Startup Studios Are the Next Big Thing in the VC Industry, Says Sky 21
Press Release – updated: Jun 28, 2019
BENGALURU, India, June 28, 2019 (Newswire.com) –
The concept of a ‘Startup Studio' is trending in the startup world today. Unlike a VC, accelerator or incubator, a startup studio (also labeled as a startup factory or venture builder) does not invest in existing startups. Rather, it launches its own ideas in quick succession. Sky 21 is a ‘startup studio' that will ideate, build and launch 100 MVPs (Minimum Viable Product) and do their PoCs (Proof of Concepts) every year, in developing countries.
The young and dynamic team of Sky 21 startup studio believes that every business idea deserves to see the light of day, even if it is not backed by a sound team, financial projections, marketing strategy and other jargon found in the startup space. The team believes that having a product/service idea is actually the first step towards solving a problem that the world might be facing today, and even a brilliant idea can get killed if not given a chance to do a PoC. The future of an idea can only be predicted after testing its MVP.
The world is changing quickly and so are the methods of doing business. With the rapid growth of technology and globalization, it has become extremely easy these days to get a product developed, marketed, tested and even trashed within a few months. The faster we try out new ideas, the sooner we are going to discover the unicorns. Applying this new approach of Business 2.0, the team of Sky 21 will be launching MVPs in quick succession and will be monitoring their traction. The ideas that see poor responses will be trashed immediately, and the ones that get excellent traction will be spun off into new ventures with new teams, funds, a regular startup strategy and maybe an acquisition by a conglomerate. MVPs with moderate traction will be monitored closely and will be kept under iteration.
Sky 21 aims to enroll ‘Product Guys' from Fortune 500 companies as their mentors for the generation and selection of ideas. With global chapter cities like San Francisco, Bengaluru, London, Tel Aviv, Berlin, Paris, Toronto and Singapore, Sky 21 will be targeting developing countries and launching ideas related to sectors like Healthtech, SaaS, AI, Big Data, Edutech, FinTech, Entertainment and Wearables.
Source: Sky 21