In the tech world, “pivot” was probably the word of the year.
At the start of 2020, companies around the world had to change their offerings on the fly to make their business models work in the pandemic.
This hit us at Powderkeg, too. Community is at the heart of what we do – so we transitioned all our Unvalley events to a virtual format so we could still help tech professionals, founders, and investors connect.
Other examples of great product pivots include Athena Security, which shifted from using machine learning to spot guns on video surveillance videos to focusing on fever-detection systems.
There wasn’t much need for Room’s soundproof office phone booths when everyone went remote, so they started manufacturing Test Booths that provided speedy testing while protecting healthcare workers against virus exposure.
We can learn a lot from companies that adapted successfully this year. Here are some tips for pulling off a successful pivot:
- Identify a trend (or multiple trends) created or accelerated by the pandemic, and align your company with that trend.
- Lean on your company’s existing strengths and abilities, so you don’t have to spend a lot of time and money to pivot.
- Carve out a sustainable way to move forward profitably that preserves and enhances your brand value.
Want to find companies that excel at developing incredible products?
Check out this list of award-winning companies for product development.