Bill Clerico, co-founder of WePay, an early fintech pioneer, discusses the challenges faced during the transition of their business and their acquisition by JP Morgan. The podcast also includes a conversation on baby-proofing, concerns about the future world and climate change, and the innovative work of Overstory in monitoring vegetation growth around power lines using satellite imagery.
WePay, one of the first FinTech startups, was founded in 2009 and later acquired by JP Morgan for $400 million in 2017.
Bill Clerico, after taking some time off and joining the volunteer fire department, recognized the need for technological advancements in the fight against wildfires and founded Convective Capital.
Fire tech startups face various challenges, such as finding initial customers who are open to adopting new technologies and addressing the issue of business sustainability, but the economic potential in the market is significant considering the billions of dollars at stake in areas prone to wildfires.
Deep dives
The journey of WePay and its acquisition by JP Morgan
WePay, one of the first FinTech startups, was founded in 2009 and later acquired by JP Morgan for $400 million in 2017. The founders, Bill Clerico and Rich Aberman, initially struggled and applied to multiple accelerators before being accepted into Y Combinator's summer 2009 batch. They shifted their focus from consumer payments to infrastructure by building an API to serve third-party developers. WePay faced challenges such as fraud and outages, but with the support of early investors, they managed to navigate through those difficulties. After their acquisition by JP Morgan, they operated as a separate entity for a while before deciding to move on. Overall, the WePay journey is a testament to the perseverance and adaptability required for startup success.
The emergence of fire tech startups and the need for innovative solutions
Bill Clerico, after taking some time off and joining the volunteer fire department, recognized the need for technological advancements in the fight against wildfires. He founded Convective Capital, a fund focused on investing in fire tech startups. The goal is to support companies that develop tools and solutions to enhance the effectiveness and efficiency of fire prevention, detection, suppression, and mitigation. The fire tech market is not widely explored, but with the increasing prevalence of wildfires and climate change, there is a growing opportunity for innovative solutions in this space.
Challenges and potential in fire tech startups
Fire tech startups face various challenges, such as finding initial customers who are open to adopting new technologies and addressing the issue of business sustainability. However, the economic potential in the market is significant, considering the billions of dollars at stake, especially in areas prone to wildfire. The focus is on developing tools and technologies for vegetation monitoring, suppression, detection, and more. These startups aim to collaborate with fire agencies, utilities, insurance companies, and other stakeholders to create a more resilient and proactive approach to wildfire management.
The importance of climate resilience and a sustainable future
The urgency to address climate change and its impact on wildfires and other natural disasters cannot be understated. Startups in the fire tech sector play a crucial role in developing scalable solutions that can mitigate the effects of wildfires. Ensuring a sustainable future requires collaborations between startups, governments, utilities, insurance companies, and other stakeholders to make meaningful changes and implement effective strategies. By supporting and investing in fire tech startups, it's possible to revolutionize the fight against wildfires and contribute to creating a more climate-resilient world.
Looking ahead and the potential of fire tech startups
The deployment of cutting-edge technologies, such as satellite imagery for vegetation monitoring, holds immense promise for the future of wildfire prevention and management. The growing interest and investment in fire tech startups signify a shift toward a more proactive and technology-driven approach to combating wildfires. By leveraging innovation and collaboration, these startups can make a critical impact in reducing the devastating consequences of wildfires and promoting climate resilience.
Today we're talking with Bill Clerico, co-founder of WePay which Y Combinator funded in 2009. WePay was one of the first of what are now called "FinTech" startups. In 2017, J.P. Morgan acquired WePay for $400M. Listen in to the adventures of an early fintech pioneer.
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