# Tuesday, April 10, 2012

The news today is buzzing with the announcement of Facebook’s acquisition of Instagram for $1billion.  Instagram co-founders, Kevin Systrom and Mike Krieger, literally had a billion dollar idea. The idea for Instagram was also Systrom and Krieger’s Plan B.

Kevin Systrom and Mike Krieger raised $500k of seed funding from Baseline Ventures and Andreessen Horowitz while working on Plan A in early 2010. The original idea for Instagram was called Burbn, a check-in app that competed with Foursquare and allowed you to check-in to locations and add photos and videos to your check-in. Burbn’s focus was suppose to be a mash-up of Foursquare and Mafia Wars (where the name Burbn came from.) Burbn (Plan A) did not really take off and after a lot of minimum viable products, several months later Systrom and Krieger pivoted, and released Instagram (Plan B) as we know and love. The rest, they say, is history.

Instagram’s story of pivoting is a great reinforcement for anyone starting a new business today. I’m sure that Systrom and Krieger loved their first idea (Burbn), but they did not fall in love with it and keep sticking to it. This happens too often when a founder keeps hacking away at a bad idea over and over without pivioting. The truth is that most great companies today are the result of a Plan B, or even Plan C, or Plan D. So when starting your business, don’t fall in love with your idea, accept that fact that you will most likely have to pivot and get to Plan B. It just may be a billion dollar idea…

Tuesday, April 10, 2012 10:42:39 AM (Eastern Daylight Time, UTC-04:00)
A great business idea is a good start, but doesn't be enough to create a successful business. In fact, nobody has a Plan B oder C oder D, as long as they are all variations of Plan A, they will arise during the normal process of development. As an entrepreneur, you see if something works or not. Of course you need to love it, otherwise you will give up. The trick is, not to stuck in it, but move on by listening to your environment. Therefore, you need a great team, some basic resources and the will to get it done.
For example, www.INISMO.com offers entrepreneurs the ability to create structured project pitch including various features as videos, commenting and voting systems. This project pitch can be used for your self or outside to pitch it directly to investors. The advantage: it is dynamic, so entrepreneurs can vary it all the time and everyone keeps up to date.
Comments are closed.