How to build a successful venture studio: The alternatives

In this series, we explore the ins and outs of building a successful corporate venture studio. There are a number of options available to enterprises looking to develop a venture building strategy. Here are some different types of venture studios you can consider.

Idea factory

An idea factory focuses on generating and exploring creative and novel ideas and business models. It is particularly effective in industries with a high level of technical risk, as it enables the firm to experiment and investigate thoroughly in the early stages of the venture. An example of a highly successful idea factory is ‘X’ by Google.

Separate, independent venture studio

A dedicated venture studio where a team of entrepreneurs goes beyond the idea stage and takes new ventures from concept to launch and scale. It is a separate business unit that works independently from the parent company, which allows it to move quickly and be flexible, without the constraints or bureaucracy of the larger organization.

Integrated but autonomous venture studio

Likewise, an integrated venture studio incubates and develops new business ventures, but has a closer relationship to the parent organization. The integrated venture studio is more tightly controlled, leading to slower decision-making and execution, but reducing the risk for the corporation.

Intraprenuership program

A structured initiative that promotes and supports intrapreneurship by providing resources, training, and support to employees who want to pursue entrepreneurial ideas within the corporation. Creating a platform for intrapreneurs to develop, test, and launch their vision in a corporate venture.

Apart from the above mentioned alternatives, there are other ways to tap into the venturing ecosystem. Corporate venture capital, venture client model or accelerator programs are a few examples, however, the alternatives mentioned in this article are different ways to build a venture studio to ideate, incubate and support new corporate ventures within the walls of a larger organization.