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Understanding the Startup Studio Incubation Model

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Understanding the Startup Studio Incubation Model Master Degree in Knowledge-Based Entrepreneurship Understanding The Startup Studio Incubation Model Maximilian Hamida Supervisor: Erik Gustafsson Graduate School, Institute of Innovation and Entrepreneurship Understanding the startup studio incubation model Written by Maximilain Hamida ​ Supervisor: Erik Gustafsson ​ © Maximilian Hamida, 2020 Masters Thesis MSc in Knowledge-Based Entrepreneurship 2020 Institution of Innovation and Entrepreneurship School of Business, Economics and Law University of Gothenburg Vasagatan 1, P.O. Box 600, SE 405 30 Gothenburg, Sweden 1 Abstract Over the past few years, thanks to the rise of a substantial figure of startup unicorns including: Dollar ​ Shave Club, Zalando, Jumia, DeliveryHero and HelloFresh, “Startup Studios” have emerged ​ ​ ​ ​ ​ vigorously into the startup scene, as a vital incubation tool to support startups and promote entrepreneurship. However, due to the infancy of the startup studio incubation model, the divergence in the way each startup studio organizes itself, and the lack of academic research regarding startup studios, the concept of the startup studio incubation model has always been blurry, indistinct and confusing. Thus, the aim of this research is to provide a well-structured, distinctive and comprehensive understanding of the startup studio incubation model. For this purpose, the study utilizes the three fundamental dimensions of startup incubation theoretical framework, as the research main tool to investigate, highlight, describe and differentiate the startup studio incubation model from other startup incubation models. The thesis is designed as a multiple case exploratory study, and includes three cases of startup incubation models from Sweden, a startup studio, a startup incubator and a startup accelerator. It is based on both qualitative primary data collected through semi-structured interviews, and secondary data that includes websites and relevant documents. Moreover, the thesis presents an extensive literature review of the startup studio incubation model. The empirical findings of the study provide a clear and distinctive description of the startup studio incubation model in terms of the three fundamental dimensions of incubation: infrastructure, business ​ ​ ​ support and access to networks, and illustrate the distinctive differences between startup studios, ​ ​ ​ incubators and accelerator with regards to the three fundamental dimensions of startup incubation. Keywords: entrepreneurship; entrepreneurs; startups; startup ecosystem; startup support ​ ​ organisation; startup studio; startup factory; startup foundry; venture builder; builder studio; venture studio; investor studio; company builder; tech studio; studio incubator; incubation business model; venture factory; startup accelerator; startup incubator: Gothenburg; Sweden. 2 Acknowledgements The author of this paper would love to say thank you to everyone who contributed to this research, especially our awesome teacher and supervisor Erik Gustafsson for all his efforts last term. A huge ​ ​ thank you as well for our awesome mentor and my role model Lorna Fletcher, for being an immense ​ ​ part of this thesis and for all the help, guidance and referral. The author’s gratitude also goes to the amazing people at Djäkne, who made this thesis study come to life, so thank you from the bottom of ​ ​ my heart Marvin, Johan and Juan for the interviews. Similarly, many thanks to David Storek, for ​ ​ ​ ​ ​ ​ ​ ​ providing the author with access to Chalmer Ventures backstage. Finally, I'm super grateful to all the ​ ​ support I received from my wonderful classmates, Julia, Milton, William and everyone at the KBE ​ ​ ​ ​ program. love you guys. Maximilian Hamida Malmö, September 2020 3 Table of contents 1 Introduction 5 1.1 Research Background 5 1.2 Research Purpose & Question 6 1.3 Research Contribution 7 1.4 Research Disposition 7 2 Literature Review 8 2.1 Startup Support Organizations 8 2.2 Startup Incubators 10 2.3 Startup Incubation models 11 2.4 Dimensions of Startup Incubation 12 2.5 The Startup Studio 14 2.5.1 Definition 14 2.5.2 Background & Evolution 15 2.5.3 Business Model 16 2.5.4 Types 18 2.5.5 Advantages 20 2.5.6 Challenges 21 3 Methodology 22 3.1 Research Design 22 3.2 Research Approach 22 3.3 Sample Selection 23 3.4 Data Collection Method 24 3.5 Data Analysis 25 3.6 Validity and Reliability 26 3.6.1 Validity 26 3.6.2 Reliability 26 4 Findings 27 4.1 The Startup Studio 27 4.2 The Incubator 32 4.3 The Accelerator 35 5 Discussion 40 5.1 Dimensions of Startup Incubation 40 5.1.1 Infrastructure 40 5.1.2 Business Support 41 5.1.3 Access to Network 42 6 Conclusion 44 6.1 The Startup Studio Incubation Model 44 6.2 Limitations 45 6.3 Recommendations for Future Research 45 References 47 Appendix A: Interview Guideline for Startup Studio / Accelerator / Incubator 53 Appendix B: Interview Guideline for Portfolio Companies- 54 4 1 Introduction The purpose of the following chapter is to provide the reader with a clear understanding regarding startup incubation, in terms of historical background, evolution and trends. Afterwards, the author introduces and provides a brief description of the subject of the research, the startup studio incubation model, the research purpose, problem and question, and finally outlines disposition of the paper. 1.1 Research Background Historically, startup supportive organizations, such as startup incubators, have always been associated with governmental support in terms of providing knowledge, infrastructure and finance to new ventures (Phan, Mian, and Lamine, 2016; Allen and McKluskey, 1990). However, in the past decade, new forms of private startup incubators came to life, by combining all of the startup support elements in a new and innovative ways (Dee et al. 2015; Bendig, Evers, and Knirsch 2013; Hansen et al. 2000;). These new private incubation models were brought into the main startup scene by some of the world's top serial entrepreneurs, private investors, large corporation, research institutes, universities and policy makers, in order to support the creation of new waves of startup ventures (Phan, Mian, and Lamine, 2016). As a result, these new incubation models were featured extensively in the existing academic literature, which stresses the importance of taking the new incubation models into consideration, as an important incubation mechanism for nurturing startups (Barbero et al., 2014). In a similar fashion, over the years, these private incubation models have also been evolving (Hansen et al. 2000; Bendig, Evers, and Knirsch 2013; Dee et al. 2015; Bruneel et al., 2012), and two major trends can be clearly singled out, whereas the first one is the rise of the “Startup Accelerator” model, ​ ​ ​ which supports small batches of carefully selected startups each term, for a short period of time (TechStars, Y-Combinator, Startupbootcamp and Seedcamp) (Hansen et al. 2000; Bendig, Evers, and ​ ​ ​ ​ ​ ​ ​ ​ Knirsch 2013). The second incubation trend, takes the concept of supporting startups a bit further, through the act of institutionalization and serialization of the provided support activities, such as: business development, building MVPs (Minimal Viable Products), marketing, HR (human resources), and software programming (Hansen et al. 2000; Bendig, Evers, and Knirsch, 2013). Within the startup support ecosystem, these newly emerging incubation mechanisms are referred to by many names, such as: “Venture Builders”, “Startup Factories”, “Startup Foundries”, “Company Builders” or most ​ ​ ​ ​ ​ ​ ​ ​ ​ commonly “Startup Studios” (Szigeti 2016). These startup studios are usually founded, managed and ​ ​ ​ funded by serial entrepreneurs, who assemble teams of veteran investors, experienced executives, skillful business developers, and talented engineers, who work, in the first place, hand in hand, to generate, validate, build, fund and spin off multiple new promising business ideas each year, effectively and efficiently. And, in the second place, to provide support for external startups, by 5 leveraging all the in-house resources and infrastructure, experience, network and capital, which they share all under one roof (Kwan, 2016). Generally, since startup studios tend to, firstly, create, develop, fund, and spin off internal startups from scratch, and secondly, screen, select, invest and support external startups, startup studios are considered to be a very distinctive incubation model, that can be differentiated from other, more traditional, startup incubation models such as: the startup incubator, whose main focus is to provide startup support for early stage startups, and the startup accelerator, who admits a limited number of startups in each batch, and provide startup support for a limited time frame, with the aim of accelerating the startup growth, in exchange for money or equity shares in the company (Lawrence et al, 2019). 1.2 Research Purpose & Question Despite the recent surge in the popularity of the startup studio incubation model, the academic literature regarding startup studios is still quite limited, and does not seem to offer enough information, mainly, due to the infancy of the startup studio incubation model and the divergence in the way each startup studio organizes itself (Cohen and Hochberg, 2014; Pauwels et al., 2016; Kreusel, Roth and Brem, 2018). Moreover, in spite of all the in-depth research findings and insights, regarding the traditional incubation startup support models, such as: startup incubators and startup accelerators, provided by
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