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When PayPal started, they were beaming money between PDAs. Then after a while when their curves were no good, they noticed that some confused users thought that
by cft 10y ago
When PayPal started, they were beaming money between PDAs. Then after a while when their curves were no good, they noticed that some confused users thought that their Confinity website that described how to beam money, was actually the place itself to transfer money to others. Then they pivoted. Then this new product was not viral. Then they started paying $10 when you open the account.
- seibelj 10y agoPlease don't down vote this comment. He is making a salient point about why it might not be a good idea to quit at such an early stage. Whether it was the right decision for Contract Beast or not, he is trying to provide a counterpoint to the idea of giving up by providing an alternative anecdote. Some people in a similar situation could use the boost.
- LionessLover 10y agoThe "salient point" as you put it suffers from a huge acute case of selection bias and survivorship bias, two deadly diseases that kill the argument immediately after it's born.
- CPLX 10y agoIndeed. Not to mention the Internet was basically a wide open green field to build companies on in those days. There is no shortage of B2B focused web-based software in 2016.
- cft 10y agoI agree with the huge difference between 1998 and 2016 decisions. Soon it will be like starting a car company in 1930s: was possible in 1905, became impossible in 1930
- TotallyHuman 10y agoYeah, just like with Tesla...
- clickbyclick 10y agoChanging behavior is hard, many startups try only a select few can. Adjusting behavior an easier but less rewarding outcome.
- mpbm 10y agoYeah, but Tim already addressed that scenario when he said that nobody but him had quit their job or lost any money yet. The PayPal team was already well into being a committed startup.
- funkyy 10y agoWhile your comment is right from my position (I often help startups to solve them problems) thanks for using "salient" - new really nice word goes right in to my dictionary.
- drumdance 10y agoThey had already raised $4 million for the PDA idea. Or rather, the MVP. The $4 million was famously beamed into their account via PDA.