What is a Corporate Venture Studio?
A corporate venture studio is a company that creates startups and new businesses or services for corporate partners. At L Marks, we specialise in innovation and our venture studio product channels our experience and skills to bring new businesses to life. Our team is made up of established startup professionals who have built and sold businesses in the past, but we’re now directing our energy into helping corporations grow into new markets.
How does the L Marks Corporate Venture Studio work?
Our four stage Venture Studio process takes new business ideas, and develops them into market-validated and revenue-generating products and services. To get started with our venture studio, all we need is a goal and an initial idea.
First we start with an idea for a new business, generated by your team or ours. We go through our four stage process which includes: Discovery, Design & Preparation, Experimentation & Iteration, and Learning & Growth.
In our first phase, Discovery, the L Marks team immerses themselves into the market, builds a team around your idea, and defines the value proposition for the new product or service. Once the L Marks team understands what you’re looking to build, we enter the Design & Preparation phase, where we identify and prioritise the key assumptions and hypotheses that we have surrounding the proposition, and we design agile experiments for our team to learn quickly in a short time period. Next, we enter Experimentation & Iteration, where we identify and source potential customers, create prototypes, conduct in the market experiments, and iterate based off of our learnings to find product-market fit. Finally, we enter our Learning & Growth phase, where we provide a detailed scaling strategy, along with the next steps that our team recommends. By the end of the programme, your company will have a market-validated and first revenue generating customers.
What are the benefits of a Corporate Venture Studio?
The most common reason corporations begin a programme is that while corporate teams understand their own market better than anyone else, they are traditionally set up for stability and a continuation of their core business.
Meanwhile, new startups can innovate faster than anyone else because they often don’t have many customers, they have a small team, and they have very little brand risk they need to protect. To startups, the largest risk is in not moving fast enough, not in protecting a core business which is yet to exist for these early stage startups. Corporations on the other hand, have significant resources, but they must devote much of their time and attention to protecting and growing their core business, instead of looking into the next 5-10 years.
The main benefit of our program is that we combine the benefits that a corporation naturally has with the benefits that a startup naturally has. In our program, our team will have the resources and research of a corporation, with the agility and distance from the core of a startup, all while serving the interests of the participating corporation.