***
George showed up a little after seven and introduced himself to the hostess.
“Right this way, sir,” April said, as she escorted Mr. Foster up to the second level.
“Hey, George, you made it, thank you so much for coming,” I said, as I stood up to greet my guest with a warm handshake.
“Trevor, how’s it going?”
“I’m doing really well, how’s everything with you?”
“Things are going well. My wife and I just had our second baby last month, so I’m a little sleep deprived.”
“Aren’t we all?”
“Yeah, well, it’s worth it. We are really excited to welcome the new edition into our family.”
“Congratulations. I’m happy to hear things are going well for you.”
George looked around and said, “Wow, this is a nice place, huh? Have you eaten here before?”
“Of course, I own it.”
“Really? Wow, good for you.”
I had two servers scheduled to do nothing but take care of us the entire night. I had them bring us our best wine and had the chefs prepare one-of-a-kind dishes that were not a part of the menu. For the most part, we kept the conversation light during dinner, catching up, small talk – the usual. Then he asked me, “So I’m interested in hearing more about your business.”
“Well, I have met a lot of really bright people throughout my life, each possessing their own unique set of talents and attributes. I’m in the process of selecting among those individuals to put together an all-star team, utilizing their natural talents for the success of my company. Your natural talents combined with your knowledge of the banking industry would be a huge asset to our operation. Together, I intend to revolutionize the world of commerce.”
“Sounds exciting, I can’t wait to hear more.”
After a long-winded sales pitch, I had George completely on board. I reached into my briefcase and pulled out a thick folder with my company logo on it.
“I have prepared this specifically for you, George,” I said, as I handed him the folder. “Inside, you will find a more in-depth description of what was discussed tonight. It will also outline the job description, the pay and benefits, and a contract. I want you to take this home, read it over carefully, discuss it with you wife, and get back to me by Monday morning with your decision. I know that doesn’t give you a lot of time, and this is probably a lot to take in right now, but I can assure you that you will be well taken care of. If you have any questions, please don’t hesitate to call anytime, day or night.”
“Thank you, I’ll look this over as soon as possible and get back to you.”
“I want to thank you again for meeting with me tonight, George. I hope I didn’t take up too much of your time.”
“No not at all, it was my pleasure.”
“I hope you enjoyed your meal, which is on the house by the way.”
“Thank you so much. The food was excellent.”
“You’re welcome. It was good to see you, George. I’ll look forward to hearing from you on Monday.”
C H A P T E R
F I F T Y
The group consisted of friends and family from all parts of my life – college, university, work, and even some people from my restaurant. We all packed in to a small conference room at the Marriott Hotel in downtown Vancouver. In the centre of the room was a large oval table that had enough seats for everyone there. Off to the side was another small rectangular table with an assortment of food and beverages on it. I gave people a moment to come in and get some snacks before I proceeded.
I did one final look at my checklist to make sure everyone was there. As I scanned the faces of the crowd, I felt a great sense of pride. This was my team – or at least, my would-be team. I hand-selected each person based on two principles – trust and merit. I was not sure how many of them would even join me, or how many of them would remain after joining me. I was asking a lot from them. I was asking them to leave behind stable and secure jobs to take a chance on me – a man with relatively no experience. However, if this company was ever to survive, I would need a strong, well-rounded team, and I had to have faith in them as well.
I assessed each player for months before making my final selection. Since I was operating with a tight budget, it made things even more difficult. In this case, it was as if I was a new sports franchise. We were all rookies in this industry and I was certainly not qualified to be the head coach, but that was just on paper. Sometimes in life, there is an indescribable x-factor – a hidden element, which allows a person to garner success where everyone expects failure.
“Ladies and gentlemen, thank you all for being here tonight,” I said to my audience. “I have met with many of you over the past couple of weeks and briefly explained to you what my vision for this company is. Others will be hearing this for the first time. Regardless of which category you fall into, I will be giving a more detailed presentation tonight and will be prepared to answer any questions you may have for me.”
“First, why don’t we go around the room and have everybody introduce themselves to the group. McKay, why don’t we start with you? Please tell everybody a little about yourself – education and background, and perhaps how we know each other.”
“Okay. Hello, my name is McKay; I’m a University of Calgary graduate. I have a degree in marketing and a masters in finance. I met Trevor almost ten years ago when we lived in Banff together and have kept in touch ever since.”
McKay was one of my oldest friends in the room. I had a lot of respect for him as a person, but held an equal respect for his abilities in business. The fact I was able to ‘sign’ him spoke to the respect he must have had for me and my abilities as well. Coming from him, that meant a lot to me. He was my marketing expert – a person who had a way with people and was a whiz at understanding market needs. I needed McKay to assist me in market acquisition and public relations. He would be someone who I could bounce ideas off and receive honest feedback. Although most of my business team were young and inexperienced, we also had a unique perspective on how modern business should be done. We were not held slave to outdated ideologies and corporate procedures. As such, I believed McKay would complement our team well.
The introductions continued.
“Hi, I’m Steve. I met Trevor a few years ago. We lived in the same building when he was in law school. We graduated the same year, but my degree is in commerce.”
Steve was a bit reckless in business and in life, so he would definitely need to be managed. But what Steve lacked in self-control, he made up for it in finding creative ways to make money. He was a visionary and a natural-born leader. Nevertheless, I was not ready to have him be in charge of anything just yet. I determined he would work best under McKay’s leadership.
“Hi I’m Dan. Trevor was my neighbor while we were in law school. We were in the same grad class. And I’m a Pisces.”
Dan was a lot like me – young, ambitious, and determined. We had similar upbringings and similar educational backgrounds. He would definitely be an asset to me because I could count on him to give me straight answers and objectively challenge any decisions I make. In business, this is often referred to as your second sober thinker.
“Hi, I’m Eduardo, I’m originally from the Philippines. I moved here with my wife six years ago. I met Trevor while working at the National Group Bank. I have a bachelor’s degree in economics.”
Eduardo was a positive person who would be able to boost morale. My plan for him was to have him be in charge of customer service.
“Hello everyone, my name is Tami. I met Trevor at the Bank. Eduardo and I were on the same team as Trevor. I have a bachelor’s degree in English.”
With a degree in English, it may not be obvious why I chose to bring Tami onboard. She would be my executive assistant. She was 20 years my senior and was whip-smart. Not only did she have life experience, she had held a variety of jobs in many different kinds of companies over the years. I co
uld really benefit from her wisdom and expertise in how to run the internal business of a company.
“Hello, my name is George Foster. Up until very recently, I was the Senior Director for the Credit Card Division of the National Group Bank of Canada. I held that position for the past eight years. Before that, I was an account manager with the bank for five years. I have a bachelor’s degree from University of Toronto in business administration and I have a master’s degree in accounting from the University of Saskatchewan.”
George would be my CFO. He was the only person in the room with any real experience running a large division of a company. He was my numbers expert and I was truly blessed to have him onboard.
“Hi my name is Will. I have known Trevor since high school. We lived together briefly in Banff, where we had a brief altercation once over a glass of orange juice, but otherwise our relationship has run smoothly. I don’t have any degrees, but I have been educated in the streets.”
Although Will was not academically accomplished, I brought him on board for one simple reason – he understood people. It would be a mistake to overlook this component when trying to launch a competitive team. People are what drive businesses. He was a kid who went from obscurity to being one of the most popular kids in the entire city. You cannot do that unless you are a master networker and understand the subtle nuances of human psychology. He knew what people wanted and how to deliver it. Will was really a person who could do anything he put his mind to, but to utilize him correctly, I planned to put him on my marketing team, and perhaps later, he could be in charge of human resources.
“My name is Brian, I’m Trevor’s brother. I have a degree in mathematics and a degree in computer programming.”
My brother was my oldest friend in the room – someone whom I trusted and admired a great deal. We were born only two years apart, but he was vastly wiser than I was. Like me, he was a very systematic and logical thinker. I could always trust in his sound and thorough judgment. I determined the best place for him would be to put him in charge of the company’s web development.
We continued to go around the room until all the introductions were complete. Once that was out of the way, it was onto the next order of business – introducing the vision for my company.
C H A P T E R
F I F T Y - O N E
Everyone in the room seemed extremely eager to hear what I was about to say. I had prepared this night for weeks to make sure everything was perfect. On the table to my right was my briefcase. In it, I had a stack of laminated coil-bound prospectuses to give everyone at the end of the night. For those who wished to join me on this venture, each would receive their own key to the office I was renting.
Earlier that evening, I had pulled Steve aside and asked him to assist me with a little demonstration. Right on cue, I began my presentation.
“Steve, do me a favor. Can you please take out your wallet?”
“Sure.”
“Okay, now I want you to take out all the cards in your wallet and read out the types of each.”
Steve aptly complied with my request. “Alright, let’s see. I have four Visas, an American Express, my gym pass, Air miles, Shoppers Optimum, Safeway, Save-on foods, IGA, my Driver’s license, Care Card, Social Insurance card, I have two debit cards, some gift cards…” Steve continued until he had a sizable stack of plastic in front of him.
“Okay, now someone tell me what is wrong with that?”
“It’s a lot of plastic,” someone called out.
“That’s right, and not only that, many of those cards require PIN numbers, and some of those cards are only used once in a while.
“Thank you, Steve. You may put those away now.
“Ladies and Gentlemen, I’m proud to present to you, the solution,” I said, as I took out a shiny black card and showed it to everyone. “My plan is to combine all those cards into one card, called the Unity Card.”
I had a stack of prototype cards made up and passed them around the room, one for everybody.
“I came up with this idea while working at the bank. I would receive countless calls each day about people forgetting their PIN numbers. The Unity Card solves that problem by combining all your cards into one card, with only one PIN number to remember.”
I paused and waited for it to sink in.
“Now, let me assure you, achieving this will be no simple feat. There are a number of problems. First, suppose you are out shopping and you swipe your Unity Card. How are you going to be able to select between your different accounts?”
Nobody volunteered to answer.
“The solution to that problem is to have a new payment terminal installed in every retailer in the world. This new device will have a digital screen that will display all the different card types that the store accepts. The user then inserts their Unity Card and selects their preferred method of payment.
Now, I can see the wheels in your heads turning. Many of you probably foresee a number of problems with this. Don’t worry, I have already thought of them. What is one obvious problem with this card?” I asked.
My brother was quick to respond. “People won’t leave their house with just one card – what if they need to buy something and the merchant doesn’t accept Unity Cards? Since people won’t want to take that chance, they will still bring all their cards with them. Thus, the Unity Card will be just another card in their wallet, except it will be redundant and unnecessary.”
“You are absolutely right. So what’s the solution?” I asked, trying to get some more audience participation. Again, nobody volunteered to answer. “The solution is to make sure every merchant in the country accepts Unity Cards.
As I look around, I can tell some of you already see the catch twenty-two. Merchants have no incentive to update their payment terminals if nobody has the Unity Card, and if merchants don’t have the technology, then users have no way of using the Unity Card, so they won’t get one. So what’s the solution?” I asked.
This time, Steve responded. “We provide every merchant with a new device.”
“Correct. Are there any questions?”
As soon as I said that, about a half dozen arms shot up in the air. “Brian, go ahead, I believe I saw your hand raised first.”
“Okay, so you somehow create this new device and give it to every merchant…”
“Right.”
“How much will that cost?”
“That's a great question. I have collaborated with Trek Micro Systems to update all their devices to enable cardholders to use the Unity Card. They have the knowledge and infrastructure to produce these new devices and get them in the hands of every merchant in North America.”
“Wouldn’t it be easier to just have an application on your cell phone rather than have a card? In many parts of the world, people pay with their cell phones,” Brian said.
“I thought about that; however, merchants would still need the technology to communicate with the cell phone, and not everyone has a cell phone that can do that. Remember, in order for this to work, I need as many people to sign up as possible, so creating a free card is the most efficient way to achieve that. But that’s a good idea, maybe we can have a smartphone app version too.”
“So how does this generate revenue?” McKay asked.
“Another great question, I’m glad you asked. Unity Card will be free for cardholders, but we will charge the merchants a small user fee, also known as a swipe fee, similar to what the banks charge.”
“So, I’m not really sure I understand how this will work,” Eduardo said.
“Our cards will have a computer chip in them much like the credit and debit cards have now. The cardholder will insert their Unity Card and enter their PIN the same way. The new devices from Trek Micro will automatically detect the relevant reward points card for that store. There will be a touch screen on the hand-held device that will display ‘Credit’ or ‘Debit’. If the cardholder selects ‘Credit’, then a list of all the credit cards that
store accepts will appear and the user will be able to choose whichever one they want to use.”
“But doesn’t that create a problem of having all your eggs in one basket? I mean, what if the one card you have to pay for everything gets lost or stolen?” someone from the back of the room shouted out.
“I don’t believe it’s any more of a problem than placing all of your cards and cash into one wallet. In fact, the Unity Card is better since people will still keep all their cards at home as a backup. If their Unity Card is ever lost or stolen, we can simply place a hold on it, have another card couriered out the next day, and they are up and running again. This is actually much better than losing a wallet since you don’t run the risk of losing any cash, you don’t have to call dozens of companies, wait or hold, verify your information over and over, and pay for new I.D.s…”
There was some chatter amongst the room, but I silenced it by introducing the final and most important topic.
“I want to address the catch twenty-two problem because solving that problem is really at the heart of this company’s success. To combat that, we will need to launch an aggressive advertising campaign to sign up as many cardholders as possible. We will need to have online ads, print ads, billboards, TV and radio commercials, celebrity endorsements, kiosks at every major mall and airport – you name it. We also need to create a website where users can create a profile and update their Unity Card.”
There was a buzz in the room; everyone seemed really excited with what I had presented. This time, I simply stood at the front of the room and smiled proudly. I could not believe this moment was actually happening.
C H A P T E R
F I F T Y - T W O
I realized very early on that ten million dollars was not going to get us very far, so I brought on some new investors. Everything was really low budget to start off. Our offices were not in the best part of town and a lot of the furniture was either second-hand or rented. For the most part, we had everything we needed.
So far, I was very happy with the team I had assembled. We had all been working very hard to get this company launched over the past few months. I assigned everyone with specific tasks based on their job descriptions and offered everybody a small stake in the company. I wanted to make sure the people who were with me from the grassroots would be taken care of, if and when we made it big.