How many studios should we evaluate?

Two or three. Evaluating more than that usually produces paralysis rather than a better decision. Get to a short list quickly and go deep on each.

Should we run a paid design exercise?

Optionally, and only if it's reasonable in scope. A small paid exercise shows you how the studio thinks and how they communicate. An unpaid exercise that requires significant work is not reasonable to ask for.

What should we have ready before reaching out to studios?

A brief that describes the product, the users, the problem you're trying to solve, and your timeline and budget. You don't need a full spec, but studios can't scope effectively without the basics.

What should you look for in a product design studio?

Work that shows strategic thinking, not just craft. Any studio can produce good-looking screens. The ones worth hiring can show you why they made the decis