Any business evolves and needs to transform. If it doesn’t, it will go extinct. This is what happened to Commodore, a great technical product that found great traction and interest from customers worldwide. But they forgot to figure out their next transformation.
If you ask me what and how we pivoted, I would ask you back what exactly you mean by pivot. From my point of view, a pivot is jargon in the startup world that has different meanings to different people. I do believe transformation of your business is the key to survival. You need to be open about unmet customer needs that must be fulfilled.
Our team came from Tom Tom, the in-car navigation company. We obviously had a passion for geo-positioning. Our first thought was to develop the best geo-positioning product out there. We hunkered down for almost 1.5 years and developed what we thought was the best outdoor positioning technology in the world. We just needed to find the right audience and business model.
We identified a need for our software in the education sector in the UK. Students who get their visa to study in the UK do not always show up to the classroom. To deal with this, universities implement costly infrastructure. ...