Being innovative means to constantly question the status quo and embrace change in order to develop further. While the drive to do so often comes from within, it can also be an external change that forces a company to radically rethink their business.
One such external impulse certainly is COVID-19, as it is jumbling whole industries and is forcing their firms to react. To save their businesses, many companies adapted, modernized, and improved their business model or product strategy. But beyond that, some had to go even further and had to take the courage to pivot their whole business model.
Our colleagues at German Accelerator* have looked deeper into the pivot, the most extreme change a business can make. Learn from different founders why they pivoted, how they communicated it, and how it turned out for their company.
*German Accelerator is a program funded by the German Federal Ministry for Economics and Energy (BMWi) and is currently managed by German Entrepreneurship GmbH. The current funding period for this program will expire on December 31, 2020. The German Federal Ministry for Economic Affairs and Energy is currently reviewing proposals in a public procurement procedure for the new funding period starting on January 1, 2021. This could lead to a change of project management effective January 1, 2021. While the procurement procedure is ongoing, startups can apply to and participate in the German Accelerator programs. In the event of a change of the project management provider, German Entrepreneurship GmbH will reach out to all applicants to ask for their consent to share their data with the new provider.