Whatnot Startup Studio: Nurturing The Next Wave of Startups

Whatnot Startup Studio is a startup studio situated in Bangkok, Thailand, dedicated to building  and nurturing the next wave of startups. Since its establishment in 2018, the company has amassed significant expertise in the startup landscape and has built businesses such as Gaorai, NAS, Z-decor and AIRA. The firm focuses on building promising early-stage startups with substantial growth potential. Their Portfolio companies benefit from the studio's vast network of mentors, advisors, investors and shared services as well as gaining access to office facilities, administrative assistance, and the studio's technology infrastructure. With that, why don’t you join me in learning more about Whatnot Startup Studio with its Co-Founder, Justas Rinkevicius.

What inspired you to delve deeper into the field of startups and establish your own Startup studio? 

Our journey led us to  Bangkok about seven years ago. Initially, our approach was rooted in the traditional model of business incubation and acceleration. We collaborated with existing ventures, those that were already armed with determined teams, innovative products, and crystal-clear visions. However, we soon realized that accelerating these established entities presented significant challenges, especially in implementing transformative changes. It became evident that the prevalent acceleration/incubation model was somewhat unrefined and ill-suited for the tasks at hand in the region.  In these challenges, we began to see that the local ecosystem might be more receptive to a Venture Building/Startup studio model. The successes of companies like Foodpanda and Lazada under the stewardship of Rocket Internet Venture Builder served as perfect testaments to this assumption.  So, we took a step back, observed, and analyzed the market dynamics and needs. The results were enlightening, reaffirming our belief that a startup studio model would serve as the ideal framework for the local ecosystem. It was a revelation that signaled a new chapter in our journey, and we were more than ready to turn the page.

What is Whatnot Startup Studio and what unique approach does it bring to the startup ecosystem?

Whatnot Startup Studio  represents a somewhat different approach to fostering innovation and entrepreneurship. Unlike traditional venture capital firms, incubators, or accelerators, a Startup Studio doesn't just invest in or support external startup teams. Instead, it actively creates new companies in-house from scratch.

In general, Startup Studios bring together ideas, entrepreneurs, and necessary resources under one roof. We follow a repeatable process to systematically ideate, validate, build, and scale businesses. Here's a brief look at how our studio brings ventures to the startup ecosystem:

Parallel Entrepreneurship: Startup Studios work on multiple startup ideas simultaneously. They nurture and grow several businesses at once, spreading the risk across a portfolio of companies.

Shared Resources and Infrastructure: By pooling resources such as office space, software, and expertise, startups within a Studio can significantly reduce costs and risks, while gaining access to high-quality resources that might otherwise be unattainable.

In-house Expertise: Our Studio has  a core team of experts in fields such as product development, marketing, HR, and finance, who work with the different startups in the portfolio. This allows the new companies to focus on their core competencies while benefiting from the Studio's deep expertise.

Reduced Risk: By controlling the early stages of startup development, Whatnot Startup  Studio can mitigate the high levels of risk that are typically associated with launching a new venture.

Iterative Process: The model promotes learning from both successes and failures, refining the process of startup creation over time. This iterative approach increases the chances of success for subsequent ventures.

Collaborative Culture: By fostering multiple startups under one roof,Our Startup Studio encourages a collaborative environment. Startups can learn from each other, share insights, and form valuable partnerships.

Here a few graphs that explain well how we are different from traditional startup development approach: 

How does Whatnot Startup Studio identify and select startups to work with? 

In the case of  assessing a Corporate Venture, our primary focus is on whether the organization understands the agility and open-mindedness required to build startups beyond its established corporate framework. The main point is that the corporate leadership has understanding and acceptance of the distinctive processes inherent to such ventures — lean/fast development, management, and financing strategies that are starkly different from conventional Corporate Innovation projects.

We consider scenarios where a startup may need to change its core offering to cater to an entirely different customer base or swiftly transition its business model from B2B to B2C within weeks. Such drastic shifts are common for the course in the startup world, but potentially unfamiliar  within corporate landscapes where change typically unfolds at a slower pace.

And so the pivotal question we seek to answer is whether the organization comprehends the unique dynamics of startups, the motivational structures for startup founders, and the capital allocation mechanisms best suited for such business models. If our corporate partners are familiar with the way startups work and are happy to proceed OR if it is a Whatnot startup idea that we developed internally with our own team - there are few ways how we evaluate if it is a good fit for a local/regional market: 

Market Potential: The market size for the proposed product or service should be significant enough to make the venture worthwhile. We often look for high-growth sectors with considerable disruption potential

Competitive Advantage: The idea should have a unique selling proposition that sets it apart from competitors. This could be a unique product or service, a novel business model, or a proprietary technology.

Scalability: The business model should be scalable, meaning it can grow quickly and efficiently without a linear increase in costs or resources.

Feasibility: The technical and operational feasibility of the business is also important. Our studio will assess whether we have the skills, resources, and network to successfully launch the business.

Alignment with Studio's Expertise: The idea should align with the studio's core competencies and strategic interests. 

Potential Return on Investment (ROI): Like all businesses, startup studios are focused on profits. We  will consider the potential ROI of a startup idea based on projected revenues, growth rates, and exit strategies.

Regulatory Environment: We will also take into account the regulatory landscape of the sector in which the startup will operate. Industries with heavy regulations can often present additional challenges and risks.

What kind resources does Whatnot Startup Studio provide to the startups in its portfolio?

Every venture we engage with is initially paired with our seasoned in-house entrepreneurs. They form the robust architecture and backbone indispensable for any business under development. Additionally, ventures gain access to our Shared Services that include Human Resources, Software Development, Marketing, and Legal Advisory. Additionally, all ventures are integrated into our ecosystem, where we expose them to investors, corporate partnerships, and diverse business opportunities.

Can you share some success stories or notable achievements of startups that have been through the Whatnot Startup Studio program?

I think the most recent one is the exit that we had where Aonic, a leading manufacturer of agriculture drones and service provider with presence in Malaysia, Thailand, and Vietnam, has acquired Gaorai, one of Thailand’s pioneers in modernizing farming through app-based smart farming solutions. We are very proud of what our team was able to achieve in a very short time with Gaorai! Perfect example on how we approach venture development at Whatnot Startup Studio! 

What are the future plans and aspirations for Whatnot Startup Studio?

In the future we are keen even more to unify with like-minded, ambitious entrepreneurs who share a passion for pioneering innovative business solutions in collaboration with our dedicated team. 

Moreover, we're expanding our horizons to embrace businesses and investors from around the globe. We invite you to engage with us, to co-create and tailor ventures specifically catered to the vibrant Thai market. Whether you're interested in co-creation or keen to localize your existing ventures, we extend a warm welcome to be part of this transformative journey.

Justas Rinkevicius is the Co-Founder of Whatnot Startup Studio. Given his role, his primary task is to provide strategic leadership, guide the overall operations of the studio, identify potential new venture development opportunities, and evaluate startups with high growth potential. Justas also establishes and nurtures relationships with key stakeholders such as mentors, advisors, and investors. He leverages their network to provide valuable support and resources to portfolio companies. As the Co-Founder, Justas is committed to transforming every startup to achieve their fullest potential, not only Thailand but in the rest of the world.

Visit www.techshake.asia if you would like to know and connect more with Whatnot Startup Studio.