The startup industry moves at a rapid pace. Oftentimes, the companies that find success are able to do so because they have a solid process in place that guides what they do. Finding the right process can be a challenge, especially if you have a solution in mind but need guidance to bring it to market. This week’s #WebsiteWednesday, Byld.xyz, set themselves apart in the industry thanks to their innovation process designed to help companies grow more efficiently.
Byld.xyz is a corporate venture builder, which raises startups from the ground up. Claiming to be the first venture builder in Spain, Byld.xyz works with established corporate partners to create startups from scratch. After creation, Byld.xyz develops the startups into viable companies by guiding them to avoid common mistakes as they grow. The goal is to streamline the companies’ journeys so that their disruptive projects can make it through to implementation. Byld.xyz’s founder and CEO, Adrian Heredia, created the company after six years of working for venture firm Sonar Ventures. This experience, he says, is what inspired him to dream up the idea for a corporate venture builder, which became Byld.xyz. Adrian wanted Byld.xyz to offer a builder model that was more sustainable and also takes into account what startup companies truly need to succeed. Adrian says that Byld.xyz believes in today’s business world, saying “it is not the big fish that eats the small fish, it’s the fast fish that eats the slow fish.” They share their company philosophy via their Manifesto, which guides the work they do.
The main component of Byld.xyz that Adrian credits for his company’s success is their support process. Byld.xyz sends potential startups through three core phases: Insights, Labs, and Startups. The Insights phase is an eight-week period when Byld.xyz identifies trends and detects opportunities for a startup to help them shape a strong business model. During this phase, Byld.xyz gathers important foundational information using tactics like startup scouting, trend analysis, customer discovery, and design sprints. The “Labs” phase is a 12-week period which focuses on creation of a minimum viable product (MVP) and carrying out experiments to improve the solution. Finally, the “Startups” phase is the 36 to 45-week process where these MVPs become scalable startups. Once they’ve created a startup company, Byld.xyz assigns internal teams to take care of essential functions like marketing and sales, operations, product, and IT. Byld.xyz acts as the CEO of the startup, making strategic decisions together with the company until it has grown enough to choose its own independent teams of employees.
Byld.xyz like to say they always #TrustTheProcess and let it work to create impactful startups. Their work on a project with Coca-Cola shows how this process succeeds in action. For the project, Byld.xyz started by sourcing about 50 ideas for product solutions from their team. Then, they used the design sprint strategy to narrow down to 12 ideas. Next, their team worked on fleshing out two ideas each and gave a three minute pitch for choosing their ideas as the final MVP. This step helped narrow the final proposals for Coca-Cola down to four solutions. While Byld.xyz are not able to share all the details of the startup solutions they created, they say that Coca-Cola was thrilled with the results.
Another example of their process at work is their organizing and moderation of a two-day workshop at Vodafone’s HQ in Madrid. Vodafone gathered some of the best Spanish travel companies, including Grupo Barceló, Lopesan and Best Hotels Spain, in an ideation, collaboration and innovation session. Byld.xyz was asked to guide the workshop because of their expertise in these fields and in the development of new business models. Byld.xyz had workshop participants follow their process, spending the first day generating ideas and the second day developing tangible business models. As they share in their recap of the event, Byld.xyz was able to use their process to help the participants create a viable business model ready to scale in just two days.
Whenever you’re faced with a challenge, having a strong process in place can guide you to overcome it. Byld.xyz have shown the effectiveness of their process and shared it with others to create startup companies that can bring real change to their industries. Read about Byld.xyz’s latest work on their Medium page or get to know them even better at Byld.xyz.