What is Venture Development?
Venture Development is a new model for the creation and cultivation of scalable ventures. Rather than focusing on deploying capital, like a venture capital fund, or accelerating and incubating a company to help entrepreneurs, venture development firms identify opportunities to create ventures, then become long-term partners to dramatically increase the odds of success of the venture.
Assembling a Puzzle
In Venture Development, one looks at building a company as a puzzle, where one finds and assembles individual components, crafts a design, then brings those components together in just the right way to make a successful venture. So what are those components? And how does Opus Faveo bring them together?
So what are those components?
Core Idea - this can be built around specific research-based intellectual property, market demand or an economic or consumer pain point. The point is that there needs to be some central thesis.
People - there are many ideas that lack the people to implement them. A venture development firm creates an organizational development plan, identifies strong team members and recruits them.
Strategic Partners - for a new venture every relationship needs to be a strategic partnership. And every partner needs to have a vested interest in the long-term success of the venture. The more partners pushing for the success of the venture and the better the partners, the better the odds of success.
Customers - without customers, you're just playing house. The venture development firm works to identify, understand and solicit customers in a manner that allows for both early success and scalability. Furthermore, the venture developer turns customers into strategic partners.
- Suppliers - depending on the venture, suppliers can be a key stakeholder. The new venture is their customer. If they believe they are creating an important new customer, they become important allies.
- Planning - Not only does a world-class building need the highest quality materials, it also needs an inspiring, cogent plan. Business planning is the beginning. But resource planning and development are the real keys to success. How does one ensure that each component is maximizing and utilizing its strengths to their fullest?
- Long-Term Support - acceleration is great, but in the real world friction is the constant nemesis of motion. The long-term venture development partner ensures that progress continues over the long term.
The Venture Development Engine
The core competency of Opus Faveo is the Venture Development Engine - the ability to find and assemble the components to create and build scalable ventures. We feed that engine through three separate practices within the firm:
- Venture Creation - the de novo creation of a venture from a core idea and research generated within the firm.
- Entrepreneurial Development - the development of a venture that exists in some form already.
- Corporate & Institutional Innovation - the creation of a venture in partnership with a middle market or large corporate, a research institution or university, or a governmental entity.