What are the realistic chances of a startup becoming the next PayPal?
Payments
Asked by Question Bot03/Jun/20151 answer
1 Answer
F
Faisal Khan
Answered 03/Jun/2015
Anyone can start the next PayPal, the question you need to be asking yourself, what problem are you attempting to solve? (you don't have to answer here).
I've said this in the past, will say it again, put people in a room, give them a whiteboard, markers, Redbull and some cigarettes and after a couple of hours they will come up with a payment system. Many pundits believe that there are over a 1,000+ incubated payment systems and ideas out there in the world, all aiming to mimic the growth and success of PayPal. Nearly all of them will fail to meet the goal. The market can only have so many providers.
If you research extensively, the behavior of payments and then seek out the broken bridges, the friction points, etc. and see if there is a business case in trying to solve that problem.
Mathematically speaking, I could give you an answer citing 1 in 12,000 are your chances of success. I'm not trying to dissuade you, but more on asking you to look at the whole starting up a payments company from a different perspective.
Stop comparing, start exploring.
Who know, you might just be the person who would be responsible for creating the next generation payment system that would dethrone the incumbent players.
I've said this in the past, will say it again, put people in a room, give them a whiteboard, markers, Redbull and some cigarettes and after a couple of hours they will come up with a payment system. Many pundits believe that there are over a 1,000+ incubated payment systems and ideas out there in the world, all aiming to mimic the growth and success of PayPal. Nearly all of them will fail to meet the goal. The market can only have so many providers.
If you research extensively, the behavior of payments and then seek out the broken bridges, the friction points, etc. and see if there is a business case in trying to solve that problem.
Mathematically speaking, I could give you an answer citing 1 in 12,000 are your chances of success. I'm not trying to dissuade you, but more on asking you to look at the whole starting up a payments company from a different perspective.
Stop comparing, start exploring.
Who know, you might just be the person who would be responsible for creating the next generation payment system that would dethrone the incumbent players.