NOW Venture Studio’s Incubation Philosophy
NOW Venture Studio focuses on deep tech and deep science interventions to solve the hard climate issues of the 21st century. We co-build startups that we incubate, and we follow a rigorous and systematic approach to selecting the startups that we work with. In this blog post, we outline our incubation philosophy for all prospective start ups looking to work with us, collaborators from venture capital and finance, academics, and more.
Alignment with vision and mission
Our studio operates with the vision of building category leaders in sustainability and ClimateTech through deep-tech and science-driven innovations. Startups in the incubation process must align with this vision and demonstrate scalable solutions addressing critical climate challenges. We assess whether startups are aligned with our goals by gauging their perspectives on scaling their ventures, their approach to the technology that goes into solving climate problems, and their commitment to the climate crisis.
Focus on High-Impact Sectors
The incubation process prioritizes solutions in sectors such as:
- Built environment
- Advanced materials
- Low-carbon mobility
- Energy transition
- Industrial decarbonization
- Climate finance
These sectors have been studied and identified as high impact areas for climate and have the most scope for scalability and growth.
Holistic Startup Support Framework
NOW’s incubation & venture building process includes comprehensive support throughout the entrepreneurial journey:
- Phase 0: Ideate (4 weeks)
In this phase, we follow a rapid development of viable concepts. We outline the scope of the problem being solved and test out several ideas at the same time to narrow down which ones are the most suitable for the focus area. - Phase 1: Validate (8 weeks)
Here we validate market potential, technical feasibility, and stakeholder interest in the shortlisted ideas. This is a crucial step in determining the feasibility of the selected product that will be built. - Phase 2: Build (36 weeks)
In this phase, we develop products with focus on scalability. We create a prototype and test it, and then enable scaling the product. - Phase 3: Go-to-Market & Fundraise (12 weeks)
This phase is more business intensive and focuses on the financial resources and marketing strategies. We prepare startups for market entry and help them with securing investment at the seed or later stage.
De-Risking Innovations
Our role as an institutional co-founder is to de-risk the start up and improve its chances of reaching a unicorn stage. NOW de-risks the journey from ideation to commercialization by providing:
- Shared Services: Access to finance, legal, and other operational resources.
- Early-Stage Funding: Pre-seed funding of $250K-$1M, and follow on funding with VC partners.
- Expert Network: Access to climate experts, mentors, and labs for prototyping and testing.
Measurable Impact
Incubation efforts are evaluated based on the following impact metrics:
- Reduction in carbon emissions and pollution.
- Biodiversity enhancement and resource efficiency.
- Number of patents filed and technologies developed.
- Socio-economic contributions like job creation and community benefits.
Collaboration and Ecosystem Building
Collaboration helps startups solve a problem with greater efficiency of resources and time. Working with collaborators with experience in a problem area helps startups build credibility and scalable solutions in an accelerated timeframe. NOW emphasizes building a collaborative ecosystem with corporates, academia, investors, and climate foundations. Startups benefit from a curated network of partners who support commercialization and scaling efforts.
Entrepreneur-Centric Approach
Startups incubated by NOW must exhibit:
- High climate impact potential.
- Scalability and commercialization prospects.
- Differentiation through innovative solutions.
- Long-term sustainability.
Financial Sustainability
Each startup undergoes milestone-based funding to ensure resource optimization and alignment with their growth trajectory. This approach minimizes risks and promotes efficient scaling.
By adhering to these principles, NOW Venture Studio enhances the success rate of startups while delivering significant environmental and socio-economic benefits.
