Written by 09:55 Tech News Views: [tptn_views]

5 Reasons Why Lago’s Successful Pivot Changes the Billing Game

Who could’ve predicted that a sidestep into the administrative world of billing could prove to be so lucrative? Paris-based startup Lago discovered just that. Originally building marketing tools, Lago dug up a goldmine in the world of billing and invoicing, securing a cool $22 million in two funding rounds. Buckle in as we unveil the top five takeaways from this intriguing business move.

1. When One Door Closes, Another Opens

Lago started its journey with the aim of refining marketing tools. Over time, however, their path veered towards billing—a major pain point among potential customers. Don’t be afraid to change course, as innovation often lies off the beaten path.

2. Listen to Your Market

Lago’s ‘aha’ moment came from listening to its market. The billing space proved to be even more void of effective solutions than marketing. This instinct to listen to your audience and keenly observe trends can fuel success in unexpected areas.

3.Open-Source: Breathing Life into Billing Platforms

Lago’s open-source billing platform is a breath of fresh air. This unusual approach in an industry that generally features locked-down, proprietary software underscores the potential of open-source solutions in enterprise-grade applications.

4. The Charm of Funding Rounds

Lago’s pivot was immensely successful, demonstrated by the impressive $22 million it raised across two funding rounds. This signifies more than just investor enthusiasm. It highlights their faith in the company’s potential to revolutionize a traditionally dry, complex sector.

5. Simultaneous Success and Secrecy

Timing can be everything! Lago’s ability to maintain the secrecy around their funding rounds until it strategically suited them underlines the importance of a well-thought-out publicity strategy in cementing a startup’s position in the market.

In a world where staying in your established lane is often seen as the safest route, Lago proves that daring to switch paths can lead to some pretty riveting (and rewarding) results. Let Lago’s audacious pivot serve as an inspiration to all aspiring startups, demonstrating that with careful consideration, agility, and a dose of courage, it’s possible to change course and still triumph.

Credit: BBC. TechCrunch, Reuters