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Simon Newstead, CEO of Frenzoo shares The Art of Pivoting at Echelon 2012 - Asia's leading tech startup event, organized by e27. Official Coverage: http://e27.sg/2012/06/11/echelon-live-how-a-successful-pivot-scored-a-1-million-user-growth-in-just-2-weeks/
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Art of the Startup Pivot
Simon NewsteadCEO Frenzoo
@simonhk
We launched at e27 conference in 2009
“The first 3d virtual world on the web”
We were on top of the world!
We had a Product. Seed Funding. Press…
“Skype Founders invest in Frenzoo”
BUT….
Only grew to 500,000 users
Organic growth was slow
Paid acquisition expensive
Only retaining niche users
Mainstream users not engaged
The Problem – Friends Are Nice
Easy to believe your own hype
We HAD to pivot…
Under 1 Million users in two yearsvs
1 Million users in two weeks.
Reached:#1 free RPG on iOS#1 free game on Kindle Fire
Want to pivot? You’re not alone
Social network to flash sales giant
Hands up if you know this company?
Red Octane
Pressing factors for change
Users not excited?
Steep retention drop off?
Mismatch of CPA vs LTV
Market too small?
Running out of runway…
5 tips for your successful pivot
Tip 1 – Increase your runway (survive!)
Tip 2 – Learn from your mistakes
Area Before AfterUX ✖ ✔
Tech ✔ ✔
Market need ✖ ✔
Distribution ✖ ✔
Team ✔ ✔
Unique product ✖ ✔
Tip 3 – Leverage what you did right
Nowbox.comVideo player
Delight.ioVideo capture SDK tool
Tip 4 – Rebrand
Tip 4 – Rebrand
Tip 5 – Don’t look back