Recap — In the past few months, we identified a challenge at build3. Maintaining recurring monthly costs with a peaky revenue stream (startup studio/venture builder model) seemed no bueno.
To remedy this, we proposed two business models to get us recurring monthly revenue.
They are:
Cohub: A coliving, coworking, community space for creators (entrepreneurs, artists, musicians, chefs, writers, etc.) to rejuvenate, upskill, and collaborate.
Co-create an Agency with Us: Creating partnered agencies that will support impact entrepreneurs but can also earn from startups outside of our startup studio/venture studio, and the earnings can be in pure cash/cash-equity hybrid formats.
So, What's Happened Since? Lots 🙂
Let me talk about three things:
1. Viability of the New Proposed Strategies
Cohub
We launched on June 1. We had a quiet first week and then got 11 signups the following week! We also received some constructive feedback on the space from a good friend, Vinutha, who's launching her fund (which we all know she will crush!).
With demand seemingly imminent, we need to hire! It's also important to note that we have been bootstrapping with team members who are stretched quite thin. Soooo, it's time for this project to have a dedicated team.
If you'd like to join the fam, please drop in your applications here — Community Manager - Cohub.
Co-creating Agencies/Forging Alliances
We received 13 applications for the growth/digital marketing agency, 1 for the hiring agency, and 2 for the software development agency. Partnering is a process, and we are working with our potential partners to establish fit through a tried-and-tested process using the Lean Startup Canvas and the Amazon 6-Pager.
Applicants have ranged from folks who are a couple of years into their career to those who have been running their agencies for over a decade; we are humbled and privileged by your interest. A friend, Snigdha Manchanda, recommended we don't call this activity "co-creating agencies"; instead, we should call it "forging alliances." My Airtable title has been updated!
That said, to increase applicants in the other two areas, my colleague
alakshi tomar will be posting to her wider network of HR pros and I will also tag a bunch of folks I know in these two realms. Fingers crossed, I’ll have more positivity to report in my next entry. All in all, I’d say a good start.
If you would like to partner with us, shoot us an email at connect@build3.org.
2. Another Pleasant but Unanticipated Development
Our startup studio/venture builder is going to have its fund. We've just locked in our first LP (Limited Partner), and we're moving to a cohort model.
This means some new work — apply if you'd like to be part of the operations of a startup/studio venture builder (Associate - Startup Studio) (0–3 yrs of experience, amazing program management skills, and an interest in enabling founders who want to make the world a better place)
We've been accepted into an energizing and powerful program with VC Labs, an associate of Founder Institute (FI), to fine-tune our fund thesis, which will be followed by reaching out and closing out actual LPs, all powered by a pretty cool technology platform (Decile Hub) and proven process. It feels like I'm in college again, learning a lot and hanging on by the seat of my pants! (also frequently getting kicked in the pants)
If you are a strong project manager and can build presentations and financial models, let’s talk; I’d love to work with you on a project for the next six months. We will raise a fund together. It will be super hectic; we will learn a lot and achieve something incredible… only apply if you want to learn and work ALOT (in Goa)! Link to apply: Internship Application.
3. An Unexpected Challenge that Made Progress on the First Two Fronts Harder
We had one person on the team move on and one switch from full-time in-person to part-time remote. That said, we've been blessed with two recent work fam members pushing on strong: Elton Coelho and Parag Murali, take a bow!
Also, our intern from last year, Jatin Pawahanee, really outdid himself by putting the word out in his Ashoka University circles. We are blessed to have Arav Malhotra, Ailiya Philips, and Siddharth Shrimal — firing on all cylinders. You guys are amazing!
It makes me think of one of my favorite books — The Surrender Experiment by Michael A Singer. Life can be tough, but if we don't let it get to us and accept the universe's lesson for us, amazing things can be in store for us.
Stay tuned… until next time.
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