echelon 2012 - the art of pivoting by simon newstead
DESCRIPTION
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/TRANSCRIPT
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Art of the Startup Pivot
Simon NewsteadCEO Frenzoo
@simonhk
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We launched at e27 conference in 2009
“The first 3d virtual world on the web”
We were on top of the world!
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We had a Product. Seed Funding. Press…
“Skype Founders invest in Frenzoo”
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BUT….
Only grew to 500,000 users
Organic growth was slow
Paid acquisition expensive
Only retaining niche users
Mainstream users not engaged
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The Problem – Friends Are Nice
Easy to believe your own hype
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We HAD to pivot…
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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
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Want to pivot? You’re not alone
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Social network to flash sales giant
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Hands up if you know this company?
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Red Octane
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Pressing factors for change
Users not excited?
Steep retention drop off?
Mismatch of CPA vs LTV
Market too small?
Running out of runway…
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5 tips for your successful pivot
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Tip 1 – Increase your runway (survive!)
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Tip 2 – Learn from your mistakes
Area Before AfterUX ✖ ✔
Tech ✔ ✔
Market need ✖ ✔
Distribution ✖ ✔
Team ✔ ✔
Unique product ✖ ✔
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Tip 3 – Leverage what you did right
Nowbox.comVideo player
Delight.ioVideo capture SDK tool
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Tip 4 – Rebrand
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Tip 4 – Rebrand
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Tip 5 – Don’t look back