CashStar co-founder exploring new venture
Photo/Tim Greenway
Former CashStar CEO David Stone is launching a new company to explore innovations in electronic retailing.
David Stone, a co-founder of CashStar and former company CEO, has filed incorporation papers for a new company, called Payments207, of which he is a managing partner. Stone told Mainebiz the company is still in a conceptual stage.
“I’m very much whiteboarding and thinking about new ideas,” he said, “but it won’t be CashStar Two.”
Stone said whatever the new venture holds, it won’t be a direct competitor for the electronic gift card company, in which he’s still an investor.
“I'm a significant investor in CashStar and I want it to succeed more than anything,” Stone said. “And it's my legacy in Maine.”
Stone left CashStar in May in what he said was a mutual decision with the company’s board.
Stone said he’s hoping to grow an existing network of payment-based companies like WEX, CashStar and BlueTarp Financial in the Portland area, but his explorations are leading more into the idea of “alternative currencies.” He cited Paypal as an example of one company providing services in that area.
For now, Stone characterized Payments207 as a branding platform and incubator that may be the starting point for other entities, rather than a startup with a specific product moving forward.
Stone said he might have more concrete plans by the end of this year but declined at this point to discuss details of the concepts he’s considering for his next venture.
“I'm an entrepreneur, so I'm looking for the next thing,” Stone said.
He said whatever the next venture holds, it will not violate a non-compete clause in his contract with CashStar.
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