Pivoting For Startups
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The document discusses pivoting a business and provides advice on when and how to pivot. It notes that pivoting can help a business survive, make more money, solve a better problem, raise funds, and exit possibilities. However, pivoting also requires hard work from the team, including changing the organization, cost structure, spinning off valuable parts of the business, and approaching it with the same passion as starting the business. The document recommends that in many cases, it may be better to restart the business entirely rather than just pivot.
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Pivoting For Startups
- 1. http://cocreate.ventures Pivoting is an opportunity to get better • Find a purpose • Don’t chicken out Suresh@cocreate.ventures Twitter @narasimhasuresh
- 2. http://cocreate.ventures Why pivot? Survive Make more money Better problem to solve Better chances of fund raise EXIT possibilities A good PR/ happier team Quick wins @ lesser risk • Scouted an opportunity • Better Margins • Better PM Fit Big bets & Bigger risk • Market share • Market size • Social good & possibilities!
- 3. http://cocreate.ventures Why not pivot? Start fresh Another business line Just sharpening focus Cost vs Benefits
- 4. http://cocreate.ventures Find a purpose that is big or/& clear * Slog from start * Wait for metrics & traction
- 5. http://cocreate.ventures Most pivots are week inside, polished outside – fake till you make it Change of branding, website & may be decks Numbers & parameters on plans & excel Reskill @ the best, few addition to team You think Pivot is arts+ Science & people should love you for it, But.. • Family/friends/ GF/ In-laws – Is he on right track / but why still? • Investors – Just another plan - story or traction? • Customers – Can I pay lesser? Reality : Pivot is only for the Entrepreneur & the team
- 6. http://cocreate.ventures But pivots demand lot of hardwork Visible changes Invisible efforts by your team • Change the org - Make your Pivot count for your team • Change cost structure • Be ruthless - Junk the bad • Be smart - spinoff what's valuable • Be passionate - like when you started Changes required Visible results