Tips For Creating A More Successful Digital Venture
More founders are starting to take notice of the venture studio model, and there are valuable tips from this model to improve your app-building processes.
Venture studios have seen a surge in popularity over the past ten years as digital ventures have become more and more profitable. Some of the most noteworthy apps or startups to come from venture studios include Uber, Airbnb, and Pinterest - apps that are used by millions of users every day.
More founders and app builders are starting to take notice of the venture studio model, and with good reason. Venture studios typically build projects that are delivered quickly, stay within scope and achieve profitability from the get-go to name just a few benefits.
But how are these ventures built and what makes them different from your average startup team building their own venture?
What Is A Venture Studio?
Venture studios are defined as “an organization that creates digital ventures, typically from scratch, using its own resources and expertise”. In other words, venture studios are investors, incubators, mentors, and accelerators all rolled into one. These studios are able to launch profitable projects much more often than your average startup or dev house because of their team’s experience and expertise.
The teams working at venture studios have a wealth of knowledge from past projects that they can apply to new ventures. This means that each new project is building on the successes of the last one. In addition, these studios conduct extensive market research before starting any new project. This ensures that they are always creating products that people actually want and need.
Compare this to a new startup team trying to launch a digital venture with no support from a studio. They likely don’t have any experience launching digital ventures together as a team and may not have done the necessary market research to ensure their product is successful or be able to deliver it to market before their competition does.
In contrast, when working with a venture studio, there are multiple advantages that app creators or startup founders can benefit from.
Why Startup Building Is Different With A Venture Studio
What separates digital ventures built by studios from your average startup is their level of profitability and efficiency. On average, these startups generate 30% more revenue than those that are not studio-backed. This is because startup studios have playbooks of previous launches that they can draw from.
So how do venture studios achieve such repeated success with their launches? A big part of it has to do with the teams they assemble. Venture studios bring together experts in fields like product development, marketing, and design. This allows them to create a well-rounded team that can take a venture from idea to launch much more quickly and effectively than a traditional startup.
Another key advantage of working with a venture studio is that you have access to their network of investors and mentors. This is incredibly valuable for any startup founder looking to get their business off the ground. It's all about networking and getting your foot in the door by yourself as a fledgling founder is much more difficult.
Digital ventures built by studios are more profitable and efficient due to a number of factors. First, studio teams gain valuable experience from project to project which allows them to rapidly improve their skills. This means that unlike training your own team from scratch, you get access to a team that already has the experience and works as a well-oiled machine.
Second, studios typically invest heavily in market research to ensure that their products are well-suited to customer needs. This means they can help with ideation and finding a product market fit before you even start building, improving your chance of delivering an app or startup solution that will have a big enough target market.
Tips For Creating More Successful Digital Ventures
There are several tips that founders can steal from the venture studio model. The first and most essential is to learn about other industries and try to connect with experts in those fields. This allows you to get a better understanding of how other businesses are run and what their best practices are. You can then take those lessons and apply them to your own digital venture.
It's also important to have a clear focus on what you want your digital venture to achieve. This means having well-defined goals and objectives from the outset. Trying to accomplish too many things at once is a recipe for disaster and will only lead to frustration and wasted resources.
You'll need to make key decisions around your team too. Do you want to build an in-house team or outsource to a studio? If you do go the studio route, take the time to research which one will be the best fit for your venture. Not all studios are created equal and you'll want to make sure you're working with a reputable outfit that has a proven track record of launching successful digital ventures.
Don’t forget about marketing. Marketing is essential for any digital venture, yet it's often one of the most neglected areas. Make sure you have a solid plan in place for how you're going to get your product in front of potential customers and convince them to use it. More than anything it's key to identify messaging that will resonate with your end-users.
Finally, don't be afraid to seek out help when needed. Asking for advice from mentors or individuals with more experience can save you a lot of time and energy in the long run. It's better to get guidance early on than to make avoidable mistakes further down the road. This is why the mentorship a studio can bring is so valuable to anyone building an app or new startup company.
The essential thing to consider here is that not all studios are of the same caliber. You need to partner with a venture studio that can meet you where you're at with the requirements you have.
Why NineTwoThree Is The Best Venture Studio To Work With
NineTwoThree is a leading mobile development agency and venture studio based in Boston, Massachusetts. We have launched over 50 digital products and services, including some of the most successful apps in the region. Our team has a wealth of experience and expertise, which we use to help our clients achieve their goals.
We use the latest frameworks and technologies in order to provide world-class service to our clients. We also invest heavily in market research to ensure that we're always up-to-date on the latest trends. Our team has a proven track record of success and we're confident that we can help you launch a successful digital venture.
If you're looking for a studio to build your next digital product or service, look no further than NineTwoThree. Contact us today to learn more about what we can do for you.