The article discusses the challenges of pivoting a startup in trouble, illustrated by the author's experience with Bugscore, a ratings platform that failed to gain traction. Despite initial enthusiasm and significant investment, they faced existential threats as user adoption stagnated and financial resources dwindled. Instead of persisting with a failing project, they made the difficult decision to shut it down and pivot toward viable solutions. The piece emphasizes the importance of recognizing when to pivot and the courage it takes to acknowledge failure in order to avoid financial ruin.
Holding on to a bad project isn't dissimilar from holding on to a bad investment, something my former colleague at Goldman Sachs, Elsa Rocha, very aptly covers in her article on investing biases and relationships.
Our infinite thirst to succeed was met with the reality of dwindling financials, and by the summer of 2014, we had a few weeks of budget remaining before the lights went out.
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