⚡ How Twitter Pivoted from a Struggling Podcasting Platform to Become Arguably the Most Famous, or Infamous, Social Media Platform in the World

Morning Innovators ⚡ This week (in less than 5 minutes!) we’ll explore…

🎙️ How Twitter pivoted from a struggling podcasting platform to become arguably the most famous, or infamous, social media platform in the world
📰 All the biggest news stories in the start-up world
👀 Our 3 favourite start-ups to keep an eye on this week
🍾 How a Prosecco company has caused a huge stir with one Ad
🥳 All the best job opportunities and events in the start-up world
🖼️ A tool that speeds up creating awesome ad creative

👆 The most clicked link in the last week’s newsletter was this article about HSBC taking on international payments app Wise.

Happy hustling,
Rich & Gary

⌛ A reminder for all start-ups, this weekend is your last chance to apply to be part of our Disruptors 100 list, featuring some of the most exciting start-ups in the country! Want to get involved? Apply here.

From Podcasts to Tweets… In the heart of San Francisco, a small company named Odeo was navigating the choppy waters of the tech start-up world. Founded in 2005 by Evan Williams, Odeo was initially envisioned as a haven for podcast enthusiasts. However, the landscape shifted dramatically when tech giant Apple announced its foray into podcasting with iTunes. This left Odeo facing an existential crisis, sparking a desperate search for a new direction. In this moment of uncertainty, a simple yet revolutionary idea was about to emerge from within the company's own ranks, altering the course of digital communication forever.

Odeo's journey began with the ambition to revolutionise podcasting. The platform, built on technology developed by Noah Glass, aimed to democratise audio broadcasting. However, the entry of Apple into the podcasting market with its vast resources and user base presented an insurmountable challenge for the nascent start-up.

The turning point came during a pivotal brainstorming session led by Williams, seeking innovative ideas from the team. It was then that Jack Dorsey, a relatively unassuming figure in the company, proposed an idea for a platform focused on sharing status updates. Working closely with Glass, who coined the name 'Twttr', the idea began to take shape.

The team, led by Glass and with crucial contributions from Dorsey, focused on building a user-friendly platform that enabled users to broadcast short, 140-character messages called "tweets". Despite the initial skepticism from Williams, the project gained momentum within Odeo. This phase was marked by a blend of excitement and uncertainty, as the small team worked tirelessly on a project whose future was anything but guaranteed.

Their efforts culminated in the launch of Twitter, which initially confused many industry observers. Michael Arrington of TechCrunch questioned the strategic direction of Odeo given this new venture. Nevertheless, the team persevered, fueled by the belief that they were onto something revolutionary. The simplicity and immediacy of Twitter were starkly different from Odeo’s podcasting platform, offering a new form of connectivity that resonated with early adopters. This marked the beginning of a new era for the company, setting the stage for an extraordinary journey that would redefine the landscape of social media.

Key Lessons for Founders:

Agility Over Attachment: Odeo's pivot to Twitter exemplifies the need for agility in business. In the face of Apple's dominance, their flexibility to move away from podcasting was a decisive factor in their survival.

Recognising Opportunity in Adversity: The team's ability to see an opportunity in the shadow of iTunes’ entrance into podcasting was pivotal. They transformed a significant challenge into a launching pad for innovation.

The Power of Simplicity: Twitter's success can largely be attributed to its simplicity – a sharp contrast to the complexities of podcasting. This shift underscores the effectiveness of a focused, straightforward product.

Listening to Internal Voices: The concept of Twitter originated not from external consultants but from within the team. This highlights the importance of fostering an environment where internal ideas can flourish.

Risk-Taking as a Virtue: The leap from a podcast platform to a social networking site was a considerable risk. There was no guarantee of success, but the belief in the idea's potential was a key driving force.

Twitter's story is a testament to the power of adaptability, vision, and courage in the unpredictable world of start-ups. It serves as a compelling blueprint for founders looking to navigate the turbulent seas of the tech industry. By embracing change, recognising potential in adversity, and committing to simplicity, start-up founders can chart a course for success, even against formidable odds.

As a start-up founder, what is your 'Twitter' moment? What pivot could redefine the trajectory of your venture, and are you prepared to seize it when it appears?

Conquer January Like a Boss: Your Ultimate Starting Point

Ready to Kickstart 2024? Hire Your Secret Weapon - The Executive Assistants Extraordinaire from Scale Up Outsourcing! 🚀

Ah, January – the month where resolutions are made, gym memberships are renewed, and businesses are gearing up for an epic year of success. But hold on tight because, at Scale Up Outsourcing, we’ve got the game-changing secret weapon your business needs to soar to new heights – our fantastic Executive Assistants (EAs)!

Picture this: Your year is a well-choreographed dance, and our EAs are the nimble dancers who make sure every move is flawless. They’re not just your typical assistants; they’re the wizards behind the scenes, making magic happen.

Ready to elevate your business game? 🚀 Contact us today, and let our Executive Assistants pave the way for your most successful year yet! Because at Scale Up Outsourcing, the global workforce is at your fingertips!

Visit us at www.scale-up-outsourcing.co.uk, Facebook, LinkedIn

🏪 OpenAI launches a store for custom AI-powered chatbots
TechCrunch
After telegraphing to devs last week that it would do so, OpenAI has launched a store for GPTs, custom chatbot apps powered by its text- and image-generating AI models (e.g. GPT-4 and DALL-E 3).

🤵 OpenAI-backed 1X just raised $100m to bring its two-legged robot butler to your home
Sifted
The idea of two-legged robots to tidy our homes has been the stuff of science fiction for decades. That is now about to change.

💷 UK remains second for fintech funding despite downturn
UKTN
UK fintech funding fell by a steeper rate than the global average in 2023 but retained its second place for investment globally.

🪪 HSBC backs digital ID firm Yoti in £20m debt funding
UKTN
Digital identification startup Yoti has raised £20m from HSBC and shareholders to support its goal of securing profitability.

This week we’re spotlighting some of the most exciting start-up’s providing marketplaces for underutilised spaces.

Tutti is designed to help facilitate finding and booking physical spaces for creative activities, initially focusing on music rehearsal spaces and expanding to a broader range. The platform, launched in 2018, offers direct, transparent communication between creatives and hosts, with no hidden costs, enhancing efficiency in the creative process. Aimed at giving artists more time to create, Tutti represents a blend of technology and understanding of the creative industries' needs.

Sharesy, launched in March 2020, is a platform dedicated to fostering human connection and community through shared experiences. From Aerobics to Zumba, it offers a diverse range of activities, emphasising the importance of shared moments and memories in enriching lives. The platform supports venues by listing and hiring them out, empowering them to maximise their earning potential.

Behere, launched in 2018, is a global living platform designed for seamless travel and work experiences. It offers handpicked, furnished apartments, coworking spaces, and fitness studios in central locations, coupled with an easy booking process and on-the-ground support. Behere enables users to live and work on their own terms, free from traditional contracts or fixed itineraries. The platform focuses on creating a balance between digital efficiency and meaningful human connections, offering a modern solution for those seeking to integrate travel, work, and lifestyle in a harmonious way.

This week’s marketing hack is a slightly controversial one, as people can’t decide whether they love it or hate it - it’s really split everyone down the middle!

Prosecco Doc took an interesting route when trying to get themselves some added attention. That route was to completely devalue their competitor’s product! The image above is the attack in question as it includes a picture of a product named ‘Secco’ and goes on to state “THIS IS NOT PROSECCO”.

Whilst they haven’t named any competitors, with a quick Google search of ‘Secco’ or ‘Sekko’, it’s pretty easy to find some.

What do you think of this marketing effort? Is it okay to go after your competitors to improve your market position, or is that a low blow?

💼 Job opportunities

💻 Growth Marketing Executive, Pinpoint
🚴 Growth Marketing Executive, RideTandem
🍝 Product Engineer, Nory

🎤 Events/Opportunities

🤑 South East Angels are currently looking for early-stage investment opportunities. Apply for funding here.

💷 Sticking with the investment theme, Guinness Ventures is on the lookout for game-changing investment opportunities. Find out more here.

🔮 Female Founders Rise are offering a one-day workshop in partnership with London Business School to give you a learning opportunity with some of the UK's leading voices in entrepreneurship and innovation. The “Uncovering Entrepreneurial Opportunities” workshop will explore two key topics pertinent to uncovering and assessing entrepreneurial opportunities that have the potential to grow. The session is aimed at FFR members, and you can apply to attend here. Applications close at noon today so get in quick!

📈 They’re also running an event on scaling up. Applications to attend this close on the 9th Feb.

Each week we’ll be highlighting our favourite tools - either something we’ve been using in our businesses, or tools that our innovator community have recommended.

AdCreative.ai, launched in 2020, revolutionises digital advertising by harnessing the power of AI to generate high-conversion ad creatives. This platform allows brands to efficiently test and identify top-performing ads, as demonstrated by Häagen-Dazs tripling their conversion rate. AdCreative.ai offers a range of services including the generation of ad creatives, texts, headlines, and social media posts, all optimised for maximum engagement and conversion rates. With features like creative insights, competitor ad analysis, and AI-powered video and image enhancement, it simplifies the advertising process for various users, from start-ups to large enterprises. 

Next week we’ll be exploring how the world’s best note taking app went from laying off all their staff and almost closing down, to growing to a $1bn+ valuation. We also highlight how you can use a QR Code and Airdrop to capture plenty of people’s attention.

P.S. Connect with us on LinkedIn…