Each stage has a defined purpose and requires substantiated results. The studio assesses the next step for the venture; any follow-on funding requires a separate fund decision. Reaching a milestone does not automatically release capital.
The principle
Capital follows evidence, never the other way around. Each stage has a defined purpose, a central evidence question and a gate. Measurable is not the same as convincing: whether evidence counts depends on who says it, what they do and what they pay.
01
Commercial evidence
What buyers do and pay: from a recognised problem and confirmed budget to commercial commitment, observed value and repeatable sales.
02
Product evidence
Whether the journeys a venture needs demonstrably work for users. The journey map is the product model of every venture; proposition, demo, features and delivery trace back to it.
03
Minimum and ambition
Each stage sets a minimum level of evidence for its gate. Beyond that, the studio aims for customer revenue earlier than the minimum requires.
The model at a glance
Stages 01–04 are funded per stage by the Xablu Venture Evergreen Fund. The decision after each stage concerns the next step and the budget for it; Stage 05 is the transition to an independent venture.
Studio formation
Funded model · Funded per stage
Independent venture
Initial ideation
Carried by the studio
Market opportunity analysis
Stage budget from the fund
Solution and concept validation
Stage budget from the fund
MVP
Stage budget from the fund
Go-to-market
Stage budget from the fund
Spin-out
No new stage budget
The stage model
The studio defines a sharply bounded B2B problem, with domain knowledge from a Venture Partner. Each opportunity is given a defined origin route and an early check on regulation and market access.
Evidence question
Is there a sharp B2B problem worth validating with fund capital?
Key evidence
At this gate
The studio team and Venture Partner assess the opportunity brief and the origin route.
The studio decides whether the problem is sharp enough to validate with fund capital.
The Investment Committee takes its first decision: the budget for the market opportunity analysis.
Routes into the studio
All routes follow the same stages and evidence principles. A venture-type profile sets out in advance which deviations are allowed and what additional evidence is required.
Homegrown
Starts from market observations by the studio or a Venture Partner.
Enterprise Venture Building
An organization brings a problem and possibly budget, and can become the launching customer.
Research and R&D
Starts from a research finding whose commercial application is not yet proven.
Restart
An existing company with customers or revenue, but a product model that needs to be rebuilt.
One stage model, 00 to 05
Same stages, same evidence principles, same gate decisions.
Shared studio capabilities
Every venture inherits relevant technology, capability and learning from the portfolio before it, including shared architecture, an AI layer, reusable product components and the controls required to deploy enterprise technology responsibly. We reuse what is usable and test what must be proven again for each venture.
01
Shared AI
A reusable layer for models, agents, retrieval, evaluation and orchestration, with shared patterns for cost control, security and governance.
02
Shared architecture
An AI-ready technical foundation for secure cloud, data, identity, integration and deployment across relevant ventures.
03
Shared components
Battle-tested building blocks that compress time from concept to product.
04
Shared product
Product management and journey maps that carry pattern and craft between ventures.
05
Shared UX
A design system and research practice applied consistently across the portfolio.
06
Shared engineering
Senior engineering capacity deployed where each venture needs it most.
07
Shared go-to-market
Marketing, sales enablement and a repeatable commercial engine for validation, sales and partnerships.
08
Shared services
Legal, finance, hiring, fundraising and operations handled centrally so ventures stay focused.
09
Shared working methods
Journey maps, gate criteria and decision rules, with templates and documentation.
Portfolio
Explore the ventures being built through the stage model.
Explore the Portfolio →