Metrics that matter for venture studios

Ask any founder what metrics matter, and you'll get a laundry list: DAUs, MAUs, CAC, LTV, NPS, and so on. But at Ziplabs, we've learned that the metrics that matter for venture studios are different. We're not just building products—we're building a portfolio of experiments, each with its own risks, timelines, and learning curves. Here's how we think about metrics, what we actually track, and why it matters for founders and studios alike.

The Problem with Vanity Metrics

It's easy to get seduced by big numbers. Downloads, signups, and pageviews look great on a slide deck, but they rarely tell the real story. The danger of vanity metrics is that they can mask underlying problems. A project with 10,000 signups but no repeat usage isn't a success—it's a distraction.

We've made this mistake ourselves. Early on, we celebrated every spike in traffic, every mention on social media, every upvote on Product Hunt. But when we looked closer, we realized that most of those users never came back. The real metric was retention, not reach.

The Metrics That Matter

Over time, we've developed a set of metrics that actually move the needle for our studio. These aren't just numbers—they're signals that tell us whether we're learning, improving, and building ventures that matter.

1. Time-to-MVP

How quickly can we go from idea to working prototype? Speed matters, but only if it leads to validated learning. We track the time it takes to launch an MVP, gather feedback, and make a kill/spin-out decision.

2. Compound Learning Rate

Are we getting smarter with every project? We measure how quickly we're able to apply lessons from one venture to the next. This includes everything from code reuse to go-to-market strategies.

3. Retention and Engagement

Are users coming back? Are they building workflows around our products? We track repeat sessions, feature adoption, and depth of usage—not just signups.

4. Kill Rate

How many projects do we kill, and how quickly? A high kill rate isn't a sign of failure—it's a sign of discipline. The faster we kill bad ideas, the more resources we can devote to the winners.

5. Spin-Out Success Rate

Of the ventures we spin out, how many go on to raise funding, acquire customers, or reach meaningful scale? This is the ultimate measure of our studio's impact.

Lessons from the Trenches

One of the most important lessons we've learned is that metrics are only useful if they drive action. We review our metrics weekly, not just to track progress, but to make decisions. If a project isn't hitting its retention targets, we dig in to find out why. If our time-to-MVP is slipping, we look for bottlenecks in our process.

We've also learned to be honest about what we can and can't measure. Some of the most important signals—like founder obsession or market pull—are qualitative, not quantitative. But that doesn't mean they're any less important.

Quick Reference: Metrics We Track

• Time-to-MVP
• Compound learning rate
• Retention and engagement
• Kill rate
• Spin-out success rate

The Bottom Line

Metrics aren't just numbers—they're a reflection of your process, your discipline, and your willingness to learn. At Ziplabs, we use metrics to keep ourselves honest, to drive better decisions, and to build ventures that matter. If you're running a studio, or thinking about starting one, ask yourself: are you tracking what really matters? Or are you just chasing numbers?

We optimise for speed of validated learning, not vanity downloads.