Venturing Insights #19 - Embracing Change: A Fresh New Look for Open Road Ventures
How embracing change can drive growth. From startups to newsletters :)
Previously on Open Road Ventures: In our last episode of Venturing Insights, the final part of the "It’s all about" short series, we saw that successful Corporate Innovation is about finding balance, aligning multiple moving parts, and, perhaps most importantly, embracing complexity. If you missed it, you can catch up here!
Ciao Innovators,
Hope you're all doing well and settling back into the post-summer grind. September always feels like a fresh start, doesn’t it? The air feels crisp, the rhythm picks up, and it's the perfect time to tackle new challenges. And speaking of challenges—what happens when your latest product or business idea doesn’t quite hit the mark?
Let’s set the scene. Whether you’re an entrepreneur or “intrapreneur”, imagine you’ve spent months, maybe years, building a product. You’ve invested resources, attracted customers, and perhaps even gotten some traction. But one day, you notice a shift. That traction slows down, customer needs evolve, or maybe, you stumble upon an unexpected insight. What do you do?
You pivot!
Make sure you read until the end to discover some exciting changes coming to Open Road Ventures that will help me serve you better! :)
The importance of pivoting: embrace change or fall behind
Pivoting is often viewed with skepticism because it’s seen as a failure of the original vision. But it’s not. In fact, a well-executed pivot can mean the difference between a startup’s rapid decline and its accelerated success. The Lean Startup methodology, with its structured approach to experimentation, customer feedback, and adaptability, is a toolkit every innovator should keep close.
Key strategies for successful pivoting
Pivoting can sound daunting, but having a clear process makes it manageable. Here’s a breakdown:
Avoid irreversible decisions: keep options open to change direction based on data and insights.
Continuous assessment: regularly evaluate progress and results. If you're not hitting your targets, it might be time to consider a new approach.
Transparency: engage your team in the conversation. Be open about why a pivot is necessary and align everyone behind the new direction.
Build-Measure-Learn cycle: create a Minimum Viable Product (MVP), gather data through customer interactions, and iterate based on what you learn.
Now, let’s explore the various types of pivots in more detail.
Types of pivots: knowing which path to take
Each pivot strategy is designed for different scenarios, and knowing which one to implement can mean the difference between continued stagnation and renewed growth. Here are the main types:
Zoom-in Pivot: when one feature of a broader product garners the most attention, focus all your efforts on it and make it the main product.
Zoom-out Pivot: sometimes the opposite is true. A single feature isn’t enough. So, expand the scope and create a more comprehensive offering.
Customer Segment Pivot: your product might resonate with a different customer segment than originally planned. Identify them and shift your focus.
Customer Need Pivot: adjust your product to address a newly identified need within your current customer base.
Platform Pivot: changing platforms—such as from an app to a web-based solution—can sometimes solve major customer pain points.
Business Architecture Pivot: shifting your business model (e.g., from B2B to B2C) can open up new revenue streams and growth opportunities.
Value Capture Pivot: modify how you monetize value. For example, moving from offering free features to a subscription-based model.
Engine of Growth Pivot: change your growth strategy from viral to paid growth, or vice versa, depending on what scales best.
Channel Pivot: modify how your products reach customers. Shifting from retail to direct-to-consumer can drastically change how you connect with your audience.
Technology Pivot: this involves adopting a new technology to enhance delivery or efficiency—like moving from a physical product to a digital one.
Pivoting is not just for startups: corporates need it, too!
Corporates often see pivoting as risky and disruptive, but in reality, it’s a strategy to stay competitive. In a world where industries are being reshaped by digital transformation and shifting customer expectations, sticking to “business as usual” can be more dangerous than a well-considered pivot.
Internal R&D, product teams, or even entire business units can benefit from pivot thinking. It’s about recalibrating efforts to pursue new growth opportunities and avoid getting stuck in the past.
… Even Newsletters! Shaking things up at Open Road Ventures
Now, speaking of pivots, I’ve been reflecting on how I can provide even more value through Open Road Ventures.
This change is driven by feedback from you, a growing innovators community, and it’s designed to deepen our engagement and bring you even more relevant insights.
What’s changing and why?
When I started this newsletter, the idea was to provide value through two core sections:
The Weekly Deal: a deep dive into mobility and sustainability startups, featuring founder interviews and my analysis of their business models and strategies.
Venturing Insights: weekly thoughts on the latest trends in Open Innovation and Corporate Venturing.
But as time went on, I realized that keeping up with the The Weekly Deal on a weekly basis, while maintaining the quality you expect, was becoming a challenge. After reflecting on how to best balance quality and consistency, I’ve decided to make a few adjustments:
The Weekly Deal will now transition to Venture Spotlight, and it will be published bi-monthly instead of weekly. To ensure that this deep analysis is truly valuable, I’m making it available exclusively for paid subscribers. This shift will allow me to deliver even richer content, including comprehensive startup analyses and insights straight from founders.
Venturing Insights will continue to be shared weekly, providing you with timely thoughts and perspectives on the forces shaping innovation and venturing.
Introducing: Innovation Espresso
Just like that first shot of caffeine in the morning, this section will give you a quick yet powerful dose of curated news, articles, videos, reels, newsletters and podcasts that I’ve found particularly interesting throughout the week. Think of it as your go-to weekly update, bringing you the best content in the world of (Open) Innovation in just a few sips.
What this means for You
With these updates, the newsletter will be a blend of in-depth analyses, timely insights, and curated content:
Venturing Insights: a weekly look at key trends and strategic shifts in Open Innovation and Corporate Venturing. Perfect for your weekend reading or when you want to go beyond the headlines.
Innovation Espresso: a weekly collection of the most valuable content I’ve come across. Think of it as a quick sip—short, sharp, and pleasant to drink. Perfect for when you’re short on time but still want to stay informed.
Venture Spotlight: by-monthly in-depth analyses of the most promising startups, now reserved for paid subscribers. It’s the same high-quality content, with even more focus and depth.
I believe these changes will make Open Road Ventures even more impactful, giving you the insights you need in a format that’s easy to follow and digest.
I’d love to hear your thoughts on this new direction. Does the revamped format resonate with you? What else would you like to see? Drop a comment below or reply to this email. I’m always keen to hear your feedback!
Keep innovating,
Davide
This won’t change… a soundtrack for you: