There are myriad reasons why founders need to rethink product features, tweak service offerings, or adjust their business models. Maybe a new customer segment reveals itself after six months of collecting user data. Perhaps an algorithm shift makes a key feature of your platform unnecessary or, alternatively, creates an opportunity to streamline operations.
Lara Hejtmanek '99, managing director at the Eugene M. Lang Entrepreneurship Center, says that founders shouldn't be scared of pivoting—it's a core component of growth. “There's a perception of pivoting as bad, but it's actually necessary,” she says. “As a startup founder, you're either micro-pivoting, creating new business lines, or doing total pivots. It's just part of innovating.”
Foundational Frameworks
The Lang Center's methodological approach to entrepreneurship can be applied to pivoting and more—in fact, the frameworks can be a backdrop for all the parts of the startup journey, from ideation to exit.
When a startup needs to pivot, for instance, it can turn to the principles of problem-solving taught in the CBS course Innovation Using Design Thinking, which help startup teams apply trusted observation techniques to ongoing customer research. They might turn to the fundamentals of cognitive psychology—including how changing market conditions may impact consumer behavior—which is part of Foundations of Innovation. Knowing how to gather data around problem-solution fit, a topic discussed at length in Launch Your Startup, can help founders evaluate success metrics throughout every new iteration of their company.
Concepts taught in the Foundations of VC course also apply to scaling, particularly for entrepreneurs seeking seed Series A or B funding rounds. The four Ps—people, problem, progress, and price—that are part of due diligence during early fundraising efforts continue to be critical frames of reference.
Seeking Out Support Systems
Another important element to keep in mind is that no venture exists in a vacuum. The people entrepreneurs surround themselves with, from team members and fellow founders to advisors and investors, will prove indispensable as their startup scales.
Founders should give as much—or more—back to their network as they take from it. That said, everyone needs help sometimes, and when this happens, it's best to ask for it explicitly. A vague email requesting to grab coffee with an advisor is often less fruitful than a series of thoughtful, specific questions.
To ensure founders have a support system even after their time at CBS concludes, the Lang Center offers resources like coaching office hours, the Lang Fund for Alumni, the Lang Talks webinar series, and Alumni Edge, a series of online courses on topics like VC, business analytics, and technical skills.
Hejtmanek also points to the Columbia Alumni Virtual Accelerator (CAVA), which connects alumni, faculty, and experts to troubleshooting and crowdsourcing solutions, culminating in a demo day to pitch to investors, while the Columbia Startup Lab (CSL) coworking space builds an incredible cross-pollinated community where half the seats go to alumni who can expand networks and knowledge through professor talks, workshops, and interacting with investors.
Resources like CAVA and CSL are part of the Lang Center's commitment to creating a holistic and engaging ecosystem for entrepreneurs long after they've left campus. The School aims to meet alumni where they are on their entrepreneurship journey, says Olivier Toubia, the Glaubinger Professor of Business, who teaches Foundations of Innovation and related classes.
Some students are prepared to start businesses right away, while others might benefit from working in larger companies first to gain expertise and connections before eventually launching their own ventures, he says.
“This means that for the current students, it's not necessarily about launching a company while you're at school,” Toubia says. “It's also about learning the tools that will prepare you to launch a company in five or 10 years' time.”
A Pandemic-Driven Pivot
Founded in 2019 by Austin Cohen '16 and Justin Turetsky, FlexIt was initially established to help gym goers access fitness facilities while paying only for their actual usage time. The startup swiftly scaled to more than 5,000 gyms in 25 states before facing a major disruption: the COVID-19 pandemic. “FlexIt's rapid growth evaporated overnight,” says Cohen.
With gyms shuttered, FlexIt quickly transitioned to virtual health and wellness services. The company introduced Interconnected Health, a live, two-way communication tool enabling users to book and train with wellness professionals across devices—setting the stage to break into new markets. “The shift to being virtual allowed us to connect with people not just across the United States but around the world, and eventually led to even faster growth than we experienced pre-pandemic,” says Cohen.
FlexIt soon expanded to offer 29 comprehensive health modalities, including low-impact wellness activities like yoga, health coaching, physical therapy, and nutrition.
CBS has continued to provide valuable support throughout these later stages of the startup's journey. “I recommend students lean into the innumerable resources and expansive reach of CBS, including mentorship opportunities, leadership training, talent acquisition, funding, user acquisition, and so much more,” says Cohen. “CBS is a network for life, not just a platform for four terms.”
