Tech entrepreneurs are able to develop ideas much faster and for less money than in years past. This has led to entrepreneurs changing their company's business model mid-stream when they find the original business model didn't have traction or that feedback suggested moving in a new direction. This rapid shifting of business models is now known as "pivoting" and in the case of Instagram, paid off very well. Instagram, founded just a few years ago, was started as a mobile check-in site, but pivoted into the photo-sharing application that was acquired recently by Facebook for $1 billion.
The Wall Street Journal article "'Pivoting' Pays Off for Tech Entrepreneurs" discusses this phenomenon of pivoting, and how venture capitalists are embracing it. It's an interesting read. Here's the link: http://online.wsj.com/article_email/SB10001424052702303592404577364171598999252-lMyQjAxMTAyMDIwNjEyNDYyWj.html
The Wall Street Journal article "'Pivoting' Pays Off for Tech Entrepreneurs" discusses this phenomenon of pivoting, and how venture capitalists are embracing it. It's an interesting read. Here's the link: http://online.wsj.com/article_email/SB10001424052702303592404577364171598999252-lMyQjAxMTAyMDIwNjEyNDYyWj.html
