Mentor at The Artist Entrepreneur – PRAKSIS summer 2017 residency program

In May 2017 I will join “The Artist Entrepreneur” residency program in Oslo as a mentor and once again work with famous new media artist Jeremy Bailey. We collaborated before, when I joined him in Hamburg as a mentor during the Lean Artist accelerator program in 2016. The PRAKSIS residency will take place from 21 May to 21 June 2017.

Artist Entrepreneurs - Save The World
Artist Entrepreneurs – Save The World

“PRAKSIS, Unge Kunstneres Samfund (UKS) and The Moving Museum are delighted to work with artist Jeremy Bailey(CA) to develop PRAKSIS’s summer 2017 residency The Artist Entrepreneur.

The average artist’s yearly earnings from art practice is estimated at less than $10,000 US dollars. In the wake of widespread public defunding of the arts, there is mounting pressure on artists and galleries to “innovate or die”. Emerging from this crisis is the seductive but problematic image of the Artist Entrepreneur, a creative entropic force, leveraging the tools of startup culture and capital to self-disrupt and innovate new models of artistic production. Should artists embrace, subvert or actively resist this new identity? What does it risk?

To find out, a group of artists will join forces with Famous New Media artist Jeremy Bailey in a one month residency at PRAKSIS in Oslo this summer. This group of revolutionaries will collectively define new manifestos for artists working in this era of increased uncertainty. Nothing less than the future of art is at stake.”

Source: MAY – JUNE 2017 // The Artist Entrepreneur

As part of the 1 month residency program based in Oslo and offered by UKS and The Moving Museum, I will once again assist artists from all over the world to understand the foundations and underlying mechanics of the startup economy and shed some light on business model design and high-growth venture financing as well as international entrepreneurial subsidy systems.

Mentor at Lean Artist – The World’s First Seed Accelerator for Artists

During A/D/A Hamburg I joined new media artist Jeremy Bailey as a mentor for his 3 day Lean Artist seed accelerator workshop. It basically was a boot camp based on design thinking and lean startup principles to create culturally disruptive startups.

lean artist accelerator - Slides

On the first day I joined the selected group of 10 international artists with a cynical review of the worldwide startup economy to promote a more creative approach to generating relevant startup ideas. Jeremy kicked the event off with an accelerated design thinking workshop to generate needs and insights for problem statements. Over the course of 3 days the cohort created startup ideas and iterated product prototypes and pitched their artistic business ideas for additional funding on the last day.

The event also got some media attention on vice.com, so if you are interested in Jeremy’s intention behind the lean artist program, check it out.

Lean Artist – The World’s First Seed Accelerator For Artists

Lean Artist
Lean Artist – The World’s First Seed Accelerator for Artists

 

Check out Lean Artist – The World’s First Seed Accelerator For Artists. The Seed Accelerator will invest 3000€ in 10 artists to create culturally disruptive startups. The Accelerator is lead by Toronto based New Media Artist Jeremy Bailey, whose work is on exhibition Tate Liverpool, Transmediale Berlin, and Balice Hertling in Paris among others.

The first cohort will start August 26-28 2016 as is part of the A/D/A Hamburg 2016, a conference about future utopias for today’s urban citizen. I was asked to join the cohort as a mentor, so I am looking forward to the event and can’t wait to see what the artists come up with.

Another great event during A/D/A Hamburg I can recommend is “How Will We Breathe Tomorrow”, a workshop with Jessica Broscheit about air and urban data at the Creative Space for Technical Innovations at Hamburg’s University of Applied Sciences.

A/D/A Hamburg
A/D/A Hamburg

How to Start a New Venture in 12 Weeks

While being in Sydney in early 2016, I joined a team to create a food delivery startup as part of a Management & Innovation workshop at UNSW Business School in conjunction with Michael Crouch Innovation Centre. I worked on this project part time while conducting research at UNSW into policy towards entrepreneurship and innovation and drafting a policy review of the Tech Startups Action Plan by the City of Sydney.

The workshop was organised around the structure of typical startup accelerator programs, working on specific challenges while developing a working business model over a period of 12 weeks. It was a 5 person team with local ties in Australia, Denmark, Germany, Spain and the U.S. and backgrounds in engineering, marketing, business and process management.


The Lean Startup

As one might expect, the workshop was organised around methodologies postulated by Eric Ries in his book “The Lean Startup”. Based on lean principles such as validated learning and innovation accounting, the team worked through several Build-Measure-Learn feedback loops to iterate the main features of the business model, especially the value and growth hypothesis’.

lean methodology diagram
THE LEAN STARTUP PROCESS – DIAGRAM by theleanstartup.com

The team utilized design thinking methodologies, experimented with real life feedback and consulted with industry mentors. While defining and differentiating the product, support and feedback on topics such as design, financials, financing, valuations, growth, IP and pitching to investors was provided by UNSW staff and additional industry professionals.


Business Model Canvas

Key element of the 12 week program was the business model canvas, a strategic management template for developing and documenting business models. It helped the team to visually describe all important elements and to iterate through various versions of the business model while working through the Build-Measure-Learn feedback loop. Also it allowed to sketch and discuss the business model on paper within the group, which made it very easy to discover flaws and potentials for further improvements.

the business model canvas
THE BUSINESS MODEL CANVAS by strategyzer.com

As could be expected, the business model changed from week to week and many apparent problems were eliminated through validated learning and evidence based iteration. By getting user feedback as early as possible and accounting for every change made to the business model, waste of funds while developing the minimum viable product was minimized as much as possible.


Fantastic Five – B2B Breakfast Delivery Service

In week 12 the team pitched the state of the startup, its business model, go to market strategy, key metrics and financial projections to real investors within the local startup scene in Sydney and was offered to talk about possibly joining food delivery startup activities currently active at a local accelerator program in Sydney.

Fantastic Five
Fantastic Five

The pitch was presented during a demo day at the Michael Crouch Innovation Centre within a lineup of several other startups with a pitch deck of 1o slides in a time slot of 3 minutes with an additional 3 minutes for questions by the potential investors. The jury was made up by prominent members and angel investors of the Sydney startup community.


How much time and money does it take to start a new venture?

All in all, it was a very interesting experience. Considering the effort put into the project one can only imagine the results if one would be committed full time. I spent roughly half a day to a day per week on this project and expect the other team members to have been involved in a similar or slightly deeper manner.

So basically the business pitched to the investors was the product of 250-500 hours of work with no significant additional budget. All templates and tools used were free and everything surrounding the actual product was designed, developed and tested by the team members.

So as all of you know, it just takes a lot of effort and the willingness to put in the time to ideate something of value. It certainly is feasible to create a venture with high-growth potential within a matter of 3 months. In fact, considering the experience of this workshop, it might be possible to do it a lot quicker if the commitment and skill set of the team members match up.