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.”
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.
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.
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 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.
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 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.
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.
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.