GROW2012 - Innovating to Get Sh*t Done - West Stringfellow PayPal

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West has led major innovation programs throughout his career; including designing and launching products at PayPal (point of sale, multichannel, deferred payments and demand generation products and experiences), VISA (proposing and launching a new method of eCommerce payment, now V.me), and at Amazon (designing and launching their digital video service and first billable web service).

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  • PayPal is moving offline because: - drives ubiquity for our customers — use PayPal all the time - opportunity offline is an order of magnitude greater than the one online But moving PayPal offline requires significant innovation within our company
  • But moving PayPal offline requires significant innovation within our companyHowever, it also allows us to completely re-imagine the way people are going to shop and pay  * we aren't tied to a legacy systems * We have complete freedom To start the innovation we got locked in a room and imagined the most perfect shopping experience.  * traditional shopping payment mechanisms are just a utility * How could we be disruptive — mobile device — utility of that device (location) * Mobile device with PayPal as an intelligent shopping mechanism * Better ways to pay — decouple the payment from the transaction * Shopping is fun, paying is not. Make it more about shopping and less about paying * The line between offline and online retail doesn't exist anymore. We need to allow consumers to behave the way they are already behaving. * Give people the way to shop in the most intelligent least painful way possible
  • You must structure innovation programs to persist
  • * Hypergrowth is an anomaly -- Tickle Me Elmo is a complete freak, Pinterest is WTF? Don't strive for that.
  • * This one is obvious * There is no real data outside of real data. You need to put it in the hands of the customer to see how it really works. You cannot learn without your customers.
  • * Communication — lots of it. Is the key. * Belief in dogma – if your dogma is status quo, you become RIM. If your dogma is that your product is not perfect, you will continue to innovate * Communicate evolution so innovation is also learning and growing. * Where does innovation come from (Amazon — shooting for the horizon, Google — grassroots innovation) There needs to be a marriage between executive vision and staff buy in. * To create this marriage you need to create a story, you need to create a dogma. * Massive Road Show to get everyone to buy into the vision — if you don't believe that this is the number one priority then it is your time to leave the company.
  • * Fundamental flaw in innovation -- build a perfect box and don't leave any room to change the box. Tiny, illogical things will make a product work or not. You have to build in the ability to be hyper agile when you enter a new market because it is foreign territory and you'll need to adapt immediately.* Iteration and innovation can occur within your core product. Think about pivoting and looking outward-in at your core products* Give your team permission to fail. You can't innovate perfectly. As long as failure comes with learning and improvement, it should be part of the process.* We have developed a new muscle at PayPal called iteration.
  • * Lost of companies fall in love with their product and don't want to innovate … they aren't scared anymore. You should always be inspired to achieve more. * honesty about capabilities and vulnerabilities — know what is really possible* Real customer focus can help you evaluate how you weight an initiative * Keep the faith because it takes time * Innovation is the opposite of being perfect. Steve Jobs example.
  • * Lost of companies fall in love with their product and don't want to innovate … they aren't scared anymore. You should always be inspired to achieve more. * honesty about capabilities and vulnerabilities — know what is really possible* Real customer focus can help you evaluate how you weight an initiative * Keep the faith because it takes time * Innovation is the opposite of being perfect. Steve Jobs example.
  • Launching PayPal at Point of Sale was the largest program in the history of PayPal We had to move fast – take advantage of the opportunity How did we do it?  * storytelling — need to bring it to life * This is totally technically achievable — if not by us then by others …. we need to move faster than our competitors * Get people emotionally invested to get them to think creatively and give them permission move fast (and make mistakes) The result today 16 major retailers have signed on.     * The Home Depot was able to scale from 5 stores to 2,000 locations in just two months * Abercrombie & Fitch was able to beta-test and roll out PayPal payments to all of their 900+ locations across the United States in just over four weeks - in time for the critical Back-to-School time period * Jos A. Banks - as of June 29 the 6 store pilot was expanded to a full U.S. rollout of 566 stores. 
  •    * Success in the new retail environment is all about better connections with customers. PayPal offers a solution that helps merchants do that in every phase of the process, but the merchant retains the customer relationship. * Merchants don’t have to ask their consumers to do anything new. They don’t have to buy a certain phone, or create a new account, or be in a certain place at a certain time. All they have to have is a PayPal account …. And there are more than 113 million who already do. * Turning unknown customers (in-store) into known customers … PayPal has a proven track record of innovation. We’ve got the technology and the ecosystem to make this vision a reality.· 13 years· 106 million accounts, 190 markets· 9 million merchants· Risk and fraud prevention expertise
  • GROW2012 - Innovating to Get Sh*t Done - West Stringfellow PayPal

    1. 1. NEW COMMERCE, NEW PAYMENTSINNOVATING TO GET SHIT DONEWest StringfellowGlobal Head, Product Platform &Senior Director, Product
    2. 2. PayPal, circa 2010 PayPal is… 100M+ users, 9M+ merchants in 190+ markets The way to pay online. …now what? 8/28/2012 2
    3. 3. PayPal is the way to pay online anywhere! online. We moved offline to: • Drive ubiquity for our customers - let them use PayPal all the time … • Pursue an opportunity an order of magnitude larger than our online opportunity … but how do we get there? 8/28/2012 3
    4. 4. Moving offline required significant innovation Put Aside Preconceived Imagine the Perfect Shopping Limitations Experience … but how did we get there?
    5. 5. Innovation is a Long Term Investment
    6. 6. Hypergrowth is an Anomaly
    7. 7. Fear Kills Innovation
    8. 8. PayPal’s relentless pursuit of innovation hastaught us … Because: You Must:  Know Your Customers Innovation is a Long Term Investment  Know Yourself and  Communicate – consistently Hypergrowth is an Anomaly  Iterate – constantly  Maintain Persistent Self and Awareness Fear Kills Innovation  Fail – fearlessly
    9. 9. Know Your Customers Innovation Lessons:  Know Your Customers  Know Yourself  Communicate – consistently  Iterate – constantly  Maintain Persistent Self Awareness  Fail – fearlessly
    10. 10. Know Yourself Innovation Lessons:  Know Your Customers  Know Yourself  Communicate – consistently  Iterate – constantly  Maintain Persistent Self Awareness  Fail – fearlessly
    11. 11. Communicate - In a way that others will understand Innovation Lessons:  Know Your Customers  Know Yourself  Communicate – consistently  Iterate – constantly  Maintain Persistent Self Awareness  Fail – fearlessly
    12. 12. Iterate – constantly Innovation Lessons: Design  Know Your Customers  Know Yourself  Communicate – consistentlyLearn Build  Iterate – constantly  Maintain Persistent Self Awareness  Fail – fearlessly Test
    13. 13. Maintain Persistent Self Awareness Innovation Lessons:  Know Your Customers  Know Yourself  Communicate – consistently  Iterate – constantly  Maintain Persistent Self Awareness  Fail – fearlessly
    14. 14. Learn from Failure Innovation Lessons:  Know Your Customers  Know Yourself  Communicate – consistently  Iterate – constantly  Maintain Persistent Self Awareness  Fail – fearlessly
    15. 15. Accept and Learn from Failure
    16. 16. Last: Never Outsource Your Innovation
    17. 17. Launching Point of Sale was the largestprogram in our historyOur success allowed partners to scale our products to thousands of their locations FAST
    18. 18. Our vision is to help merchants and consumercreate better connectionsOur technology and ecosystem, with our track record of innovation, will continue to make our vision real!
    19. 19. NEW COMMERCE, NEW PAYMENTSThank you.

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