Before Jason Goldberg struck gold with his idea for a flash sale site for designer products Fab.com he attempted to launch a social network to help gay men meet people and find things to do. That site, called Fabulis, launched in 2010 and raised nearly $1 million, only to be phased out the following year.
"I do not think there is much of a viable business for building a web-based community for gay men beyond dating and hookups," Goldberg said at the time, explaining his decision to pivot from Fabulis to Fab. "The mainstream sites are fulfilling the demand from gay men as gay men are able to participate on them with all of their friends, not just with their gay friends."
The move proved to be a smart one. Fab now has more than 10 million users and is reportedly close to raising a new round of funding at a $1 billion valuation.
And as it so happens, Fab made another pivot earlier this year, moving away from flash sales to focus more on exclusive offerings and the retail store experience.