Your Start-up may need pivoting

More like mutation. Sometimes the founders have to stick to their guns when; customers, employees, and investors have their eyes a falling ball.

Anyway, what is pivoting?

For SaaS founders, it would be a shift to a new strategy, building a different software, or doubling down on overlooked features that customers seem to be pushing the company towards.

Software evolves and transforms all the time so do customer problems.

' To improve is to change, to be perfect is to change often" - Winston Churchill

Three Lessons on Pivoting your Start-ups by Ceo & Co-founder of Resource, io Troy Sultan.

• Be differentiated from the competition at the beginning
• Watch which new features your customers are using most during the pivot.
• Anticipate the solutions to the problems you are trying to solve to change in due time.

Example Companies that made pivots

1. Paypal

Founded in 1999 to allow people to 'beam payments from their handheld digital computer. Later merged with X.com and now is among the leading online payment gateway.

2. Pinterest

This incredibly popular “pinning” social network pivoted from “Tote” which allowed people to browse and shop their favorite retailers, and sent them updates when their favorite items were available and on sale.

The creators realized that the users of Tote were mostly interested in building “collections” of their favorite items and sharing these collections with friends.

Since its repositioning, Pinterest now has over 70 million users with approximately 80% of its users being women.

While its pivot has been wildly successful in terms of user growth, Pinterest is trying to figure out how to get back to Tote’s eCommerce and revenue roots.

3. Twitter

The most legendary pivot in social media history is the transformation of Odeo into Twitter.

?Odeo began as a network where people could find and subscribe to podcasts, but the founders feared the company’s demise when iTunes began taking over the podcast niche.?

After giving the employees two weeks to come up with new ideas, the company decided to make a drastic change and run with the idea of a status-updating micro-blogging platform conceived by Jack Dorsey and Biz Stone.

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Happy Sunday

Learn & Grow

Okerosi Davis