Confession:
I have pivoted more than
anyone I know in my
career and in my startup.
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Show of hands...
Who here *wants* their startup to fail?
“But… but!”
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My condolences in advance.
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?
$ $
$how of Hand$ #2
Who here wants to build a
billion dollar company?
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STARTUPS ARE A RACE AGAINST BROKE
Since most startups who succeed
undergo pivots, an unhealthy
aversion to pivots can reduce your
chances.
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Most Successful Startups pivot
Let’s play, “name their original
business model…”
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Flickr
Heroku
Instagram
Paypal
Twitter
Youtube
Awe$ome companies
pivot
chat w photos
in-browser coding
location-based checkins
beam money to Palm Pilots
podcast directory
video dating site
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140 Proof!
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Different pivots unlock
different weapons and
abilities, like power-ups.
Pivoting is tough
Admitting we’re wrong is painful.
Doing field surgery on our babies
is terrifying.
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We pivoted to an investor free zone
Pivoting our company’s revenue
mechanism from self-serve to full-
serve coated us in kryptonite.
(luckily, it all worked out in the end ;)
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A taxonomy of pivot types.
4.
customer
need
5.
zoom in /
zoom out
6.
growth
lever
3.
revenue model
2. market
1.
technology
stack
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(winding down)
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how do you know when you
have made a great pivot?
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•
Pivots are positive.
Great companies pivot.
You can pivot anything.
Pivot one thing at a time.
Get them beating down your door.
(Get those iPhones out.)
@JM3
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Billion dollar
founders are no
different from you.
They pivoted.