As one of Brabners' specialist lawyers within the technology, digital and creative sector, I have been hearing a lot recently about the art of the 'pivot'. While for many, this conjures up images of the classic Friends episode, it has actually become a massively important skill to possess, particularly within the technology and digital sector.
Recognising when a pivot is needed, is crucial to good leadership. In recent years (and not so long ago) so many businesses failed because they stubbornly stuck to their initial plans on the basis that if they didn't, they would be seen as a failure. Now, it is a sign of a successful entrepreneur, to spot a pivot, and act on it, for the good of the business.
That is not to say that founders, particularly at start up level, should be flippant in their business decisions, but it is important to remember that the technology sector is a constantly changing and developing environment, so this ability to adapt and identify new opportunities is crucial for sustained growth.
The ability to adapting, to "pivot,'' is critical for companies operating in the hyper competitive and dynamic space of the Internet. Pivoting is the art of recognizing that the pursuit of a specific idea, direction or product - in which you've invested significant time, money and energy – is no longer the correct path to follow.