Pivoting your business model or even your business concept is not unusual. On several counts established companies decided to switch lanes and endorse something entirely new. Their initial concept may not have worked out, their market may had been in decline, or they simply decided to pursue a more attractive opportunity by using their existing resources.
Deciding to pivot is a hard decision. Nonetheless, it may also be a necessary one and should always exist as an option on the table. It may help your business to survive and thrive through an evolving market. Companies that did not embrace this change, have had dire consequences no matter how big they were. A good example is Kodak and its downfall (click here to read the story).
Some of the most well established technology businesses that you already know of and have probably interacted with, have had different beginnings.
YouTube - Launched as a video-dating site.
Nintendo - Started as a playing-cards company in 1889.
Nokia - Started by making paper in 1865. It didn't get into the telecoms/telephony market until a century later.
Samsung - Started as a dried fish and vegetables export company in 1938. Samsung even produced its own noodles!
What does this tell us? A couple of things: a) Change is inevitable, and b) even giants reinvent themselves to become something greater.
Complete and total transformation, is intimidating. However, it may put you on an entirely new hyper growth path.
'3 Min Reads' is a series of innovation stories brought to you by Capacitor Partners. As you may have guessed, each story takes about 3 minutes to read - yet delivers a powerful message.