Knowing When & Why To Pivot by Ami Shah of Peekapak
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Ami describes how and why to pivot by describing the story of Peekapak and how they change from a subscription service to a B2B SAAS business at Tech Toronto November 2015 meet up
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Knowing When & Why To Pivot by Ami Shah of Peekapak
- 1. Knowing When & Why To Pivot Ami Shah CEO & Co-Founder
- 2. What happened… We went from this… à To this… * Physical product * Digital Platform * Ecommerce * Freemium model * Consumer market * School market
- 3. Moving to the Bay Area for…
- 4. Accelerator programs… • They’re not for everyone, but as first time entrepreneurs, we needed guidance • We loved what we were creating content wise but weren’t completely sold on our model
- 5. Learning about pivots from Eric Ries Pivot, don’t jump to a new vision
- 6. Key moments • Deep dive on our current model & interviewed our customers • Explored new markets via Educator Day • Tested hypotheses • Learned from advisors
- 7. 3 weeks to Demo Day We decided to pivot & we pitched a vision… And people were excited about our vision J
- 8. Why we ended up pivoting We found a better way… …to scale …to deliver our content …to make an impact …love our jobs again
- 9. Proving out your pivot • We just pitched this new vision and we had 8 months of runway. • We needed quick wins to show this was the right path – both for us internally and for us to secure investors.
- 10. Key Milestones • Launched a platform within 6 weeks, March • Opened up our platform to get 2500+ sign ups, May • Piloted with Khan Lab School & 3 classrooms • Over 80+ classroom pilots across country by Sept
- 11. Success to Date • Able to raise follow on investment • Getting amazing feedback about the impact we’re making in schools
- 12. The Future Startups aren’t easy and we’ll continue to learn & grow… But we feel fortunate that we have a passionate, fun and dedicated team who believe in our vision to change the way children learn
Editor's Notes
- If you haven’t, it’s hilarious. The emotions the main character Richard feels – reminds me of all the craziness of the pivot we pulled off. When it comes to your business and you start realizing you need to evolve you business model, it's always a risk. For us we had hundreds of customers already, committed revenue, employees and investors and the idea of changing was appealing but also terrifying.
- So what was the pivot – well it was massive. Our story of a pivot was pretty radical - we went from selling a physical educational product to parent consumers to pivoting to a completely digital educational curriculum sold to schools (and eventually parents).
- So our story starts off when we got accepted into Imagine k12, the top Ed tech accelerator program, based in the valley. We really thought it was a long shot, I mean we were barely tech and we didn't even have an official CTO. But they liked us founders, our vision and product and we moved to San Francisco for the program. Here we started a program with 16 other edtech start ups with the end goal to present at demo day in front of all the top Edtech investors in the valley.
- We thought about this – both Angie and I were having trouble sleeping. We knew something wasn’t sitting right. We had improved our product and loved the impact it was having on children but were realizing this business was more about operations and promotions.