Meaning of "to pivot to do something"

One specific connotation of the term "pivot" in this sense is that it is not just a "change of direction", but a "sudden, rapid change of direction and focus". Generally it implies that the company is essentially abandoning its previous efforts in order to make a concerted effort towards a new goal. Lessons may be learned from the old project, and parts may be salvaged and repurposed; but the original plan has been cast aside and everyone is working toward a new end.

Steve Blank stated that Eric Ries chose the term "pivot" for the phase of a startup company that decides to change their goal:

I want to introduce the concept of the pivot, the idea that successful startups change directions but stay grounded in what they've learned. They keep one foot in the past and place one foot in a new possible future.

Source: Eric Ries' original post about the pivot

To pivot means to turn. So the company in your example will now turn all its previous efforts, and work toward something else.

This doesn't mean that the previous efforts were wasted or even misdirected—it simply means that the company has decided that a change in direction would be more fruitful than staying on the same course.

Imagine a path with a bend in it. When you get to the corner, you pivot in order to keep walking on the path. If you stayed on the same course, you would get nowhere. Note that the walking you did before you pivoted was just as important as the walking afterward.

The word pivot here is being used in the sense of (appreciable) "turn" albeit gently :) A fine example of corporate-speak, the sentence can be interpreted as the following:

We (I) screwed up. But we are going to try to scavenge something from this mess by focussing on this other related thing.