By Pete Rizzo (@pete_rizzo_)
“Innovation distinguishes between a leader and a follower.”
It’s become a bit cliche to quote the late Steve Jobs, but there may not be a better definition of innovation. Innovators are the leaders, the boundary-pushers, the ones who see the inside tracks against the guardrails, and take them when followers would play it safe.
As evidenced by the the big funding rounds we’ve seen so far this year, there’s no shortage of cutting-edge companies moving payments forward. However, some are just a bit more daring, a bit more forward-thinking and a lot more successful.
Fast Company’s “The World’s 50 Most Innovative Companies 2013,” a list of the 50 best innovators across all industries, contains no shortage of major influencers in the field of payments.
With this in mind, we’ve taken Fast Company’s recent list of on the most innovative companies in the world and pulled out the ones that everyone in payments should be watching.
1. Amazon (Fast Company Ranking: 2) – Coming in at number two on Fast Company’s list was eCommerce giant Amazon, which it cited as the leader in expanding next-day and same-day delivery services. The report suggested that Amazon would have met Jobs’ definition of innovation, as Google, eBay and Walmart have all followed its lead on this successful venture.
From a quick look at our past headlines, we couldn’t agree more.
2. Square (Fast Company Ranking: 3) – Perhaps the company on the list that’s most purely operating in the payments space, Square was lauded for igniting the mobile point-of-sale (mPOS) space, one that’s still progressing so rapidly, PYMNTS.com issues monthly updates on the growing ecosystem.
To date, the space has been invaded by major players like Paypal and Groupon, as well as countless domestic and international copycats. But, Square has found itself standing shoulder-to-shoulder with these great innovators, at least in print.
3. Fab (Fast Company Ranking: 5) – One of the great reinventions of the eCommerce era, Fab continues to evolve to fit the times, in part because it’s been able to make the tough moves in order to do so.
Whether that means leaving the flash sale market that helped it build its name, or laying off workers at a time of massive growth, Fab has been unapologetic, and ahead of the curb, at every turn.
4. Uber (Fast Company Ranking: 6) – San Francisco-based mobile taxi app startup Uber continues to prove the impact mobile payments can have on industries, and investors have rewarded it for its efforts. As of this August, the company was valued at more than $3.5 billion. And its just getting started: So far, Uber is available in just around 30 U.S. cities.
5. Target (Fast Company Ranking: 10) – Called “the hipster’s favorite big-box chain” by Fast Company, Target certainly has cultivated mass appeal.
But, the store has also shown a penchant for creativity, whether that means launching its own subscription service or using social media to drive in-store sales, that has found it retaining its underdog spirit.
6. Tencent (Fast Company Ranking: 16) – While Tencent isn’t a household name in the U.S., the social network has more than 300 million users in one important market – China. Fast Company lauded Tencent for being “less expensive, clearer and faster than calling people on the phone,” and so far this year its made payments plays to capture both merchants and consumers.
7/8. ModCloth, Birchbox (Fast Company Ranking: Tied-19) – While outliers to the payments ecosystem, both BirchBox and ModCloth have had in an impact in one regard – they’ve shown that the subscription model can work in the age of eCommerce and mCommerce. So far, the idea has legs. Studies by Birchbox suggest its own subscription model is translating to eCommerce success, while ModCloth recently took in $100 million in funding.
9. Yelp (Fast Company Ranking: 30) – In many ways the phonebook of the modern era, Yelp has garnered a huge following of users that not only influence others to make purchases through reviews, but also convert more than other social network users. This makes Yelp all the more dangerous, as its only just begun to offer features like on-site purchasing that could find it gaining even more traction in payments.
10. Kiip (Fast Company Ranking: 45) – Mobile rewards network Kiip is still receiving venture funding, but that didn’t stop it from cracking Fast Company’s top 50.
Fast Company has its hopes set high for Kiip because of its “user-friendly” mobile ad philosophy and willingness to put consumers first, no matter where they are around the globe.
However, this was just a small portion of the innovators Fast Company featured on its list. For more on the list’s other 40 entrants, view the full article here.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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