Digital Ventures: Meaning and Methodology

Transforming an idea into a digital venture requires both business foresight and technical talent including using modern app development methodologies

It seems like every day a new app or solution is released that revolutionizes the way we engage with each other or improves some other aspect of life. These innovations are usually attributed to startups, but they don’t have a monopoly on digital ventures. What is the meaning of a digital venture and who are the venture studios that build them?

These ingenious ideas encapsulated within some form of modern application development are known as digital ventures. Sometimes they power the growth of a giant technology enterprise, with Google and Facebook being two obvious 21st-century examples making use of these types of application development methodologies.

However, successfully transforming a great idea in the early stages into a captivating digital venture requires both business foresight and technical talent. This approach includes using modern app development methodologies, ensuring the final product boasts the potential to meet project requirements and to truly reach its market. So explore this high-level overview of digital ventures as well as the right approach to successfully bring them to the global marketplace.

A High-Level Overview of Digital Ventures

Most digital ventures attempt to solve some kind of business problem. For example, Google simply provided a superior Internet search engine and leveraged context-sensitive advertising to Web searchers as a massive revenue opportunity. Facebook solved a similar problem with social networking; largely benefiting from revenues generated by advertising targeted at its users.

However, not all digital ventures need to rule the technology world. Any great idea with an accurately targeted market enjoys the potential to be a successful minimum viable product. Therefore, companies need to research their potential marketplace to ensure it actually exists. Failure in this regard might lead to a finely-crafted digital product without any consumer interest.  

In addition to a potentially transformational idea, digital ventures also need human power able to glean requirements from this detailed market analysis to become a success. In fact, a recent study noted only 16% of digital startups failed due to a lack of financial resources and poor business plans. Because of this risk, businesses with great ideas benefit from partnering with a digital venture partner to guide them through the entire process of bringing their idea to market.

When searching for a company as a partner for your digital venture, look for one with the business acumen to help analyze your potential market and work on the software development process. Additionally, they need to be well-versed in the development methods used in modern development. In the end, experience in the chosen methodology assures an efficiently run and successful engineering effort.  

A Methodology For Developing Successful Digital Ventures

An appropriate development methodology for crafting digital ventures must be an iterative one. Why? Because iterative methodologies like Agile or Lean Startup rely on a cyclical process, testing and validating portions of the app or website as quickly as possible. This approach ensures any problems get handled early in the process when fixes are most cost-effective for startup founders.

At the same time – or preferably before development begins – the business considerations for the digital venture must be properly vetted for product market fit. Again, this process includes a significant analysis of the potential market for the product or service, as well as determining its typical user profile. It’s an effort that better informs the requirements, design, and development of the digital venture.

Here at NineTwoThree, we are experts in successfully crafting digital ventures and bringing them to the marketplace. Our development methodology for these efforts focuses on four main phases: Invent, Design, Build, and Grow. Let’s look at each stage in detail.

1. Invent: Presented with a specific business problem and an idea for solving it in a digital fashion, our team performs a detailed market analysis. We identify the right marketplace and user profile for the digital venture and determine a few high-level goals for achieving a successful development project.
2. Design: Taking the output of the Invent phase, our team crafts initial designs for the product and its interface. We also build a viable initial prototype for stakeholders and/or identified users to test. This approach helps ensure the accuracy of the team’s initial assumptions.
3. Build: Our multiple small engineering teams leverage an iterative process to build scalable mobile or web applications. The teams use initial analysis and subsequent testing data to drive their efforts.
4. Grow: A data-driven approach also informs our Grow phase. We analyze KPIs and measure user interaction with the apps to design and build meaningful enhancements. Expect a more market-practicable product as a result.

Ultimately, our battle-tested methodology serves your organization well; helping bring your product idea to the marketplace as a highly-scalable digital venture.

If you need a digital venture partner to guide you through the entire process of constructing and commercializing your great idea, connect with the experienced team at NineTwoThree.

Our insights and skills in business and technology ultimately ensure a successful effort. Reach out to us to discuss your latest compelling concept. We’re here to help turn it into a digital success.