Square and Palantir Technology are changing the way we pay and how organizations think.
Information technology is one of the most disruptive forces in the economy today, subtly—and not so subtly—changing the way we do business. IT can break down barriers and speed up transactions, or gather and analyze more information than anyone had though manageable before to help make good decisions. These two GOOD Company finalists are shaping those two trends in ways that will affect your pocketbook very soon.
Twitter, Square CEO and founder Jack Dorsey’s first company, changed the way people think about expressing ourselves on the internet and engaging with friends and strangers in a social network. Now, Dorsey is trying to perform a similar shakeup around the similarly fundamental act of paying for stuff. Founded in 2009, the company offers a number of products to streamline payments: Square, a credit card reader that virtually anyone can link to their bank account and use on their mobile phone or tablet with a flat commission, and now Car Case, which allows people to pay for purchases with their phone simply by identifying themselves to a cashier. The company will be able to integrate useful information into their products, from daily deals to menus, and create an increasingly robust consumer experience. By lowering the barriers of entry, Square is making it easier for entrepreneurs to start businesses, and the company’s decentralized business model promises to take power away from the largest banks and credit card companies and give more leverage to consumers.