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…
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