Knowing when to change a business model can be critical to the survival and growth of a startup. The marketplace is constantly evolving, and businesses that fail to adapt risk being left behind.
In Latin America, or any other region, startups need to be willing to pivot and experiment with new approaches to keep up with changes in consumer behavior, technological advancements, and competitive pressures. Sometimes, a change in the business model is necessary to better serve customer needs, enter new markets, or achieve profitability.
By recognizing the signs that a change is needed, startups can make strategic decisions that can drive long-term success. Failure to make necessary changes, however, can lead to stagnation and eventual failure. As such, it is essential for startups to remain agile and open to new ideas, and to be prepared to adjust their business model as needed to remain relevant and competitive in today's fast-changing business landscape.
The startups that are transforming their business model
The business models of the future are being combined, what used to be only a B2B (Business to Business) company, today they are complementary models with B2C (Business to Consumers).
Nowadays, marrying a single business model is one of the most common mistakes made by entrepreneurs, since opening up new possibilities is part of the growth of a startup. Given this, we present some companies that have merged these two business models (B2B and B2C) and are conquering the market.
It is one of the LMS (Learning Management System) startups of online courses that focuses on education by results. This means that our courses are aimed at specializations and practical knowledge in creative and digital categories.
It is the tech employability accelerator that helps you successfully navigate the most demanding selection processes in the tech industry anywhere in the world.
The business model of this company is very good, since young technological talents from the region are trained there, but companies also have the opportunity to hire these professionals.
It is a platform that allows us to order, from simple things like breakfast, a snack or medicines, and receive them in minutes, to more elaborate things like our favorite dish from a certain restaurant or the pantry of the week, and we will also receive it in a short time.
Today, Rappi plans to change its business model by launching Brands by Rappi, a platform focused on digital marketing.
It is one of the startups that aims to make refunds instantly and make life easier for consumers. For its founders, one of the biggest challenges was understanding that a good product that solves a problem is not going to sell just because it is good, but that it must start from very early stages to measure and focus on growth strategies.
It is one of the largest online professional education platforms in Latin America, founded in 2011 by Freddy Vega and Christian Van der Henst. Today they have 3 million active students in more than 140 countries, thousands of courses and study areas focused on the development of skills and knowledge required by the world's largest companies.
This company has lost its fear of entering new markets and expanding its business models, which has brought great success to this startup.