Change of course

I came across a great article from Mr. Ram Shivakumar of ChicagoBooth where various companies pivoted to become much more successful. These are facts that I was not aware of to date

1. Twitter started as a podcasting company pivoted to become a microblogging platform

2. Instagram started as Burbn, which combined gaming & photography and later simplified just with photography

3. Starbucks wanted to be in the coffee roasting business but Mr. Schultz acquired and pivoted to a Coffee bar business at scale

I strongly feel that these transformations are not just random ideas but were backed by various insights, changes in consumer trends, etc. It did not happen in a day or two but took at least a few months/years to plan, operationalize and succeed.

Any other source of information with detailed insights, case studies, or references to the above stories should really be interesting. Check out the article given below which has additional insights with respect to customer product fit, figuring out the right/wrong customers, etc.

Source of Information

https://youtu.be/DlyTrr5h6_Q

https://review.chicagobooth.edu/entrepreneurship/2020/article/strategies-scaling