In the world of startups, there are quite a few tech companies who pivoted from doom to glory… you only have to think Youtube, Slack, Netflix… great stories that inspire. But these were all companies that got to fame after their pivot.

Lately I have started a fascination for how some large corporates have been able to shed off their skin and make their come-back in quite a different market: I knew of Olympus for example because of their camera’s, now they’re a “manufacturer of optical and digital precision technology” used in innovative medical systems; then there’s Blackberry: they used to be known for their mobile devices, nowadays they’re a “security company” with a focus on IoT solutions.

What I find interesting, is how they each went from heading towards a dead end, to rediscovering the heart of their business and tailoring a new future around that core competency.

The mother of all companies that have survived pivot after pivot is of course Nokia from Finland, who began as a paper mill back in 1865, and went from producing toilet paper to rubber tires to electronics to in 1992 the mobile phone. Whoever thinks Nokia is dead, be ready to get surprised once more!

SPARK OF THE DAY

Whenever you feel you’re heading towards a dead end, look where your business is still shining – you may have to try to strip bare a few layers until you reach there, but rest assured that there will always be parts of your business where you’re still adding value. It is called pivoting when that part of the business is not your current point of focus, but it has potential and is therefor worth the upgrade to become your core competency sustaining your future…

Next step: let go of your past and embrace your future – if mammoths like Olympus, Blackberry and Nokia can pivot their business, so can you!