This episode features Peter Colbert, founder and CEO of Inamo, a wearable payment startup and its genesis and push into America.
Peter describes the ups and downs and the lessons he picked up on the way to offer Inamo in the US, his home country of Australia, and eventually the rest of the world.
[05:58] The Idea of Prepaid Is Born - A day after surfing to clear his mind, it was his turn to buy his mates some coffee when he realized he didn't have his wallet. That's when the idea of prepaid contactless payment came to him.
[08:53] Visa Offers Peter's First Big Break - Peter woke up to an email from Visa saying that they like his idea of prepaid and would like to partner up. He decided that they had to enter the US market immediately.
[13:44] Greg Kidd, one of the first investors in Twitter, Ripple and many others tells Peter how Square is run.
[15:28] Peter learns about "The Innovator's Dilemma" which says "don't go into a market where the incumbent is huge. So find yourself a niche where the incumbent looks at you and says that's really not a market we're interested because we're looking after Macy's."
[20:18] Peter Explains Inamo's Journey - Peter explains how Inamo is set up to focus on the US market with the help of an American behemoth. Inamo then goes back to Australia and brings back the lessons learned from the US, such as the idea of collaboration that Australia still lacks.
[30:52] Lessons in Collaboration and Innovation - Peter explains the differences of the Australian and American psyches in connection to innovation and how it is stifled instead of encouraged.