Stripe’s Atlas could open up a world of opportunity for entrepreneurs

24 Feb 2016

Stripe co-founders Patrick and John Collison

The Collison brothers’ Stripe has launched a new platform called Atlas at Mobile World Congress that makes it easier for international entrepreneurs to create start-up businesses in the US.

Stripe, started by Irish brothers John and Patrick Collison, was recently valued at $5bn after raising close to $100m from investors including card giant Visa.

Atlas, which launches today (24 February), will be available to entrepreneurs on an invite-only basis and will cost a fraction of the previous price involved in starting a business in the US.

The idea is that, while the internet is borderless, the reality is that selling across borders is a bureaucratic nightmare.

Atlas reduces the process down to a single web form.

Build a global online business from day one

“The majority of the world’s population live in countries where they don’t have access to high-quality banking or payments infrastructure,” a Stripe spokesperson said.

“Atlas gives entrepreneurs around the world a way to access robust business and banking infrastructure, no matter where they’re from, so they can build an online business that’s global from day one.”

As part of the package, Stripe will incorporate the start-up as a business entity in Delaware and provide the entrepreneur with a bank account with Silicon Valley Bank.

It also includes a Stripe account to receive payments from anywhere in the world and basic legal services to get started, including tax advice from PwC, legal advice from Orrick, Herrington & Sutcliffe and tools from Amazan Web Services worth $15,000.

“All of this will take days instead of months – and cost a fraction of the previous price, both in terms of time and money. The safeguards and processes for establishing a US business will all still apply, but Atlas reduces the application process to a simple web form.”

To use Atlas, entrepreneurs will need an invitation from Stripe or one of its 60 incubator, accelerator or investor partners.

Beta pricing is $500, which will be waived for the first 100 entrepreneurs.

Stripe president and co-founder John Collison told recently that the company fosters ambitions to be a 1,000-person company in the next few years.

The company has just signed a lease on a new premises at the The One Building on Grand Canal Street in Dublin’s famous Silicon Docks.

The 45,000 sq ft The One Building was designed by Irish architect Sam Stephenson and was recently redeveloped by Jones Investments Ltd, the company that redeveloped Dock Mill on Barrow Street, which was sold to Google last year.

It is understood that Stripe plans to use only part of the building, initially.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years