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I think what's being suggested is that if you launch an ICO to "build an amphibious sheep ranch" or whatever, and raise $100m, and then it turns out that no suc
by Lazare 8y ago
I think what's being suggested is that if you launch an ICO to "build an amphibious sheep ranch" or whatever, and raise $100m, and then it turns out that no such sheep exist, you don't have to just shrug, go "oh well", and spend the $100m on Lamborghini's. You could pivot and do something else.
Here the company had an ICO to raise funds to build mobile crypto-mining rigs to move to where green energy was cheapest; if that's not viable, maybe they could build mobile crypto-mining rigs to move to where non-green energy is cheapest. Or maybe get into the green energy business directly. Or, I dunno, start making cooking shows, why not?
> What could you pivot .... to?
The suggestion isn't that they should pivot from "doing an ICO" as their business plan; that wasn't (meant to be) the business plan. The suggestion is that now that they've done the ICO, maybe they can pivot from their original business plan to something viable.
...or they can just spend the next few years suing each other and spending the money. That works too.
- duxup 8y agoInteresting. When I think of a pivot I just sort of assume there is some core competency there that could be used in another way. Someone wants to start a hip blogging site, that doesn't work, well some other web service.... after all they've got people who kinda know that, and it's not that far off.. Just going from "we're gonna mine a bunch of coins" to, I just can't imagine how much capability you have to do anything else. Granted you don't have to pivot to something close, but man your odds of success have to drop pretty quick the farther you get from what you were built for. Even big successful companies fail at trying new things all the time, because nobody there gets it. Cisco's hilarious dip into consumer tech for a while with flip video, their hyper expensive video conferencing stuff is my favorite example.
- perl4ever 8y agoIf you just read SEC reports on public companies at random (weird, I know), you will find a bunch of tiny non-Delaware companies that have no idea what they want to be when they grow up - they are just evaluating different businesses to try, and often have a history of different ventures that failed. Sometimes people do a reverse merger with one of them as a convenient way of going public without a regular IPO. It all seems quaint compared to the crypto craze, but anyway, it is kind of similar to what you're describing.