Great Companies Are Not Afraid To Pivot
In physics, a pivot is defined as the swing point of a rotational system. In the startup world a pivot is an adjustment in business strategy, plan or focus. Generally, a startup pivot is a survival move made necessary when the original plan fails to work. More and more, pivots are occurring during iteration soon after launch or even during development prior to launch.
Founders of startups should not be afraid to pivot. Doing so is less a sign of weakness and more an indication of shrewd awareness of the right formula to assure success. Several startups achieved amazing success soon after pivoting, including Twitter, Groupon, Turntable.fm and Fab.com.
- Reid Hoffman discusses surviving the pivot (venturebeat.com)
- The Silicon Valley Strategic “Pivot” (kellblog.com)