New exciting startup ideas can come from anywhere, even from places that you don't know exist. This is the story about the company that just 4 years ago began it's way as a San Francisco-based startup and now has introduced a new service aimed to support startups around the world.
Stripe is the popular payment provider available for businesses in 24 countries. At Mobile World Congress 2016 Stripe made a significant move, commonly known as a 'brand extension'. It announced new service called Stripe Atlas to help people from around the globe to run a business globally by establishing their companies in the United States.
What are the Stripe motives?
As Patrick Collison, co-founder and CEO of Stripe, explained at MWC 2016, the reason behind Stripe Atlas appearance is to help more companies expand their global activities easier and avoid the bureaucratic hurdles while setting up small businesses in the US. The intended audience of the Stripe Atlas service is any entrepreneur outside the US who has an international customer base and aims to raise money from international investors.
Patrick Collison said, 'The majority of the world's population lives in a country where they don't have access to high quality banking or payments infrastructure. There's a lot of latent potential in places like Africa, Latin America, Asia, and the Middle East places where developers and entrepreneurs simply aren't on a level playing field with people in more developed economies.'
What is the use of Stripe Atlas for startups?
Business is a specific ecosystem that requires constant development, and you have to think globally if you want to grow your company to it's utmost potential. The strive to make your company global occasionally meets some barriers, like communication, logistic or payment methods difference, that hold it back. The first undisputed way to overcome barriers in your global presence strategy is creating a mobile app that will be accessible to anyone. If you are running a business or have an idea to set one up, your company needs to go mobile in case you expect to still be relevant in five years. Contact us to build an app that is going to be welcomed by your foreign customers.
Most of startupers believe that it would be easier for them to access the capital and services like Stripe if they had their business incorporated in the United States. However, it demands much time and money expenses to make it happen. Moreover, fundraising process seems to be a lot easier when you are a US company. That makes sense.
But why does this happen? The US is the top location for new business investments thanks to it's stable government and business climate. Europe may be a good place to start but evidences show that the USA is the greatest launchpad for startups. The challenge to find the right investor who is going to be passionate about your business seems to be easier in the US.
Newly introduced Stripe Atlas helps overcome geographical barriers and gives businesses access to a proven legal and financial system.