Embracing the Pivot
One of the most compelling narratives in the start-up space is the art of the pivot. Twitter, for instance, began as Odeo, a network where people could find and subscribe to podcasts. However, when iTunes began dominating the podcast space, Odeo’s founders had to rethink their strategy. The pivot to a microblogging platform was a risky move that ultimately paid off, transforming the way the world communicates.
Solving Unanticipated Problems
Sometimes, a start-up’s success comes from solving a problem that wasn’t initially targeted. Slack, the now-ubiquitous messaging platform, started as an internal communication tool for a gaming company. The game didn’t take off, but the communication tool it spawned did, filling a gap in the market for team collaboration software.
The Power of Community
Building a community around a product can be a powerful driver of success. Airbnb, for example, grew from a simple idea to help pay rent by turning a living room into a bed and breakfast for a design conference in San Francisco. The founders capitalized on the sense of community among travelers seeking authentic experiences, which turned their small idea into a global phenomenon.
Leveraging Technology Trends
Adapting to new technology trends can also pave the way for success. Instagram began as Burbn, a check-in app that included gaming and photo-sharing features. Realizing the potential in the rise of smartphone photography, the founders stripped Burbn down to its photo-sharing feature, and Instagram was born. It quickly became a leader in mobile photography and was eventually acquired by Facebook.
Customer-Centric Innovation
Listening to customers can lead to breakthrough innovations. Dropbox’s referral program, which offered additional free storage space for both the referrer and the new user, was a direct response to user needs for more space. This program turned Dropbox into a viral sensation, significantly increasing its user base without traditional advertising.
