In business, a pivot refers to a significant change in a company's strategy or direction in response to changing market conditions or other factors.
A pivot may involve changes to a company's product offerings, target market, business model, or other key aspects of the business. The goal of a pivot is usually to improve the company's chances of success by better aligning its strategy with customer needs and market trends.
Pivots are often associated with startups, which may need to experiment with different strategies and approaches to find a sustainable business model. However, established companies may also need to pivot if they are facing disruption or significant changes in their industry.
A pivot can be a risky move, as it involves abandoning some aspects of the company's existing strategy and investing resources into a new direction. However, it can also be a necessary step for companies to remain competitive and adapt to changing market conditions.