November 9, 2012
7 years ago (20yrs old) I was involved in launching a medical device start up with my cousin and my family. I touched every aspect of the business from sales and marketing, Operations, Project management, Financial and book keeping. Although it is stressfull at times, I really enjoyed the challanges that comes from being involved with start ups. Everyday is a new lesson and to overcome them your role and knowledge is always adapting and expanding respectively. After speaking with my family, they agree it is time for me to take what i have learned and make my own ideas a reality.
My future venture is an online business rewards network directly integrated into each client’s merchant processing account. My model is a disruptive innovation in the merchant processing and B2B sales industry. Every other provider is currently cannibilizing margins because they have commoditized the merchant processing fees. Yet the largetst componant of the fee (interchange) is non negotiable and passed through direct to the merchant. Merchants have always financed the cash back rewards that cardholders enjoy by paying this interchange fee. For the first time, merchants will finally be able to get those rewards back in a way that allows them to reinvest into their busines. This will effectively eliminate the entire cost of accepting credit cards. With this model I intend to grow a large merchant base by selling on solution not price. Moreover, we gain revenue intesity and "stickyness" by having merchants use the rebate we give them on other business services.
27 year old ready to start his career as a serial entrepreneur. Passionate about start ups and eager to meet new people and learn something new everyday!