With more and more people getting access to the internet, it is inspiring more confidence in aspiring entrepreneurs to try their hand at digital startups.
The digital realm has allowed for more accurate data and insights that help educate the leadership on what their next move should be. That being said, it does not mean that startups do not need help.
Startups need assistance in everything from finding funding to scale, to ensuring they employ the right resources to making strategic decisions.
A startup venture studio can help you get access to expensive resources and expertise that you would not be able to afford alone. With years of building businesses from the ground up they have a network of connections that they will happily introduce you to. And more importantly, they have learnt the ins and outs of startups in a particular industry from a lot of trial and error, that kind of insight is priceless and hard to come by.
A lot of startups do not seek help because they are not sure who to turn to. In a wildly competitive market of incubators, accelerators and venture studios picking the startup consultant that is right for you is a vital step towards success. The following are some of the things you can add to your checklist when choosing a venture studio to partner up with.
Their Moral Compass
Unfortunately, not all business consultants prioritize their clients when they claim they do. You want to partner up with someone who always puts professionalism first. You want them to put your needs before their own, and be sure that they are working to help you scale your business.
The way to do this is to notice how they interact with you. They should not have any trouble in being honest with you and telling you the hard truths. Someone who is not serious about developing your business will always reassure you that everything is going smoothly which is impossible when running a business.
A good startup venture studio will be ready to make tough calls and will strategize for the big picture where everything they do is about keeping the startup afloat.
The Right Experience
Experience gives you a massive head start in the world of business and with startups, it can actually make or break them. This is why all startups actively look for a business consultant to weigh in on their startup business plan. When you are choosing a firm make sure that they have ample experience in your field.
Some of the things you can check is see if the venture studio has worked with a company in the same industry as your startup. Have they hired renowned experts in your field. Or are the people working in key positions have had experience in a successfull corporation? This is important, because they will have an intuitive understanding of the opportunities and challenges coming your way.
Problem Solving Approach
Solving problems is a massive part of running a successful startup. Obstacles are inevitable and an entrepreneur should be geared to face them. However, not every problem will present itself in the same way or even the way another similar businesses faced and tackled it.
A seasone venture studio consultant will know this and the way they would have tackled other problems in various startups they will know to bring the same innovative spirit to your business.
Remember the reason you are hiring a business consultant is because you need them to either guide you or take the reigns when you have a difficult time dealing with a situation. Some of the ways to assess this is to see how good the firm’s analytical skills are. Check how quickly they come to a conslusion about things you present them, and the strategic decisions they have made in the past.
Even if your targeted venture studio does not have the experience you hoped it would have, you should depend on this factor in choosing them for your business.
When you join a venture studio you get access to their connections. These areindustry leaders, potential investors, or other influential personalities in the industry you business operates in. Having important contacts is a huge part of starting out as it helps you find mentorship, guidance, and even recommendations that direct you to the right parth towards scaling your business..
But not all venture studios have this. And you do not want to sign up with someone who cannot expand your network. Mostly this is corelated to the experience a studio has. The more they hire people from notable places, the more likely it is that these people are in touch with industry veterans and experts.
You can even check the network the existing portfolio companies in a venture studio is enjoying.
A good consultancy firm will be one that is skilled at communicating things in a simplified manner to you and your key managers. However, speaking is not the only aspect of commiunication, they should also be able to listen. You want someone who is really listening to everything that you are concerned about and taking you seriously.
Part of building a bond based on trust is effective communication, and a competent firm knows that. The best way to find this out about your narrowed down choices is to get in touch with some of the existing or older clients of the firm and asking them about this.
Do they Actively Participate
You do not want a sleeping partner. When a venture studio says they would like to be directly involved they should be, and not just to thwart your vision. A lot of studio leaders invest a stake in your startup and act as executives and co-founders with you. You want someone who priorities your company now that they have taken up a role and has a proactive approach with every phase of its development.
Is it an Action Oriented Firm
Venture studios will help you create app business plans but you want them to encourage action on it as well. Most business analysts can do only that analyse, they seldom do anything based off on teh softare business plan they hand you.
Implementing the changes or introducing new concepts to your startup software developers is an art in itself. One that should not be underestimated. You want support in execution in the form of the best way to approach an action. It is possible that you may not have any idea on how to even begin. Maybe it is too complex. Perhaps you want to get it right the first time and not deal with any consequences of bad execution.
Can You Trust Them
Interpersonal skills are everything. You want someone who you can trust. They should be able to talk to you about sensitive issues and keep things confidential before they are asked to sign an NDA.
It is this trust that will grow on you and you will feel much more confident in the firm’s advice and the control you feel they have over your project. Plus, you want to work with someone you are comfortable with an not treat them as an outsider otherwise there is very little point to hiring a venture studio at alll.
For the longest time the traditional model of running businesses was with the support of VCs and incubators. But now a new model is sweeping the global industry and the startup world. They are venture studios.
Venture studios are slightly different than accelarators and incubators. They try to find the most innovative and prodcutive combination of resources and build teams and managements upon that.
As oppose to throwing money at new businesses and hoping that it would be able to penetrate the market once the startup launches, a venture studio help your company identify the best resources to build your product, then they work on siezing the best opportunities for you that your busnesses can realisticly work with.
While on the other hand incubators, accelarators, and venture capital firms will enlist you in a program with some seed money and that program will be same for all businesses that sign up with them.