Darden removes Pmints from Incubator

In today’s Daily Progress Brian McNeill reports that UVa’s Darden Graduate School of Business Administration has removed the high tech company Pmints from its business incubator. Pmints, is an online pay-service similar to PayPal. However, unlike PayPal, Pmints allows user to perform transactions for online porn and gambling.

The Darden business incubator was set up by a $60 million gift from Frank Batten Sr in 1999. The incubator is part of the Batten Institute, and it was established to help young entrepreneurs launch their fledgling businesses.

According to McNeill “Having lost its spot in the incubator at UVa’s Darden Graduate School of Business Administration, Pmints must forgo its office space, stipends, access to faculty advisers and legal support.”

On July 7, Brian McNeill first exposed the “e-wallet” company in his article “UVa student aims to fill online payment void.” This article caught the attention of many alumni and community members, and the administration at Darden received many letters and complaints.

“‘Honestly, it appears to be more opportunist than innovative,’ wrote UVa alumnus Oliver Asher in one such letter to Darden Dean Robert F. Bruner. ‘PayPal could have offered this service long ago if they had chosen too; however, they chose the high road. I believe this goes against the principles of servant leadership in considering the value of people over profit.'”

Although Pmints has been booted from the incubator program, the student that started the online business, Rafael Diaz-Tushman, plans on continuing the business after his graduation from the Darden program.

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