“We have a platform technology” was the way the entrepreneur described her company idea. Investors love to hear that your idea could benefit more than one market but it comes with a curse. It tends to make the entrepreneur opportunistic. Opportunism is the enemy of focus.
If, during your customer discovery process, you come across a new market that is very attractive, you might choose to pivot. But understand this; a pivot is a move in a different direction which means you stop going down the path you did before.
You will spend 60 – 100% of the time and effort to develop your market and business model as you did developing the product itself. As a startup, it’s really hard to do more than one.
Pivot means CHANGE DIRECTION, not stay the course plus add one.
Blogging Gazelle is published daily by Shawn Caroson