Today’s complex problems have ushered out the age of the fresh-faced, hoodie-donning entrepreneur, mandating instead that a team of experienced professionals and entrepreneurs build businesses poised to solve widespread, knotty issues facing us collectively, such as climate change, mass violence, and food shortage.
Although government-funded programs and tech behemoths are still a vital part of innovation and development, venture studios offer a critical support structure for fully-funded, experienced start-up businesses – and with the luxury of time that isn’t always afforded by a VC-funded business. The Venture Studio, tech trends news source VentureBeat says, is a vital model that fills a gap in entrepreneurship.
What is a venture studio?
A venture studio is an organization equipped with funding and rich with in-house expertise equipped to build startups from the ground up. The advantage of this model is its ability to still present a start ups descriptiveness, but with the support of a full-fledged team and established organizational resources.
For example, start-ups often struggle to support world class software development on a shoestring budget. But within a venture studio, the fledgling company would have the backing of a full-fledged team of IT talent and staff augmentation consulting along with the operating budget of an established organization behind it.
How Venture Studios can Ignite Big Businesses
Right now, investment models aren’t set up to tackle large-scale problems, Venture Beat argues. With Venture Capital investments moving to later rounds and taking fewer early risks, fledgling companies aren’t receiving the same support. Not to mention, the pressure of a time frame, typically about 10 years, to innovate then exit, isn’t conducive to cultivate the rich tech incubation required to fuel all the robust and intricate development necessary to meet complex challenges head on.
But Venture Studios can provide not only the funding, but the partnership and support needed to make investing less risky and extend more time to entrepreneurs – and could usher in what Venture Studios dubs an “era of sustainable development of technology” affording a much longer-term business to be built. And when human lives are at stake, that’s priceless.
Collaborating to Cultivate Development Leaps
If a problem is interdisciplinary and complex, it stands to reason its solution may need to span disciplines as well. A venture studio can break down typical development silos that exist in traditional start up models, and instead enfold technology and science together, into the application phase. From championing STEAM-based approaches to augmenting talent, venture studios can enable rapid advancements. For example, Siri is the product of SRI International’s venture studio model, according to VentureBeat. A dedicated software development team that can support and develop custom software for a small business is entirely different from a single IT employee trying to heroically patch problems.
Time and support enable cutting-edge development and innovation, including a focus on front end development, artificial intelligence, information security and big data implementation, traditional starts ups may struggle to achieve.
Improved Coaching Models
Finally, venture studios can help transform revolutionary ideas into transformative products and solutions because they integrate resources, offer education and support naturally in the environment, and afford startups the time to really get it right.
Venture studios enable both time and skilled support, distinguishing them even from accelerator programs that emphasize mentorship, because where accelerators may raise up entrepreneurs, venture studios can nurture both superior entrepreneurs and world-class technologies.
While admittedly, Venture Beat says, the venture studio model may not be the best for simply creating startups, the model is best positioned to develop the kind of solutions and business leaders we need in the long run.
From championing STEAM-based programming to cultivating new business growth through co-working or enabling world-class software development through staff augmentation, it sometimes takes a village to raise up a startup. Learn more about how TechGenies can ignite your start up by contacting info@techgenies.com.
**Note: Original post has been posted on TechGenies website.