Famous pivot stories are often failures but you don't need to fail before you pivot. All a pivot is is a change is strategy without a change in vision. Whenever entrepreneurs see a new way to achieve their vision - a way to be more successful - they have to remain nimble enough to take it.
YouTube began as a failed video-dating site. Twitter was a failed music service. In each case, the founders continued to try new concepts when their big ideas failed. They often worked around the clock to try to overcome their failure before all their capital was spent. Speed to fail gives a startup more runway to pivot and ultimately succeed.
There are exceptions of course, but most companies start with a great idea - not a pivot.
The entrepreneurs that really make it are the ones that start with an idea but are ready to change it at a moment's notice.
An awful lot of successful technology companies ended up being in a slightly different market than they started out in.
I've always flagged that it will take some time to gradually sell down our interest in lighting and basically pivot to be a medtech company focused entirely on health technology.
If you look at successful pivots, they almost always are a pivot into something that the founder wanted. Not a random made up idea.
Obama's 'reset' with Russia and 'pivot' to Asia never materialized.
I think like a Silicon Valley entrepreneur. Failure is a great teacher. At the same time, you must remember, success will never last... Whether it's tech or fashion, it must be for the customer.
Using the Product Development Waterfall diagram for Customer Development activities is like using a clock to tell the temperature. They both measure something, but not the thing you wanted.
