From Startup Pivot to Finding Product-Market Fit : One Year Later
A year ago, I shared a blog about our bold decision to pivot our HRTech SaaS Startup and how we shifted from a business with $700K in Annual Recurring Revenue (post churn, at peak we were at $900K ARR), a 25-member team, and $3.2 million in funding, to embracing the uncharted territories of a startup pivot. This meant starting from scratch: zero revenue, a smaller team, figuring out what to build next and bringing all the stakeholders on the same page.
A quick TL;DR on why we pivoted?
- Churn — We struggled to demonstrate recurring ROI for customers. Without sticky value, churn began compounding.
- Geo-limitation — We started in a small, familiar market. But customer discovery about expanding internationally revealed a mismatch between our product and broader needs.
- Founder/Team/Market fit — Our personal design choices as founders differed from the product direction the market needed. This misalignment cascaded across talent recruitment and work streams, leading to siloed efforts and mediocre output.
This post was originally posted on Medium. You can read the full post here