Tokbox raised $12 million after going through a significant pivot. The company essentially stopped developing its consumer facing product, and instead focused on Open Tok, its video chat API, as its core business. We had a chance to conduct a short interview with Ian Small, CEO of TokBox to find out the pivot decision was made. Continue Reading
After reading lots of posts on ‘lean startups’, listening to Eric Reis in Seedcamp and devouring Steve Blank’s “Four Steps to the Epiphany”, I wanted to see real examples of companies that went through a pivot process. By definition, a Pivot, is a change in the company’s strategy or business model when things aren’t exactly working out according to the business plan. The first post in the series is on TokBox, a startup that went through a business model change and managed to generate significant value as a result.