What should you know and have to start a Startup Studio?
Well, this is a good question with no simple answer. In this article, we will give you some useful tips that you can’t miss if you want to create your own Studio.
First, have you read all the previous articles? Check them out, you may find useful insights and data that can help you in building your Studio.
You find them all here:
- History of Startup Studios Model: a 30-years journey
- Types of Startup Studios
- Startup Studio’s approach to market
- What’s the difference between Accelerators, Incubators, and Startup Studios?
- Startup Studios Benefits
Below you’ll find some tips on how to organize your team and allocate the budget.
Let’s Start With The Most Important Thing…
No, it’s not your title or your experience gained in that super-interesting 500-hours online course on LinkedIn.The most important thing of any project is always the team! It’s even more important than ideas.
As in any self-respecting army, the minimum essential unit is the soldier, not the artillery – not considering the beauty of the uniforms. Let’s stick to our topic…
To start a Startup Studio, it’s critical to have in mind your dream team to build your success. Why? Well, 32% of Startups fail because of an inadequate team? Now you got it.
It’s much harder to build a Studio team than a startup, the reason is simple: a startup deals with one product and one industry, the Studio needs to be able to adapt to different markets and products.
Must have for a Studio team
You’ll probably need somebody capable of growing your startups in a very short time and hack the market.
Picky Data Analyst
You always need a person who has a general overview of how your projects are going and can deal with numbers and charts. If things are not going well, a Data Analyst can tell you exactly when, how, and why. Look for him to be as picky as possible.
A good product always needs an effective strategy that gets you exactly where you want. A Marketer is the one who can make it happen. Like any good strategist, a Marketer knows exactly what paths your product/service needs to walk to get to success.
Have you thought you could get rid of the Developer? No for sure. In the digital world, Devs are holy gurus, and if you want to deal with a website that really works you need them. That’s why it is critical for being able to deal with programming systems.
Someone who can sell sand in the desert, your Salesman.
Having a Salesman is a lifesaver. Why? Having a person who can reach potential customers and sell is essential if you don’t want to fail after a few months. That’s why you need a person who can sell ice at the North Pole.
A compassionate and Kind Leader
If you want to create a Startup Studio you’ll most likely be the leader, here are some must-haves to lead your team in the best way: vision, patience, kindness.
A leader does not sell dreams but gives hope. If the leader doubts his own work, the whole team will doubt him, but if he spurs and guides the firm to success, eveything will flow smoothly in the right direction.
Be careful: we called it Leader, not Boss.
Allocate Budget For Your Startups
Let’s move to money. Yes, because to build a Startup Studio you need money (a lot of money), and also you have to allocate it properly between projects.
Usually Venture Builders generate their own Startups from internally generated ideas and support and help them grow.
On average, each startup needs €250,000 to be created. Money is used to pay for operating expenses and the first salaries.
The remaining slice of the Studio budget is for the team which is essential for the life of the Studio, and without it anything would be created.
As the startups begin to be independent, they are introduced to the Studios’ investor network, an exclusive channel in which they can raise funds to finance operations.
Are talented people aware of their uniqueness? In many cases not. They are ambitious people, who always push their limits, who don’t settle and aren’t afraid of change, they are always waiting for it.
If you can’t turn off your brain because too many ideas are floating in your head, if you don’t identify yourself in a specific role, if your mantra is to learn something new every day, you’re the perfect talent for our Dojo!