Geelong has been referred to as the “Pivot City” since the 1860’s mainly because it became a central shipping and rail hub for Melbourne and the surrounding regions. The word ‘pivot’ holds great significance for Geelong. With the collapse of Pyramid Building Society in the 1990′s, Geelong had hit rock bottom. But as new investment and new opportunities came into being, Geelong buckled up and pivoted towards an industrial economy. This brought about an evident change in Geelong’s economy.
However, now things have taken a different turn again. Major manufacturing industries are on the brink of collapse resulting in large scale unemployment across the city. With the sudden upheaval in the manufacturing sector, Geelong needs pivoting more than ever. To create more jobs, Geelong needs to transition from a manufacturing based economy to a startup and digital one. Startups can fuel economic growth and innovation in a city. Employment opportunities are increased, and new employment patterns come into the picture. A digital and startup based economy can act as a driver of innovation, competitiveness and growth and holds tremendous potential for transforming Geelong. New digital trends such as cloud computing, mobile and web services, and social media, are radically changing the business landscape, reshaping the nature of work and the responsibilities of business leaders. These trends enable more than just technological innovation; they also create new business They spur innovation in business models, business networking and the transfer of knowledge and access to international markets.
Pivoting is a common word in the startup world. When initial components of business models don’t work, companies pivot to a different direction. Pivoting can be a crucial tool to create new opportunities, generate revenue and reinvigorate the business. Businesses can pivot by restructuring their assets and talents, assessing their goals and the problems they solve, analysing customers’ broader behaviors around the use of their products and services and then make the required changes in their business modules.
The Pivot Summit held annually in Geelong, is itself playing a pivotal role in creating awareness among people about entrepreneurship and digital technology. It acts as a common platform that aims at bringing International and Australian digital thought leadersto share their insights on how technology will continue to influence businesses. It aspires to be Australia’s answer to the South by Southwest (SXSW) Conferences & Festivals held in Austin, Texas U.S.A. Last year, the Pivot Summit was a huge success and engaged over 300 creative and digital professionals with speakers, networking, and collaboration. This year Pivot Summit will be centered around themes such as Digital Inclusion, Emerging technologies, Jobs of the Future, Entrepreneurship and Innovation. Pivot Summit aims to facilitate local and national innovation and bring attention to the jobs of the future. It also intends to act as a catalyst for networking local digital and creative professionals with global digital and creative leaders and influencers.
Annual conventions like that of Pivot Summit are immensely relevant in Geelong’s current scenario as it invites investment opportunities from all over the world and act as a catalyst for networking local digital and creative professionals with global digital and creative leaders and influencers. Enterprise Monkey is proud to support Pivot Summit that inspires, motivates and educates its audience and equips them with ideas and insights to innovate within their organisations and generate economic and social benefits. Geelong can leverage the Pivot Summit and encourage startups and innovation thereby creating more opportunities and jobs in digital and creative industries.
Pivoting is an excellent way to bring new life to an economy. All businesses must pivot from time-to-time if they want to stay relevant with their audience and competitive within their industry.
Becoming stagnant or irrelevant is one of the worst things that could happen, and one of the best ways to avoid this is to pivot.