Startups that Succeeded by Change in Business
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PayPal
Startups that Succeeded by Changing Direction
The current incarnation of PayPal is the result of the merger between two companies specializing in financial services, X.com, and cryptography, Confinity. PayPal originated as a way to exchange money via Palm Pilots. Peter Thiel, one of the co-founders, saw the potential to solve a much larger problem - an easy way to transfer money online. After the company secured a relationship with eBay, it was soon handling over 50 percent of eBay transactions before being acquired by them in 2002 for $1.5 billion.

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