About this episode

Mike and Emmet discuss notable business pivots, analyzing both successful and unsuccessful transitions in various companies.

In light of Allbirds’ (NASDAQ: BIRD) head-scratching transition to an AI compute infrastructure company, Mike and Emmet break down some of the market’s best and worst business pivots. In simple terms, a pivot is when a business decides to stop doing what it’s known for and pursue something else. This can be proactive, like Slack giving up its gaming business to develop its internal communication tool, or reactive, like Netflix opting to move into streaming in response to digital competition. Emmet kicks things off with Nokia (NYSE: NOK). It started as a paper mill in Finland back in 1865. In the early ’90s, it exited its legacy businesses to focus entirely on mobile phones and network equipment, eventually ending up in a cell phone duopoly with Ericsson. However, Nokia is also a key example of how quickly market leadership can be lost when a company fails to anticipate major shifts – in this case, the move to smartphones. Luckily, it pivoted again, going all in on infrastructure and investing heavily in 5G, and it currently has a market cap of more than $50 billion. Saab started out building fighter jets for the Swedish military in the 1930s before expanding into cars after the…

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