I was reading an article on Techcrunch about the rapid rise in fortunes of Fab.com.
The founders were previously working on a startup in a completely unrelated field. Things weren’t going too well, so they sat down to figure out their next pivot.
Their process was super, super simple, and I love it for this reason.
They drew a circle with three lines, each segment containing a question. The answer to this decided what their pivot should be.
Here’s another great insight from the article:
Goldberg has a philosophy in product development — you can’t iterate your way into a business model.