Key Takeaways
- ‘Refounding’ is a trend among startups like Airtable and Handshake.
- It involves introducing new business models or AI products.
- The term reflects the high stakes similar to the original founding.
- It can involve significant operational changes, such as increased office presence.
What is ‘Refounding’?
Startups like Airtable, Handshake, and Opendoor are embracing a concept known as ‘refounding.’ This involves reimagining their business models or launching new AI products. The idea is not to pivot or change direction due to past mistakes but to treat the changes as significant as the original founding.
Airtable’s Approach
In June, Airtable announced its ‘refounding’ by focusing on integrating AI capabilities into its platform. Howie Liu, the co-founder and CEO, emphasized that this was not a pivot but a strategic decision reflecting the stakes of the company’s founding.
Handshake’s Strategy
Handshake is also adopting ‘refounding’ to reinvigorate its startup culture. Katherine Kelly, the chief marketing officer, highlighted the need for employees to return to the office full-time to maintain a pace that aligns with their goals.
Why ‘Refounding’?
The term ‘refounding’ was chosen over alternatives like ‘relaunch’ or ‘transformation’ because it captures the high stakes and commitment involved. It suggests a fresh start while maintaining the foundational principles of the company.
FAQ
What does ‘refounding’ mean for a startup?
‘Refounding’ in a startup context means introducing significant changes, such as new business models or AI products, with the seriousness of starting anew.
How does ‘refounding’ differ from a pivot?
Unlike a pivot, which often corrects a previous mistake, ‘refounding’ is about strategic evolution without changing the core direction.
What operational changes might ‘refounding’ involve?
It can involve changes like increased in-office work requirements to foster a more dynamic and goal-oriented environment.
Conclusion
For businesses running their own software or systems, the concept of ‘refounding’ offers a perspective on how to adapt and evolve without losing sight of foundational goals. It highlights the importance of strategic change and cultural reinvigoration.
Source: Is it time to ‘refound’ your startup? – techcrunch.com