Business · 1
What is the business term for the strategic shift a startup makes when it abandons its original product to pursue a more promising opportunity, as Slack's founders did?
Answer
Pivot
A pivot is when a startup fundamentally changes its business model or product direction while often retaining lessons or assets from its prior work. Slack's founders pivoted from a failed video game to build the internal messaging tool that became Slack.
💡 Did you know?
Slack was born as an internal messaging tool for a failed cryptocurrency startup. The founders pivoted, and Slack became a $27 billion company.
Other options people guess
- Divestiture
- Spin-off
- Acqui-hire
Topics
- startups
- pivot
- business-strategy
- slack
- entrepreneurship
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