18 May, 2011 - 08:19 By News Desk

Day 15 - Taking Money Off People

They were introduced as the best corporate you could meet, because 'all they care about is taking money off people'.

Yes, we spent the day with PayPal and were particularly enriched by our awesome guests John Lunn and Anthony Hicks. Anthony looks after a mix of strategy and the developer network, while John heads up PayPal's innovation - playing with toys and having no targets.

With zero presentation slides between the two of them, they dedicated the morning to Q&A and the questions just kept coming. John and Anthony covered how best to collect money off your users, as well as the future of PayPal and payment systems, with lessons including:

- When a user want to pay, the last thing you want to do is make it difficult for them to part with their money.- If you start freemium, stay freemium. You can't change from freemium to paid half way through because your users will get pissed off.- PayPal doesn't want to turn your phone or ipad into your wallet, because you'll wind up with several different wallets in that case. 'You don't want 4 wallets. You want one wallet you can use on 4 different devices.' Instead, the concept is 'wallet in a cloud'.- Think about all different platforms, not just web. There will be 60 different internet enabled devices in your house in 2 years, the majority of which don't have display interfaces. Consider how to tap into that.

As terrific as that was, we didn't let them get away without some afternoon speed mentoring. They made my job difficult rotating everyone around because none of the teams wanted their meetings to end. To be fair, it was a nice challenge to have.

Today was one of the few days without an evening commitment, so teams could get through some 'real work' as they call it. One startup that picked a new name last week settled a new logo, thanks to 99designs. They got everyone involved in voting and feedback, and judging by Facebook photos they might have had some late night celebrations... Jon and I investigated venues for our Investor Showcase, which I'll similarly poll you on shortly. Lets just say, I think you'll like it!

Day 16 has another strong fleet of mentors in store. Now that everyone is clear on getting paid, let's see if they can figure out how to make some money.






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