Is Project A Incubating Companies Again with Their Studio? with Florian Heinemann & Philipp Werner, Project A

About this episode

Project A appears to be returning to its roots – at least at first glance. The early-stage fund, founded in 2012 by former Rocket Internet veterans, recently announced its Studio Initiative for teams looking to validate their ideas. This raises the question: Is Project A going back to its origins and incubating companies again?

Philipp Werner and Florian Heinemann clarify in their conversation with Fabian what the new studio approach entails and how it differs from traditional incubation models.

From Rocket Internet to Project A: The Evolution of a Venture Approach

Over the past 12 years, Project A has evolved into one of Germany's leading early-stage funds for Seed and Series A investments. The founders bring their experience from the Rocket Internet era but have deliberately chosen a different path.

The new Studio Initiative doesn't mark a return to the old incubation model, but rather a development of the existing approach. While traditional incubators often develop their own ideas and then search for teams to implement them, Project A Studio consistently focuses on founder-centricity.

Founder-Centricity in Focus: How Project A Studio Works

The crucial difference lies in the approach: Project A Studio works with teams that already bring their own ideas and want to validate them. It's not about implementing pre-made concepts, but about supporting existing founding teams with operational assistance and access to a broad network.

The framework conditions for participating founders are clearly structured. Teams receive not only financial support but, above all, access to Project A's operational know-how and network. The deal is designed to create clean cap tables – an important factor for later financing rounds.

Pre-Seed Investing: More Than Just the Team

An interesting aspect is Project A's investment philosophy: While many pre-seed investors focus mainly on the team, Project A also considers markets and macro trends as important success factors. This holistic view also flows into the Studio Initiative.

Portfolio construction follows clear strategies. It's not just about identifying promising teams, but also considering the right market conditions and timing aspects.

Generational Change and New Benchmarks

Project A is currently undergoing a generational change that is also reflected in investment approaches. The experiences of recent years have led to refined benchmarks, particularly in the area of revenue development in the early phase.

This evolution is also evident in ticket distribution: Through the Studio, part of the investments shifts more toward pre-seed, without neglecting established seed and Series A activities.

Principles in Venture Fund Building

The most important principles in building a successful venture fund crystallize from experience: consistency in approach, clear market positioning, and the ability to recognize and foster potential early.

Operational support plays a central role in this. Project A Studio offers teams not just capital, but above all practical help in implementing their ideas.

Conclusion: Evolution, Not Revolution

Project A Studio is less a return to old incubation models than a logical development of the existing approach. Founder-centricity remains the central element – complemented by structured support in idea validation.

For founders, this means: Those who have an idea and want to systematically validate it will find in Project A Studio a partner that brings both the necessary know-how and the network to develop an idea into a successful startup.