Pivot
Definition
A strategic adjustment involving a fundamental change in direction, focus, or approach.
The term "pivot" describes a significant reorientation or alteration in an existing plan, product, or strategy. It is not merely a minor modification but a substantial shift, often undertaken in response to new information, market feedback, or unexpected challenges that indicate the original approach is not viable or optimal.
In business and entrepreneurship, a company might pivot its product, target market, business model, or underlying technology. This strategic move aims to find a more successful path by leveraging existing assets or learnings in a new direction. The intention behind a pivot is typically to improve viability, reach a new audience, or better align with market demands.
For example, a startup decided to pivot from its original consumer-facing product to a business-to-business (B2B) service after struggling to gain traction in the retail market.
This concept is commonly used in discussions of business strategy, startup development, product management, and agile project management.