Entrepreneurship is often compared to solving a Rubik’s cube, with each side and panel representing a different aspect of building a successful business. Just as it takes time, patience, and strategy to solve the cube, it takes the same to build a successful startup, especially when it comes to the added complexity of a hardware infused startups.
Venture studios have emerged as a new way to support entrepreneurs in this endeavor, providing resources, expertise, and funding to help them solve the entrepreneurial Rubik’s cube by using a unique ‘algorithm’ that heavily focuses on validation of an opportunities potential, and for us at Conduit Venture Labs, a strong emphasis on scoping and de-risking the complexities of getting hardware infused startups off the ground.
A venture studio is a company that builds, launches, and scales startups in-house. They typically have a team of entrepreneurs, designers, developers, and business experts who work together to identify opportunities, validate ideas, and launch new ventures. This allows them to move quickly and efficiently, often launching multiple startups in a short period of time, just like solving a Rubik’s cube, the speed of solving it depends on the strategy and the skill of the solver.
One of the key advantages of a venture studio is the ability to leverage shared resources. By pooling resources such as design, development, and marketing, the studio can reduce costs and increase the chances of success for each startup. Additionally, the studio’s team of experts can provide valuable guidance and mentorship to the entrepreneurs, helping them to navigate the complex and often uncertain world of hardware and software.
A venture studio’s unique ‘algorithm’ which is the process, often referred to as a “playbook”,” can vary widely from studio to studio but generally includes key steps such as identifying opportunities, validating ideas, building prototypes, and launching the final product. Studios also often have a specific focus or niche, such as a specific industry or technology, that informs their venture algorithm and shapes the types of startups they pursue.
For us at Conduit we are laser focused at those solutions that leverage a hybrid of data-generating commodity hardware (sensors, radios, edge compute), with that of intelligence formulating machine learning / artificial intelligence. More specifically we are focused on those opportunities that have the biggest impact for the ‘planet and its people” in the areas of health, wellness, sustainability, climate change and energy”.
Overall, we love to think of a venture studios continual goal to iterate and refine their unique and efficient set of steps, similar to an algorithm used to solve a Rubik’s cube, to guide their startup venture process and increase the chances of success for each startup they launch — this is our mission!
As the startup ecosystem continues to evolve, we can expect to see more and more venture studios popping up, helping entrepreneurs to solve the entrepreneurial Rubik’s cube and build the next generation of successful companies — for those of you out there passionate about those problems at the intersection of the physical and digital …. drop us a line — like solving a Rubik’s cube, the speed of solving it depends on the strategy and the skill of the solver (and those who are there to support and push you forward).
Amish Patel, Founder — Conduit Venture Labs
This post was weirdly inspired by my pal and colleague Adelene Tan and he who first showed me the power of the cube Ian Chan
