Complementing Innovation

Complementing Innovation



Following up from our most recent post on “Successful Entrepreneurship: Make Your Own Rule”, we shared a few good examples of successful Innovation, which simply made some improvement from the existing solution.

In this article, we continue to share one more good example. A stealth payment startup called Stripe, it is based in San Francisco, California. Stripe aims to make E-commerce companies easier to start accepting payments on the web.

E-commerce sites typically accept credit cards online by connecting with PayPal software, which some say is hard to use, or by spending time and money to set up a merchant bank account and build a network for storing card information. Big companies such as have already mastered this; Stripe lets Web developers of any size do the same thing in minutes.  This is not a new solution, it is merely a solution that complementing the existing online payment methods and gateways. This idea is big enough to make Stripe one of the most highly valued early-stage startups in years.

To a consumer, a Stripe-powered website looks ordinary, with the same credit card submission forms seen anywhere else. Developers love it because Stripe handles the dirty work. They simply sign up for an account and enter a few lines of JavaScript into their site’s source code. When users enter their card information, it goes straight to Stripe’s servers, so E-commerce site owners don’t have to worry about securely storing sensitive data. Stripe processes the payment, checks for fraud, and takes a fee of 2.9 percent plus 30 cents. The merchant gets a deposit in its bank account with the proceeds seven days later.


To recap:

The simple formula is  Successful Innovation  <NOT ALWAYS EQUAL TO>  New Invention or New Product; It could be a more useful Refurbished Product.