251: What is a Corporate Venture Studio? An Interview with Joel Reed, President of Premier Labs

We just can’t stay away from Pittsburgh’s robotics scene! So we’re back, this time turning the spotlight on the business and startup angle with Premier Labs. Premier Labs is a corporate venture studio, a relatively new model that changes how technology comes to market.

President Joel Reed joins the episode to give real examples and explanations about how a corporate venture studio works. In short, Premier Labs starts with real problems and works backward to create solutions that actually fit.

Finding product-market fit is usually the biggest hump for new product companies to get over. But that’s only an issue if you start with the product first. Premier Labs’ approach starts with the problem first and then builds a solution and a company around that. Joel explains how this pretty much guarantees product-market fit, plus how businesses are already succeeding through Premier Labs. 

In this episode, find out:

• Why Pittsburgh is the capital of robotics in the US
• How Premier Labs is solving startup problems with its corporate venture studio model
• The product-market fit challenge and why the studio model basically eliminates it
• Differences between service vs product-based companies and why Premier Labs decided to stay separate from the robotics company
• Real examples of companies the studio has helped to support and grow
• Why Premier Labs is looking out for operational leaders rather than just tech founders to head up the new companies
• How Pittsburgh has been crucial to Premier’s success
• Joel tells us why he chose Premier Labs for the next stage of his career

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Tweetable Quotes:

• “There's this mentality called break-fix, which is when things break, we'll fix them. But we really can get ahead of that."
• “You get to learn a customer's problem before you actually start designing the solution.”
• “We validate that product-market fit, and then we look for people with credibility with the customers who might have some execution or operational experience to be able to build those companies.” 

Links & mentions:

• Premier Automation, an industry leading engineered solutions company focused on providing best-in-class automation, drive, robotics, electrical control, and more
• Premier Labs, a corporate venture studio that creates purpose-built companies to solve business problems using automation, robotics and artificial intelligence
• The Abbey on Butler Street, a trendy, spacious cafe serving espresso, craft beer and cocktails, plus new American cuisine in Pittsburgh, PA’s Lawrenceville neighborhood

Make sure to visit http://manufacturinghappyhour.com for detailed show notes and a full list of resources mentioned in this episode. Stay Innovative, Stay Thirsty.