This is the fourth in a five part series in an interview with Matt Ronge, CEO, Astropad: an extension of our April 20th webinar hosted by Modern Logic and Lighter Capital.
Max McKeown wrote, “All failure is failure to adapt, all success is successful adaptation.” Business inevitably requires adaptation, but that doesn’t make it an easy process. Matt Ronge, CEO of Astropad, knows the pivoting process in and out and has this advice to share with you.
Preparation is key
“Do a lot of research before you do the pivot. For a major pivot, you probably only have one shot to get it right. For a minor pivot, you can do course corrections. But for major pivots, don’t take it lightly. Do market research. See what everyone on your team thinks about it. Really flesh out your idea. You only have so many chances, so much capital, and so much trust with your team. If you come to them every month with a pivot, there’s only so much they’ll take.”
Pivoting is not a sign of failure
“Pivots are normal. Most businesses have to pivot at some point. Many businesses pivot early on because they don’t have the right product or market fit, but even businesses that have been around awhile do.”
The world changes. The market changes. It’s pretty normal and to be expected. Things are going to change, especially if you’re in the technology industry. It’s not necessarily a failure and more of the natural progress of a business.”
Pivoting in crisis is different
“With COVID-19, there was little time to research. It was thrust onto everyone all at once. If you’re in a crisis like that, be transparent. Admit when you don’t have the answers. In a crisis, cool down. Don’t talk to your team while your hair’s on fire. Give yourself a day or so to simmer your emotions down.
Your team will probably bring new ideas to the table. If they don’t have the full context of what’s going on, your decisions won’t make sense to them. If they know about the broader crisis, they’ll be more likely to go along with your concept. They’ll know why you’re shifting priorities or cancelling projects, and that’s really important.”
This article is Part 4 in our Thought Leadership series with Matt Ronge from Astropad. Stay tuned for his thoughts on how to get your team on board with pivoting!