the awesome truth about pivots: why evolving toward our startup’s business model was a great...
Post on 18-Oct-2014
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While the word "pivot" has been over-used by the press, the simple, humble action of admitting that your business model might change remains a powerful tool. I should know: my company changed business models several times, much to the amusement of my friends and coworkers.TRANSCRIPT
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Hi. • John Manoogian III • @jm3
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Hi.An unusual background
Code leadership design CTO* * *
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The AwesomeTruth About Pivots!
@JM3
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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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?
$ $
$how of Hand$ #2Who here wants to build a
billion dollar company?
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STARTUPS ARE A RACE AGAINST BROKESince most startups who succeed undergo pivots, an unhealthy aversion to pivots can reduce your chances.
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Most Successful Startups pivotLet’s play, “name their original business model…”
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Flickr
Heroku
Paypal
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.
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analytics ➤ recommendations
long-tail ➤ mad.ave
self-serve ➤ full-serve
140 Proof’s pivot evolution:
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Pivoting is toughAdmitting we’re wrong is painful.Doing field surgery on our babies is terrifying.
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We pivoted to an investor free zonePivoting 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.growthlever
3.revenue model
2. market
1.technologystack
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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.
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Thanks!@jm3