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How Startup Studios Validate/Kill Ideas In 4 Weeks or Less
Running through the blood of every new startup venture is one singular theme known as “fail fast” and, while startups would be wise to adhere to this mantra, Startup Studios have bet their entire existence on it.
The main goal of a Startup Studio, also called a Venture Builder, is to rapidly test new startup ideas and either validate them or kill them with no mercy. The innovators working within a Startup Studio do not fall in love with “ugly babies”. Instead, you’ll find a group of ambitious entrepreneurs putting logic before emotion to quickly validate or destroy new venture concepts.
Within the first 4 weeks of inception, a startup must meet strict user demand and market size requirements in order to survive. Due to the pace and rigorous process, most startup ideas don’t make it. In fact, Pioneer Square Labs- a Venture Builder out of Seattle, WA- keeps a running tally of successful and unsuccessful ventures.
To date, they’ve only moved forwards with 12% of their ideas.
Although PSL is one of the only Venture Builders who are transparent about this particular statistic, I can tell you from experience…
