Sometimes companies have two options left after their initial idea fails – to change the course of direction quickly or to admit the defeat. The history remembers only the brave entrepreneurs, who couldn’t accept failure as a final option and made the decision to take a different course of direction and to pivot.
See also: Changing Direction: 3 Signs That Show It Is Time To Pivot
The greatest business pivots are an unlimited source of inspiration and motivation when the time gets tough. Take a look at the following seven. Can you imagine the world without these companies if the founders have given up after the initial idea failed?
Did you know that Twitter used to be podcast subscription platform called Odeo before the team decided that it is time to pivot? Odeo needed to make a significant change as the growing power of iTunes in the industry made it clear that the business was going to be overshadowed sooner or later. Besides to kill the company, the team came up with the idea of the creation of the status changing micro blogging platform known today as Twitter.
Not many people know that Facebook actually originated as Facemash back in 2003. Facemash was putting the pictures of two people next to each other and the users were able to choose which one is hotter than the other, becoming Harvard’s version of Hot or Not. Luckily, Zuckerberg took Facemash to a completely different direction so we can have Facebook today!
Probably you have never heard of the mobile shopping app called Tote. Tote was launched back in 2009 with the idea to make the mobile window shopping faster and easier for the users through the app. The idea was good, but there were many obstacles to overcome and the team was not ready to deal with all challenges, which led to the failure of the app. But this gave the seed to another platform and Tote pivoted to become what is today Pinterest, the platform that recently raised $150M at a $12.3B valuation.
PayPal
PayPal is the most popular electronic wallet that is the most preferred method when it comes to online shopping especially on eBay. Even though the platform has always been dedicated to online money transfers, the birth of the company was under the name of Confinity, which was PDA security software.
You probably check your Instagram account on daily basis, but do you know that its origin was actually under the name Burbn? Burbn was a check-in app that had photo element, but also many other features that made the app too complicated. The founders saw that as a problem and decided to pivot by eliminating the majority of features, leaving just the photos. Now Instagram is dedicated mainly to photography and is one of the most successful apps out there.
Groupon
Created as a side project by the founder of The Point Andrew Mason, Groupon shortly after its launch surpassed The Point in popularity. The Point was a fundraising platform that was created on a “tipping-point” system, meaning that the raised funds would be received only if the pledges reached a specific point. Groupon also applies the “tipping-point” method, but for local deals, to become the platform as we know it today – the most popular place that we look for good deals on.
Starbucks
Starbucks is the coffee shop known around the world for its freshly brewed coffee and cozy atmosphere. But not many people know that the company used to sell espresso machines and coffee beans until 1983. That year the famous founder Howard Schultz took a trip to Italy and got inspired by the European coffee shops, which gave him the idea to transform Starbucks into a place to brew and sell his coffee.
