2015.05.08
500 Global Team
500 Startups has always been bullish about online commerce, despite economic fluctuations. The future of commerce is not in traditional brick & mortar stores, but in the innovative online plays from companies like ModCloth, Polyvore and Shopify.
Shopify’s Chief Platform Officer, Harley Finkelstein, will be speaking at our upcoming COMMERCISM conference, so we asked him to share some lessons he’s learned as a serial entrepreneur + his thoughts on the future of commerce.
Q. What is the biggest lesson you’ve learned since founding your startup or starting your career in the eCommerce space?
A. Test and test and test and test. I think that persistence is really important in business, but in the ecommerce retail space, you have an opportunity to try something and see if it works and pivot from there – I think that’s the biggest lesson. In a traditional brick and mortar business, you can’t really try something to see if it works and then rip it all down if it doesn’t and try again; it’s just too expensive. But the digital world lends itself well to a culture of experimentation, and I think that’s really important.
Q. Who else in the industry should be on our watch list, in terms of innovation & growth?
A. I think the entire retail industry is being democratized right now. Every pillar of retail is changing, from fundraising to prototyping to the actual shopping cart. You’re seeing Kickstarter and crowdfunding platforms democratizing funding, and making it really easy to raise money. You’re seeing 3D printing making it so simple to create prototypes and samples. You’re seeing companies like Shopify making it really easy to create a store and begin selling in a matter of minutes. I think that there’s not just one company to look at, because the industry in general is going through this incredible revolution. It’s important to keep your eyes peeled.
Q. What is the the future of eCommerce & why?
A. Everywhere. There are these rumours in the industry that e-commerce is going to kill offline commerce, and it’s online versus offline. You have companies like Best Buy saying that during last year’s holiday season, online did amazing but offline didn’t do so well. I don’t think the future of retail is one or the other. I think the future of retail is commerce everywhere. It’s all about consumer choice. Retailers and merchants need to be ready to transact any way the consumer feels most comfortable.
Want more e-commerce insights? Check out blog post #1 with Wanelo CEO Deena Varshavskaya.
Who else is leading the charge at COMMERCISM? Check out our complete speaker lineup, and join the revolution on 3-21-2014. Can’t make the conference? Be sure to tune into the Livestream here at 500.co.
2. AS OF 30 JUNE 2023 AND INCLUDES PRIVATE, PUBLIC AND EXITED COMPANIES. FOR EXITED POSITIONS, VALUATION DATE IS DATE OF EXIT. THESE FIGURES ARE ESTIMATES, AGGREGATED ACROSS ALL PORTFOLIO COMPANIES HELD ACROSS ALL FUNDS ADVISED BY 500 STARTUPS MANAGEMENT COMPANY, LLC AND ITS AFFILIATES, AND ARE BASED ON INTERNAL DATA THAT HAS NOT BEEN EXTERNALLY VERIFIED AND RELIES ON PORTFOLIO INFORMATION SUPPLIED BY EXTERNAL SOURCES WHICH HAS NOT BEEN VERIFIED, MAY NOT BE ACCURATE OR UPDATED. THESE VALUATIONS ARE ESTIMATED IN ACCORDANCE WITH 500 GLOBAL’S VALUATION POLICY. SEE 500.CO/COMPANIES FOR A FULL LIST OF PORTFOLIO COMPANIES. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RETURNS. PORTFOLIO COMPANIES DISPLAYED ON THIS PAGE ARE NOT NECESSARILY REPRESENTATIVE OF ALL INVESTMENTS IN VEHICLES MANAGED BY 500 STARTUPS MANAGEMENT COMPANY, L.L.C. (TOGETHER WITH ITS AFFILIATES, “500 GLOBAL”) AND THERE CAN BE NO ASSURANCE THAT THE INVESTMENTS WILL BE PROFITABLE OR THAT OTHER INVESTMENTS MADE IN THE FUTURE WILL HAVE SIMILAR CHARACTERISTICS OR RESULTS. THIS LIST INCLUDES CURRENT AND FORMER 500 GLOBAL PORTFOLIO COMPANIES WHICH HAVE BEEN ACQUIRED AS WELL AS COMPANIES WHICH HAVE UNDERGONE AN INITIAL PUBLIC OFFERING. THIS LIST IS UPDATED PERIODICALLY AND AS SUCH MAY NOT REFLECT RECENT 500 GLOBAL INVESTMENTS. PAST RESULTS OF 500 GLOBAL INVESTMENTS, POOLED INVESTMENT VEHICLES, OR INVESTMENT STRATEGIES ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. NO CONTENT ON THIS PAGE SHOULD BE CONSIDERED AS AN OFFER TO SELL OR SOLICITATION OF INTEREST TO PURCHASE ANY SECURITIES, CONSTRUCTED AS FUND MARKETING MATERIALS BY PROSPECTIVE INVESTORS CONSIDERING AN INVESTMENT INTO ANY 500 GLOBAL FUND, OR USED AS THE BASIS FOR ANY INVESTMENT DECISIONS. ALL LOGOS, NAMES, AND TRADEMARKS OF THIRD PARTIES REFERENCED HEREIN ARE THE TRADEMARKS AND LOGOS OF THEIR RESPECTIVE OWNERS. ANY INCLUSION OF SUCH TRADEMARKS OR LOGOS DOES NOT IMPLY OR CONSTITUTE ANY APPROVAL, ENDORSEMENT OR SPONSORSHIP OF 500 GLOBAL BY SUCH OWNERS.
3. AS OF 30 JUNE 2023. INCLUDES LOCATION OF EMPLOYEES, CONTRACTORS AND CONSULTANTS.
