The pivot — it’s quickly become one of the most hated, worn-out words in the entrepreneur’s vocabulary.
Business model flopped? Pivot! Can’t get users? Pivot! Lukewarm reaction from press and investors? Rebrand and pivot!
Fab.com CEO Jason Goldberg pivoted in a big way over the past year. He turned his social network for gay men, Fabulis, into Fab.com, a site for design-oriented flash sales.
And he evidently did something right. Revenue has been pouring in ever since, items have been selling out, members have been flocking to the site, and everything is, generally speaking, coming up roses.
So we decided to get the one guy we knew who executed a drastic and wildly successful pivot to come into our office, explain how he decided to make the switch, how the changes were brought about, and what he’d recommend for entrepreneurs considering a pivot.
And if we never have to print the word “pivot” again, it’ll be too soon.
Stay tuned tomorrow morning for big news from Fab.com, including how the company plans to maintain its momentum and expand to new audiences.