One of the toughest realizations as an entrepreneur comes when you recognize that your company is not providing the results you need. This isn’t a question of meeting short-term goals, but rather when you recognize that the results you are obtaining are not leading where you expect. Identifying at what point things need to change is often difficult, and staying accountable to your stakeholders can be extremely stressful.
Being an investor is not for the faint of heart. Investing both time and money into people, ideas, or companies is always a risky endeavour with no guaranteed returns. While every business evolves and develops along it’s own course, pivots always represent additional risk.
The word “pivot” has a particular meaning in the startup/tech world. When companies pivot, they are recognizing that what they are doing isn’t working to achieve their goals. Everyone associated to the company tends to be fearful when hearing this word because of the high risk associated with it.
Pivots don’t always have to cause turmoil, however. If researched, planned, and executed well, pivots lead to a focusing and a new way to find growth that may otherwise be missed. This was the case for YUPIQ, which successfully pivoted to become Referral SaaSquatch.
The Alacrity Foundation is deeply rooted in tech entrepreneurship. Owen Matthews, a founding member of Alacrity and investor based in Victoria, BC, co-founded the organization with the aim of fulfilling a critical need. This is part one of a two-part interview with him.