December 24, 2013
The Emperor Was Naked, I Had To Be Honest, Now It May Be Obvious
I just finished a call with a Venture Capitalist who famously invested in a well known and famous payment startup. The call was prompted by the recent news of Amazon acquiring Gopago and how I presented in private and public for over 5 years, ways that Amazon will enter retail payments just as Apple would. He was rather shocked to note that my early advice to this payment startup was ignored and it had a rather large financial impact. Yep, I was shocked myself back then, apparently it was heretical and charlatan to suggest this to a startup. I did not get the be dishonest memo.
The retail payments space will see a radical change in 2014 as Apple and Amazon both will be entering into this very crowded space of assisting small to very large merchants accept payments and to construct true wallets systems and technologies to enhance the consumer experience in ways not yet thought of. This will not be good news for any company that has assumed this would not happen, most particular, payment startups.
The perils of any startup are to ignore history and to be convinced that what they are doing is truly a textbook disruption. I have not seen a single payment startu ...