Entrepreneurship acceleration is an added bonus. The innovators involved are not just building a new startup, but they are also honing their skills for future projects.
After all, what is business without networking?
Access to Resources
A venture building studio also provides access to valuable resources. This may include access to office space, technology, and/or tools that can help entrepreneurs to get their ideas off the ground. They also provide access to industry experts who can provide valuable insights and advice throughout the journey.
For MISSION42, the venture builders also have each other as a resource. We’re simultaneously building four simultaneous new startup blueprints , so our innovators can share resources, ideas and learning points with each other.
Test and Experiment
Venture building studios provide a safe environment for entrepreneurs to test and experiment with ideas. We believe that without experimentation it is very difficult to find the right kind of success. Where do ideas come from? Are the insights truly uncovering underlying needs, problems or challenges that businesses face?
Let’s call this idea business incubation. Finding success through experimentation in a secure context is the ideal way to discover disruptive insights. And, then to validate the market…
Market validation is key to any budding startup. Similar to validating the problem, it’s necessary to validate the market, too. If there’s no market, what’s the point? A good venture building studio focused on start-up creation will emphasise market validation. This will help entrepreneurs understand the market for their potential product and develop the right strategies for success.
Is there a market? Is there a market need and fit for those disruptive insights? Is the market definable and truly in need of the solution? Can we assess their viability as a future product, and evaluate what it needs to be ready for the market? Is the market big enough to make the solution worth investing in? Or, is the market small, but strategic and valuable to engage with? Pitch well and it’s go to market time for the new company!
Find success in a venture building studio
A venture building studio model to accelerate the creation of new startups is invaluable for innovators. It allows seasoned pros and relatively novice entrepreneurs to dig deep and build toward success. It provides resources, mentorship and access to ideas which can help the entrepreneurially-minded create new startups with purpose and efficiency. Beyond that, new networking opportunities won’t just be useful now, but can be carried forward and nurtured in future projects.
Are you an innovator looking to take your ideas to the next level? Would you like to work closely with a co-pilot and experienced coaches? Then a venture building studio like MISSION42 may be the perfect choice for you.
And remember - in all things business, don’t give up! When life gives you lemons, make lemonade!