Leapset’s product is a platform that is changing local commerce by bridging the gap between online and mobile consumers to offline merchants. It will revolutionize the merchant-consumer interaction through a platform which includes a point-of-sale (POS) device and utilizes payments, CRM, web and mobile components.
Leapset fosters disruptive innovation. The difference between disruptive innovation and conventional incremental innovation is that while incremental innovation focuses on improving existing processes, disruptive innovation looks to replace process and create entirely new business models. Leapset’s hardware and cloud based software service looks to disrupt conventional thinking on merchant customer interaction including POS, payments, relationship management and online/mobile purchasing. The core development of the Leapset product portfolio will be done in Sri Lanka.
Mani Kulasooriya, CEO of Leapset, said, “Disruptive innovation does not merely improve but creates and replaces entirely new business models”. When asked to elaborate with an example Mr Kulasooriya replied “If you wanted to order from a restaurant all you have to do is take out your phone and Leapset will display a list of restaurants located in your area; it will allow you to navigate through the menus, select the items you wish and the delivery will be made to your doorstep. The restaurant receives the customer’s order and customer details on their POS device and the payment is processed automatically. This is just a simple example of the different solutions that run on the Leapset platform”.
“It sounds simple and the best innovations always simplify people’s lives, but think about the innovation that has gone into placing an order from a restaurant. The process of selecting a restaurant and accessing a menu, placing an order, paying for it and getting it delivered to your doorstep has been simplified down to a push of a few buttons on a mobile phone and a POS device” elaborated Mr. Kulasooriya.
Leapset is based at the heart of the Silicon Valley, the mecca of technology innovation and home to giants like Facebook, Google, Apple and Paypal. Leapset’s Colombo based staff take full advantage of the direct access to the latest technology and works very closely with the US team. Their training includes planned visits to the US office where they gain exposure to the Silicon Valley culture; employees also get a unique opportunity to participate in technology conferences and training programmes hosted by the top tech firms in the Valley.
Commenting on their roots Mr. Kulasooriya continued, “Coming from the Valley gives us a distinct edge; we have the access to the latest ideas, methodologies and technologies so we are always on the cutting edge. We have invested a great deal to extend that culture to our Sri Lanka office in order that our employees have access to a true Silicon Valley experience. Leapset’s work environment is non-hierarchical and relaxed. The SL based staff work very closely with the US staff and visit the US office frequently.”
“This is quite in contrast to working for an offshore consulting company or BPO. We are a product development company building a revolutionary business in the United States from right here in Sri Lanka. We believe the value proposition we have is unique to Sri Lanka and will recognize Sri Lanka as a centre for technology innovation. We are not planning on hiring hundreds of run-of-the-mill developers but are looking for high performers who can take on the challenge of working to Silicon Valley tech standards. Working on cutting edge innovation requires the best engineers and our hiring strategy is aligned to hire only the best of the best in the country. These folk will be recognized as world class and will be rewarded accordingly” he added.
Currently Leapset is being marketed to consumers and merchants in the US and has been extremely successful in the first year of operation. In just the last year Leapset has grown to over Rs. 3 billion in value. Leapset has partnered with Sysco – the largest food distributor in the US with a valuation of over $17 billion and supplying a network of over 400,000 restaurants – and with Paypal, the global ecommerce giant. Leapset Sri Lanka is wholly owned by Leapset Inc. and is a spin-off from Latitude 655.