54. Concept & Seed
Founded in December 1996
1997: Raised 10$ Million, reached 393$ Million
Product Development
Automated warehouses and designing the web site.
Marketing and promotion program
Test
May 1999: 1100 person
Product Launch
June 1999 – One month after test
After 60 days: public offering (IPO)
Raised 8.5$ Billion, larger than top three chains combined
76. Pivot: A change to business model component based on customer feedbacks. A pivot is not a
failure.
Pivot is a structured course correction designed to test a new fundamental hypothesis about
the product, strategy, engine of growth, etc.
Eric Ries, The Lean Startup, 2013.
Pivots are vision driven.