In the world of startups, an idea is only as good as its execution.
Before joining Nobody Studios, I was working on an early-stage startup in the web3 space that pivoted from media, to subscriptions, to loyalty ecosystems.
It can be all too easy to get lost in the fervor of a new idea, especially when you’re working as a group of two or three co-founders, as we were, and having new ideas faster than we could validate the last one.
To maximize our chances of success, we joined Nobody Studios, a venture studio which exists to provide founders like me with the environment to validate our ideas and support growing them into startups.
Here’s my 9-step guide to getting from idea to launch as a studio-backed founder:
- Ask questions: You want a professional and cultural match with the venture studio, because ideas will only blossom in the right environment. When I joined Nobody Studios, my co-founder and I engaged in some lengthy discussions about where we saw the future of blockchain technology, and what kinds of values we want to put into the companies we will go on to build together. It was only after these conversations that we knew we were a good match.
- Check your ego at the door: Bringing an idea to a venture studio requires more than having a good pitch. You will be working alongside the studio to create your startup, so make sure you can handle feedback and take on wisdom from your new co-creators.
- Have an opportunity obsession: Tell your peers in the studio about what needs to be fixed in the world before landing on the exact solution. Defining a realizable opportunity – something you can build together with the studio based on your combined strengths and expertise – is the target. When going through this process at Nobody Studios, we were challenged on day one to map out the opportunities we saw for the blockchain space, rather than stay focused on the idea we initially came in with.
- Get creative with solutions: In a venture studio, failing fast happens before you raise external capital, so now it’s time to get creative and think of as many actionable experiments that you and the studio can run together. This for me is the fun part; seeing people’s eyes light up when you show them something new never gets old.
- Plan the MVP: Drawing on the experiments you ran together, it’s time to clarify the vision for your future startup. What are you building, how are you getting people to use it, who do you need to execute it, and can you make a studio-level budget to get you there.
- Understand the model: The studio will be providing core support, and that could include any or all of the services you will need in your initial months. It’s vital that you understand how that works in practice, and how a future hand-off will work when you begin to grow and look for external capital.
- Put on your entrepreneur hat: Before you even launch the MVP, begin leveraging the wider connections and expertise of the studio to secure future customers, partnerships and funding for your startup. At Nobody Studios, we are collaborating with their network of investors and advisors to plan everything from customer acquisition to potential exit scenarios.
- Iterate like hell: When the MVP is up and running, embrace agility, make data-driven decisions, and iterate rapidly to ensure your startup idea evolves quickly. The studio’s safety net is left behind as your startup lifts off, so make sure you have everything around you at this stage that you need.
- A successful exit: Once your startup has reached a certain level of maturity and self-sufficiency, you will graduate from the studio. However, the relationship doesn’t end there. Maintain connections with the studio’s alumni network and continue leveraging their expertise and support as you navigate the next phase of your startup’s growth.
Transforming your startup idea into a thriving venture with the support of a venture studio requires careful planning, collaboration, and access to resources.
By following these nine essential steps, you can leverage the expertise and guidance of a venture studio to validate, refine, and launch your startup.
The journey from idea to startup is challenging, but with the right partnership and support, you can navigate the path to entrepreneurial success. Good luck!
ABOUT THE AUTHOR
VP of Blockchain Technology, Nobody Studios
Zack is a blockchain founder with a background in media, e-commerce & consulting.