Eric Ries to Tell Payments Industry How to Get Lean and Mean at The Innovation Project 2013

  Eric Ries to Tell Payments Industry How to Get Lean and Mean at The
  Innovation Project 2013

Author of The Lean Startup Joined by PayPal’s Mark Lavelle and 5 Industry CEOs
From ShopRunner, ROAM, PaySimple, iZettle and Vantiv to Challenge Conventional
                 Wisdom About Igniting Innovation in Payments

PYMNTS Innovation Project 2013

Business Wire

BOSTON -- February 25, 2013

Would many more payments ventures fail than succeed if they looked more like
"lean startups"? That is the core question that Eric Ries, author of The Lean
Startup,  and Mark Lavelle, Senior Vice President of PayPal and co-Founder of
Bill Me Later, and five of the industry’s most senior and dynamic C-suite
executives will address in a 90-minute interactive keynote session at The
Innovation Project 2013 on March 21st. Hosted by, The Innovation
Project 2013 is an invitation-only, two-day gathering of the most senior
executives and elite innovators in payments who are driving innovation in the
payments and broader commerce ecosystem.

Ries isn’t likely to pull any punches when he addresses the 500 senior
delegates who will attend this session. The author of The Lean Startup, Ries
is known for being direct. “The amount of time a company can count on holding
on to market leadership to exploit its earlier innovations is shrinking,” Ries
says, forcing even the largest and most established players to think very
differently about how it innovates and why. Nowhere does this ring truer than
in payments where incumbents and challengers now duke it out in an ecosystem
reshaped by the forces of technology, the imaginations of entrepreneurs every
where, and the investors willing to fund lean startups with a vision for how
payments and commerce should look in the future. Ries' Lean Startup Principle
Number one? Don’t spend time initially on how a product should look or
function, but whether it should exist at all. If a startup can’t get beyond
that basic, the rest is just a waste of everyone’s time and money —so don’t

The focus of this interactive panel discussion will be on a critical factor in
payments innovation – ignition – and how Ries and this group of C-Suite
innovators believe lean startup techniques can be adapted to an industry as
complex as payments. For example, a core tenet of a lean startup is devising a
growth and value hypothesis for a customer segment, except that in payments,
those hypotheses must take into account multiple customer segments given the
customer interdependencies that its platform structure imposes. So, in
payments, it isn’t enough to have a value hypothesis for consumers or a
business, there has to be a value hypothesis for merchants too. Scaling that
web of platform interactions also requires a business model design that
creates an incentive for a side of the platform that really values having
access to the other, to jump on board. Many a startup in payments and commerce
has followed lean startup principles to the letter, only to see its
masterpiece flounder and flop because it miscalculated which side of the
platform needed to see the value in its MVP enough to jump on board and
subsidize the other side that was essential to turn the platform flywheel.

Reis and Lavelle will engage in an interactive 90-minute session that will
discuss and debate the merits and challenges of adopting lean startup
techniques in an environment that is as massively complex as payments. This
session will include five other C-Suite executives who have applied lean
techniques in their own startup organizations and will share what worked well,
what didn’t, and what modifications to the lean startup methodology might have
to be considered in order to fully ignite innovation in payments and commerce.

Members of the panel include:

  *Jacob de Geer, CEO and founder of Sweden’s iZettle
  *Ken Paull, CEO of ROAM
  *Eric Remer, Founder and CEO of PaySimple
  *Scott Thompson, CEO of ShopRunner
  *Bill Weingart, Chief Product Officer at Vantiv

For information on how to register and for a look at the entire programming
line up, please visit

About The Innovation Project

Over 2 days, 100 speakers and 500 senior members of the payments industry will
change the way that the payments and its broader commerce ecosystem thinks,
talks, delivers and ignites innovation. On March 20^thand 21^stthe greatest
minds in commerce and payments will assemble at Harvard University near Boston
to kick the conversation about innovation up to an entirely different level at
a program called The Innovation Project. Speakers and delegates are among the
most senior executives and elite innovators from literally every established
payments company worldwide, along with the CEOs of the most innovative
start-ups in the space. One of its five modules includes pairing industry CEOs
with external thought leaders such as Al Gore (former US VP), Steve  Levitt
(Freakonomics), Eric Reis (The Lean Startup), Rosie Rios (US Treasurer),
Russell Simmons (Rush Card), Raj Date (CFPB),  and Josh Lerner  (Architecture
of Innovation) to challenge the conventional wisdom around what it will take
to get merchants and consumers to adopt new ways to shop and pay. Warren
Buffett is the program’s keynote. The Innovation Project also hosts the
industry’s 2013 Innovator Awards, given to 15 of the industry’s top
innovators over dinner, which this year will be emceed by B.J. Novak of The
Office and will introduce delegates to 40 of the hottest “next generation”
payments innovators.

About is reinventing the way in which companies in payments share
relevant information about the initiatives that shape the future of commerce
and make news. This powerful B2B platform is the #1 site for the payments
industry by traffic and the premier source of information about “what’s next”
in payments. C-suite and VP level executives read it daily for these insights,
making the audience the most valuable in the industry. It provides
an interactive platform for companies to demonstrate thought It provides an
interactive platform for companies to demonstrate thought leadership,
popularize products and, most importantly, capture the mindshare of global
decision-makers. It’s where the best minds and best content meet on the web.

Leeann Cannon, 617-374-1334
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