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In this video we will discuss about Pivot in startup
What is Pivot in Startup?
A pivot is a strategic change in direction that a startup makes in response to feedback, market conditions, or other factors. The term was popularized by Eric Ries in his book "The Lean Startup."
Pivoting allows startups to test new business models or product ideas, adjust their target market, or change their approach to customer acquisition. This can be crucial for startups that are struggling to gain traction or find product-market fit.
There are different types of pivots, including:
1. Customer Segment Pivot: This involves shifting the focus of the product or service to a different target audience.
2. Product Pivot: This involves changing the product or service to better meet the needs of the target market.
3. Business Model Pivot: This involves changing the way the startup generates revenue, such as switching from a subscription model to a transactional model.
4. Platform Pivot: This involves changing the underlying technology or infrastructure of the product or service.
Pivoting can be a risky move, as it may require significant changes to the startup's strategy, team, and operations. However, if done correctly, pivoting can help startups find a more successful path forward and increase their chances of success. It's important for startups to continuously monitor market conditions, customer feedback, and other factors that may warrant a pivot, and to be willing to make changes when necessary.
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18 сен 2024
