Square’s tie-up with Starbucks may be this year’s most important venture capital deal.
The deal not only has the potential to change the way people pay for coffee and everything else, it also shows how small innovation applied to everyday tasks may be the next new thing for venture capital. Call it the rise of the ordinary innovators.
Under the deal announced last week, Square, the mobile payments device start-up, will process debit and credit card transactions for the coffee shop chain, whose customers will be able to use Square’s payment mobile phone app at participating stores. As part of the deal, Starbucks will invest $25 million in Square and Starbucks’s chief executive, Howard Schultz, will join the Square board.
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