David Deeds, an entrepreneurship professor at the University of St. Thomas Opus College of Business, spoke with the Minnesota Star Tribune about a Minnesota startup pivoting its business model to stay afloat. Deeds explained that the company’s shift to a new product and its strategic partnerships highlight the importance of adaptability, noting that the ability to quickly respond to challenges is a key advantage for startups navigating uncertainty.
From the article:
In the fall, Ashley Mooneyham was at a professional standstill.
She was about to get $2 million in federal funding for a big clinical trial of her award-winning invention, Momease, a heated nursing bra that marketing pros were convinced would help other new moms and disrupt the $2 billion breast-pump product category.
Then the funding was put on hold – twice – before she could even get Momease to market. ...
On April 13, the Small Business Innovation Research program was restarted with Trump’s signature, ending a seven-month funding lapse.
But Mooneyham isn’t waiting around to see whether the funding will be restored. PetalSoft is capturing her time and attention, and she thinks her new business has a shot.
Deeds, who trains entrepreneurs on how to successfully start a business, said Momease offers a “great case study” on the nimbleness required of startups.
“The only advantage an entrepreneur and entrepreneurial venture have is that they can adapt and move faster than big companies,” he said. “What you are watching is somebody do a good job of entrepreneurship. She hit new obstacles and barriers, but she’s been able to pivot.”
