The idea or concept of reinventing a startup is not new to businesses. At any point in the life a business if things are not working out, its best to be agile, readjust and focus on what works well.
You can change your industry if your product or service is not receiving the needed attention you expect.
If its difficult to completely make a changeover you can switch to a related industry
If your core offering is facing serious competition, sometimes its best to redesign and move to a new path.
Twitter was born out of Odeo. And obviously it was the right decision
If you realise the market opportunity is not as big as your team imagined, it is not to late to abondon it and begin a new product.
If your main industry is having trouble, try expanding to a different industry. You never know what could come out of the new idea.
If you can take advantage of a new trend to reinvent your startup, take it and run with it.
Reinventing a startups does not necessarily means you should change focus completely, you can also change your marketing strategy. Focus on attracting new clients through a new medium you have never explored before.
You can also think about solutions that could substitute as an alternative to buying what your competition is offering.
Redefine market segments within an existing market
You can integrate your product with other products and services that serve the same market segment. So many startups are being integrated into others if management sees an opportunity. Look into your product, identity potential startups and reach out to them.