August 18, 2020
5
Minute Read
A Startup Studio is “a program that typically provides support and resources to actually get a new tech company off the ground (from the idea stage).” As Studios build startups, their impact multiplies by creating reusable tools, templates, databases, tech, ecosystems and partners. This multiplier effect is how Startup Studios differentiate themselves from other forms of innovation. Looking into the future, we’re uncovering how they have evolved to not only help small business entrepreneurs, but corporations and large enterprises as well.
Let’s break down the difference in startup programs: there is a family of support services that help elevate startups—all with the goal of offering startups great opportunities. However, these aren't one-size-fits-all models, and it’s important to understand the difference when deciding what is best for your business and long-term innovative success.
These programs, like that of Y-Combinator or TechStars, take an existing startup and assist them in ways that are meant to accelerate their growth and scale the business during a short period, typically in three months time. This is very fundraise-heavy, and not as great for under-developed startups.
Unlike accelerator programs, incubators tend to work with startups that are less developed, often with entrepreneurs who have no team as well. Some incubators are industry-focused, offer co-working space, and provide mentoring and connections within their local community.
These are organizations where entrepreneurs and/or corporations can repeatedly validate, execute and iterate on new business models. Studios help create startups from ideas-on-a-napkin, develop go-to-market strategies, build a founding team, and raise capital as they grow. Startup Studios — sometimes called “startup factories” — exist to build new businesses, support startups by bringing together world-class entrepreneurial human capital at the earliest stages, when it is needed most.
The Startup Studio is the key that helps corporations and entrepreneurs unlock innovative and financial success with a model that is sustainable and proven. However, the Startup Studio model remains — much like the accelerator was a decade ago — mystery to many. How is it different, and what are the benefits?
Startup Studios don’t put the focus on creating cohorts to compete on Demo Day, they focus on creating the best possible outcomes with as little waste as possible. Startup Studios are intimately familiar with the idea and problem stages of creating a startup or corporate spinout. This means Studios have a lot of experience with generating creative and impactful business models, building thoughtful user flows for the customer and product journey, as well developing roadmaps for talent acquisition and securing funding.
The real secret of the Startup Studio? They don’t just build the technology, they help founders build their business — going along the journey every step of the way.
From early-stage startups, to Fortune 500 companies, the purpose of the Startup Studio is to validate and build business models that disrupt a particular industry, accelerate innovation, and remain competitive long-term. Startup Studios provide an opportunity for shared learning and leadership.
It’s not enough to simply build an app. It takes a village to create a business that is well-rounded, and fully equipped to take the world by storm.
In a corporate setting, administrators serve as a point-of-contact, helping to establish new corporate ventures. These administrators provide mentorship, and work with the studio to find a full-time operator to keep from getting bogged down, allowing the spinout to grow all the more rapidly and successfully. Startup Studios further differentiate themselves from accelerators because they don’t require teams to be in-person; this allows for an accessible and flexible workspace.
The right team can make anything possible. When partnering with a Startup Studio, founders gain access to emerging technologies that help their ideas finally come to fruition in a fraction of the time. Alongside the technology, these studios help companies enter new markets with the risks and competition laid out, ready to march into new territory. Startup Studios are experts when it comes to go-to-market strategy, and leveraging competitive analysis to fuel success.
It’s not enough to simply build an app. It takes a village to create a business that is well-rounded, and fully equipped to take the world by storm—and that’s the superpower of the Startup Studio.
As accelerators have evolved, and Startup Studios have taken shape, we are seeing more corporations rise to the occasion of startup building. They have the capital, the credibility, and the criteria ready to go to launch a successful business—but they need help getting out of their own way.
Founders of a previously successful business have a 30% chance of success with their next venture. This is why corporations have a staggering advantage when it comes to capitalizing on startups when creating spinouts, and more companies are catching on to this. For example, Johnson & Johnson has four innovation centers around the world that create early-stage life-science companies.
Startup Studios don’t just build the technology, they help founders build their business — going along the journey every step of the way.
At the same time, it’s extremely difficult for corporations to quickly and efficiently validate and commercialize transformative innovation internally. To address this challenge, many organizations are trying open innovation, looking outside their core business to innovate. Unfortunately, most consultancies and similar organizations are unable to provide sustainable solutions that generate lasting results, leading to inevitable innovation fatigue.
Together, we can fight this fatigue. Coplex is a Corporate Startup Studio that helps companies increase the speed of decision making, create innovative technical solutions, build strong teams, and attract revenue for new startups. The Coplex Startup Studio combines an experienced team and a proven methodology for rapidly commercializing the best ideas and maximizing the chance of spinout success. In other words: We turn the art of designing businesses into a repeatable science.
Our process is broken down into five phases:
From ideation, tech builds, marketing and branding strategies, talent acquisition, and revenue generation, the Startup Studio is designed to propel companies forward with a low-risk, high reward mindset. Learn more about the Coplex Startup Studio today.
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