Groundwork Labs - The Time to Pivot is Now
One of the exciting things of working at a startup is that you can never predict what is going to happen next. Within two weeks of interning, I learned that a new accelerator had come into town, Triangle Startup Factory, and that my role as an intern was going to drastically change. As an intern for Groundwork Labs I had three main tasks:
Help create the structure of the program and source mentors
Participate in the application process and conduct due diligence on the team, market and product of the applicants
Help out with the day-to-day operations of the program – engage with and assist the companies in the accelerator
With the emergence of Triangle Startup Factory, this was all going to change. Before I go into how it is going to change, I want to discuss the reaction of the Groundwork Labs director. I have always heard that great entrepreneurs know when it is time to pivot their startups strategy (re: http://gigaom.com/2011/11/18/lessons-from-billy-chasens-epic-pivot-to-turntable-fm/) and now we had to figure out if now was our time to pivot. The purpose of Groundwork Labs was not to be the best accelerator in the area. Its purpose was to be the only accelerator in the area and fill a void within the RTP entrepreneurial ecosystem. So when the director of Groundwork Labs heard about Triangle Startup Factory, he did what any great entrepreneur would do – he pivoted Groundwork’s strategy. Instead of competing for applicants with the other accelerator, he decided that Groundwork would take its funding and try to fill another void in the community. I cannot go into details because the new strategy has not officially been released, but just know that Groundwork is going to strengthen the community in another great way.
My role as an intern has changed from the three tasks outlined above to helping define the strategy of the new Groundwork model. From an MBA student perspective, this is great experience. I am using what I learned in strategy class and VC class by working with the director to create a new strategy for Groundwork and I am creating models to determine if it is a good investment for our investors.
So within the first month as an intern, I have already learned a valuable lesson – as an entrepreneur or startup employee, you need to roll with the punches and know when to pivot.
