When you’ve invested months—or even years—into building a product, it can be tough to switch directions. Sometimes, a pivot is the best decision that you can make. You may realize that you’re pursuing the wrong market or that the opportunity costs of pursuing a venture are too high.
The right path forward is rarely clear-cut, and a pivot will be the toughest judgment call that you can make.
The process of bringing a new product to market is a marathon, not a sprint. And along that journey, entrepreneurial leaders are going to face a lot of twists and turns. When is a pivot—a major change in direction—the right move? Here are a few case studies to help you find the right answer:
- AppFolio, a software company for property managers, decided to shut down a product that was both popular and profitable among customers. Sounds perplexing? Watch this video to see why.
- Fashion Metric, a technology company that helps men find better-fitting clothes, pivoted before the founders wrote their first lines of code. Here’s why.
And if you’re interested in more change management tips, be sure to check out the following sessions at the 2015 Lean Startup Conference:
- Managing for hypergrowth. Aditya Agarwal, VP of Engineering at Dropbox, will share his best tips for managing change through periods of extreme change.
- Lean 101, 201, and 301 workshops. Stay tuned—we’re building out workshops that address growth and change at different business stages.
There is still time to save 10% on your pass to The Lean Startup Conference. November 1st, the price increases to full price… so register your pass before then to save. Product Hunt, GE, Dropbox, and Intuit have already confirmed they will be there. Will you?