A Quote by Harper Reed
Ten Internets ago, when PayPal was started, it was all these tools that no one had built yet to bring commerce to the Internet. My first startup used PayPal.
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One thing I would like to see in Vancouver and Canada is something similar to the PayPal mafia. They were all early employees of PayPal. They all had monster exits with PayPal, and they were able to take their winnings and form a syndicate that co-invests.
It's clear to me now that Ethereum is the new currency of the Internet. It's way ahead of where Paypal was in its day, and it's much more exciting to its customers than Paypal ever was.
I often talk about the PayPal mafia out of San Francisco, people that were in PayPal and got out of PayPal and continue to reinvest in other start-ups and create a huge pay-it-forward type of network there.
Of the six people who started PayPal, four had built bombs in high school.
We're really thinking how do we re-imagine PayPal almost as a service. PayPal as a SaaS platform.
Nowadays people talk about PayPal's founders as prescient geniuses who would inevitably change the world. It was, however, not so obvious that PayPal would taste its first major success by helping people sell Beanie Babies on eBay. But they had a vision, a hope, and the perseverance to try multiple iterations until they got it right.
After PayPal, I never thought I would get interested in payments again. But bitcoin is fulfilling PayPal's original vision to create 'the new world currency.'
PayPal exists because banks are not interoperable: I can't efficiently pay you $10 unless I'm giving you a $10 bill. So we're all on PayPal and Venmo, I need interoperability on the same ledger.
PayPal's been around forever. How do we use that platform to solve the future of commerce?
What we want to do to monetize Venmo is to add more and more capabilities. Anywhere you see a PayPal merchant, you can click on that button and actually use your Venmo account to check out at that merchant. Then we'll monetize that transaction exactly the same way we monetize a PayPal transaction.
The moment we put up the PayPal button, some guy donated $300. That's when we realized that if you give somebody a chance to support something on the Internet, they'll do it.
I consider us to be one of the first Internet-based bands, especially because we basically started our entire band via the Internet. Before MySpace Music even existed, we had a band MySpace page. We were one of the first fifty bands on PureVolume(.com), and we really built everything from the Internet. That's how we started talking to record labels, that's how we booked our first tours. Without the Internet social networking, like Twitter, we definitely wouldn't be where we are today. It is a huge part of the band.
The Internet Treasure companies tend to go public rather than get acquired, although there are clear exceptions, like Instagram, YouTube, Skype and PayPal.
If I had known how hard it would be to do something new, particularly in the payments industry, I would never have started PayPal. That's why nobody with long experience in banking had done it. You needed to be naive enough to think that new things could be done.
I wanted to be a venture capitalist and join Sequoia Capital. They've financed and helped built some really special and enormously successful companies, including Google, Yahoo, Paypal, YouTube, Cisco, Oracle, Apple, and also Zappos.
I think if you look at the commonalities between eBay, PayPal and OpenTable, all three are businesses that built a network in a vertical. Network effect businesses are very attractive businesses.
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