Rashmi Guptey
1st February 2022
Harish Talreja
25th January 2022
Sid Talwar
31st December 2021
Ankit Moorjani
30th June 2021
20th January 2024
Sandeep Murthy
17th March 2022
1st January 2020
20th November 2017
7th June 2022
15th May 2022
17th February 2022
28th November 2023
Prashant Mehta
2nd February 2022
22nd September 2021
30th August 2021
15th March 2022
21st January 2022
14th January 2022
4th October 2024
5th August 2024
25th June 2024
20th December 2023
20th October 2021
25th April 2021
Akshat Jain
12th February 2021
31st May 2020
Tanya Rohatgi
19th August 2024
20th June 2024
Siddhant Ahuja
25th April 2022
14th February 2022
2nd June 2018
5th June 2024
15th February 2024
9th February 2024
26th May 2022
1st February 2024
20th November 2020
Shivani Daiya
20th February 2020
17th August 2014
18th July 2019
17th September 2021
15th September 2021
Maansi Vohra
28th January 2021
Atharva Purandare
10th January 2021
Tanvi Ghate
23rd January 2024
Ahan Rajgor
12th May 2022
8th March 2022
22nd February 2022
22nd August 2024
29th July 2024
5th June 2022
5th May 2022
16th April 2021
15th November 2014
25th October 2021
8th March 2020
7th August 2018
27th December 2016
17th February 2021
29th September 2020
24th September 2020
26th July 2020
20th January 2020
15th October 2018
26th June 2018
13th June 2017
21st May 2024
13th February 2024
15th July 2024
10th April 2024
20th February 2024
Pivots test your creativity, your persistency, your resiliency, your focus, your passion, and your grit in the best of times. A blitz pivot, especially to prove something to someone else, might be the best way to shut your company down.
Over the past month, I’ve had several conversations with founders who have been running very exciting start-ups, raised quite a lot of money and had big plans. I say had not because their companies shut down, but because halfway through each conversation they explained how they pivoted to a completely different business model since the lockdown in India. And most of them went on to say they did it to show investors that their company had the grit to thrive (not just survive) no matter what came their way.
These conversations have sent a chill down my spine. These teams (like every other start-up) had left jobs to follow a dream. They had convinced themselves and their families that these companies were their calling. They spent years working on making these idea come alive. And then suddenly they’re doing something else. Not because the original idea was faulty but because external conditions changed (in many cases for the short term) and because (horror!) they feared investor backlash.
That’s a scary place to be. And yet, everyday there are articles about start-ups considering sudden and massive changes in their entire business. There seems to be a prevalent fear within this ecosystem that start-ups need to find revenue wherever they can irrespective of their original model. And if they can’t find revenue, they’ll never get funded again. No matter how costly that revenue is - both in terms of margin and people.
This is leading companies to do a blitz pivot. Essentially where entire business models are changed, normally in a rushed decision.
And blitz pivots aren’t good for anyone.
Start-ups are already really hard businesses to run. And if suddenly the founder changes the mission, re-aligns the vision, and re-positions the company in front of investors, there is a good chance that that business is in trouble. And while it’s possible that even the most daring “Hail Mary” of pivots can deliver success, the chances are never really high of that happening. Especially if it’s being done just to re-engage investors.
This pandemic is obviously a time to reflect and make hard decisions. There is a good chance it will force many companies to pivot. But all pivots are not equal.
Meet the bricolage pivot (yes, it’s French...but not as fancy as it sounds). Bricolage loosely means to tinker with something. A bricolage pivot has two parts: One, it involves making strategic changes to a business model while either maintaining the product, selling related products to an existing customer base, or evolving the customer base. Two, it involves a thoughtful (which doesn’t equal slow), data-driven approach leading to a calculated change in direction where all sides of a start-up (the founders, the team and the investor base) are aligned.
Don’t get me wrong, even these pivots are painful to live through. But with a little bit of luck and right timing, they have a better chance of success.
Founders need to be bricoleurs (Someone who practices bricolage...also French) when it comes to pivots, even during worldwide recessions caused by pandemics. Pivots test your creativity, your persistency, your resiliency, your focus, your passion, and your grit in the best of times. A blitz pivot, especially to prove something to someone else, might be the best way to shut your company down.
Look for an empty work station, a chair and get ready to go
It’s really hard, but so powerful. The "hack" culture of Facebook or the "do no evil" approach of Google or the "respect everyone" culture of the Mahindras. It is amazing to see what great things can be accomplished when a founder drives core values effectively through an organization.
Across boardrooms and TT tables, discussions still focus on valuations, fundraising and unicorns. Stop it. It’s time to focus on building real businesses and stop worrying about valuation.
I spoke to women entrepreneurs I know. Did they feel they were being unfairly judged? The short answer: Yes! “How much time will you take off if you get pregnant?” asked one investor. “Are you planning on getting married?” asked another.
The Indian Startup ecosystem has attracted over USD 5.5 Bn of PE/VC in 2015 alone and is the third largest Startup base worldwide. It’s heartening to see the Government take notice and launch the “Startup India Standup India” initiative.
What started off as a simple goal to make the world a better place has turned into a race to make it happen within a certain time. Once you are sure about that, take a deep breath and get ready to jump on the treadmill, because it will definitely be an exciting run.
We are at the cusp of creating great technology businesses in India. It can’t happen without the right support from a great board. And a great board needs independent directors.
Lightbox co-founders Sandeep Murthy and Sid Talwar talk about finding the right partner to ride the entrepreneurial journey with.
It's a question we find ourselves coming back to often, with every new conversation, partnership and investment.
Sid talks on growing businesses together and venturing into the unknown with various subscription models
You will receive the next newsletter in your inbox.
The monthly Gazette is your source of happenings within Lightbox - updates, blogs, deep dives, opinion pieces and all things consumer tech
Join the thousands who hear from us