<slide_break></slide_break> ## Take Aways from Chapter 8 - Pivot * **Big Idea:** The Pivot, Abandoning a key hypotheses and chart a new course * Pivoting is not a scientific decision, it's a judgement call * However that judgement should be informed by data * Pivot faster is the key metric * Number of pivots left in runway * A pivot is not a failure <slide_break></slide_break> ## Discussion Questions for Chapter 8 * Is a pivot a 'failure'? * Why did pivoting not hurt so much when we did it in these projects? * Why would they hurt a lot more for a company like Votizen?s * Types of Pivot - which kinds happened to you all? * Zoom-in pivot: Subset of product is what matters * Zoom-out pivot: Product is too narrow - generalize it * Customer segment pivot: Product solves a real problem but there's a different much bigger market. * Customer need pivot: Market has strong needs, but the problem we are solving is not the biggest * Platform pivot: Go from a point product to a platform, or vice versa. * Business model pivot: from low cost high volume to high cost low volume * Value capture pivot: basic change in how the business is financed * Channel Pivot: Change in how you get product to customer. Change from a product to a service. * Technology Pivot: Change in core technology * Whats the point of enumerating all the kinds of pivot? * How is Votizen doing now? * What were their original set of four leaps of faith? * Register -> Activate -> Retain -> Refer * How would you measure the effectiveness of the MVP and the stages? * How does "cohort analysis" apply here? * How would this work for a hardware product? * What tuning did they do before they pivoted? What did they try? * Causes acquired Votizen. What do you think Votizen's biggest asset was? * Do some classroom research * blog.causes.com—causes-acquires-votizen * Was Votizen a success or not? * online.wsj.com—SB10001424052970203960804577242173304348722.html * How many pivots can be done in remaining runway * What is "runway"? * Why does it matter? * Talk about Path * What was a key hypothesis? * How might they have judged whether they were succeeding or needed to pivot? * Talk about Wealthfront * What was the original leap of faith hypothesis? * Model portfolio "game" to discover talented money managers * Platform to let clients invest with those great money managers * How did it go? * Many signups, not many great managers * Pivot * What to pivot to is a very hard question * Informed by qualitative findings from all the research being done. * A platform for professional money managers * A tool to allow clients to evaluate who they wanted. * Even though signups were high (vanity metrics) the basic hypotheses were not being confirmed * IMVU * Do you see how they could have record numbers of new users and paying users and still not on a path to success? * Vanity metrics * Engine of growth * Change of markets * Decision to pivot here is very confusing * Even once you realize the problem * Not at all clear what to do about it/