We have concluded the need for a two phase program or two separate programs as some companies will need only one of them. We labeled them Exploration and Buildout.
Companies in the studio develop in two phases: the exploratory phase and the buildout phase, for a total duration of 4-6 months.
1. Exploration Program
The goal of the exploration phase is twofold: for the entrepreneurs to acquire and use the knowledge tools to validate their ideas (through mentorship), and for the Studio's team to develop conviction around the founding team through an active working relationship before making a capital commitment. The exploratory phase will last 4-12 weeks. During the Exploration Phase companies receive:
- Weekly mentorship
- Help with team building
- Advice on their business structure
- Advice on their tech stack
- Office Space (Once per week)
2. Buildout Program
Companies that pass the Exploration phase of the program (meaning they have completed initial validation and built a solid working relationship with the Studio's staff) will graduate to the buildout phase. Teams of 2-3 will receive a budget to work full-time and execute an MVP over three months. The primary objective is to reach operational profitability during this time period. In addition to capital, and if needed, teams will be able to use the Studio's existing corporate and financial structure to conduct business, meaning they won't need to spend time or money on incorporation, finances, payments infrastructure, and other critical needs. Success will be measured on the basis of revenues and team development. The goal is to bring up companies to the point where they are mature enough to receive seed funding from outside capital, or go on as independent profitable businesses. Companies that succeed will be spun out of the Studio into their own business. During the Buildout Phase companies receive:
- Daily mentorship
- Help hiring the core team
- Help executing business structure
- Expert advice on the hard tech problems
- 24/7 Office Space