May 31, 2012

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3. Get over your product and pivot.

Did you know that PayPal wasn’t always the popular online payment system we know today? Nokia’s first enterprise was a paper mill until they decided to focus on telecommunications. And Instagram, the darling of mobile photo sharing, was initially known as Burbn – an app that combined elements of Fourquare and gaming inspired by Mafia Wars. These are all examples of great tech company pivots.

The lesson? Don’t be afraid to change directions. Apply KPI’s and analytics to your startup and track progress. When metrics continue to under perform, make way for new ideas.

Change is inevitable. Don’t become so emotionally attached to your initial vision that you leave little room for refinement and possible deviation. Changing a product or business model could be critical to your survival.

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Photo Credit: Kasil Workshop

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