Even though startup studios have been around for a while, many people still do not have a clear vision of what they are. Therefore, we have decided to answer some questions that we frequently get asked here at INNVATION.
As our work is all about startup building, questions regarding how we generate innovative ideas come up all the time. As a startup studio we work with both our own and external startup concepts, thus, some people get curious as to how we tackle the whole process. Here are answers to some of the most common questions…
Where do you get ideas from?
If we had to rank the questions according to their popularity, this one would definitely be the leader. The answer might sound too broad, but the ideas for startups come literally from everywhere. Not surprisingly, the ideas are often produced by one of our team members or emerge during team discussions. Ideas also come from the problems we face at home or on our way to work, in the office, or while traveling. The same thing with the concepts that are brought to us by our potential partners - usually they are subject-matter experts for the startups they are developing and their ideas were inspired by some daily routine that needed improvement. Other ideas may be born during the working process of ongoing projects; however, not all of them become startups we develop as not all ideas are really worth executing. We believe that an idea should solve a problem and not exacerbate it. Therefore, the most tangible ideas are the ones that reduce friction and improve how things are done.
How do you validate the idea for a startup?
Contrary to the romanticized belief that the creative idea is the key to success, the center of the decision-making process is based on deep research and analysis, merged with our experience and expertise, and maybe a little bit of gut feeling. It does not mean that the concept doesn't matter, but in the millennial world and its rapidly changing environment, an original idea is not the answer to every question. It's more about matching the product to the market.
But it's not as boring as it sounds and creativity is indeed a big part of our daily work.
How do we finally decide on the startup?
When we consider a future project if we don't have that tingling sensation of a little fear mixed with overwhelming excitement, then, it's not daring enough. As we say here at INNVATION: Imagine. Believe. Dare. So we either keep brainstorming to alter the existing concept into a clear vision of a product or switch to another idea. Only after much scrutiny and a long selection process, do the best ideas earn the right to be developed into a startup.
Should a startup always be super innovative and exclusive?
Well, you cannot underestimate these factors, but in our humble opinion it is more important for a startup to be disruptive - that means it changes either an established market and or process.
For example, take Tinder. Is the idea of meeting people online and going out for a date (although the founders keep insisting that it has nothing to do with dating) this new? Not so much, it probably goes back to the early years of the Internet. But a new approach, adaptation to modern lifestyle and a right execution definitely nailed it. A true indicator of startup's success is the value it creates.
The idea itself will not develop into a product and will not market itself, the team will. And here's the reality - hiring the right people was named as one of the biggest concerns for startup founders. A professional team, well established processes, clear vision, the right timing and meeting deadlines, have a major impact on the success of the startup. This is the exact moment when startup studios like INNVATION come to the rescue. We already have experienced and talented teams that provide all the possible assistance on all the stages of startup development.
What stage of a startup development is the most attractive for you?
For a startup studio, it is important to start cooperation at the earliest stage possible.
As we have already mentioned in one of our previous blog posts, INNVATION is serial entrepreneurship. We design and launch new technology-centric businesses, in parallel, using a shared infrastructure and team. We use our expertise and resources to build the entire ecosystem step-by-step. Therefore, it is always better to be involved in the development process from the very beginning, so that not only can we react to changes but also act fast and furious when it is needed.
What are your next steps after the startup is launched?
The startup launch is just the beginning of a long process. We keep working hard with the startup until it is able to run on its own. In all other cases we continue cooperating with startups in the role of a board member and provide constant support to our partners. At the same time the hard work on other startups within INNVATION never stops.
I hope you've got a good idea of what our part in the whole startup world is. But if you have more questions, please feel free to message us on our Facebook page or leave a reply in the comments section and we will be happy to tell you even more.
P.S. Keep an eye on our blog, for in the near future we will discuss how we raise funds for our projects and how we successfully collaborate with our partners.