40 Under Forty alumni: Derek Canton, Class of 2018 - entrepreneur caught the NBA's attention
Derek Canton in 2018 and 2024
Photo | MATT WRIGHT
40 Under Forty winners and alumnus (from left) Katie Najjar (Class of 2024), Elisa Chan (Class of 2024), Derek Canton (Class of 2018), Timothy Hally (Class of 2024), and Kim Welch (Class of 2024) enjoy champagne in front of the smiley face mural "Have a Rice Day" painted by artist OG Slick, in Worcester.
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In just the six years since his 40 under Forty award, Canton has made Paerpay, his contactless payment solution for restaurants, an internationally utilized brand.
Having raised more than $5 million in venture capital, Paerpay launched with prominent chains including Carl’s Jr., Hardee’s Restaurants, and Steak 'n Shake, racking up hundreds of thousands of transactions. In 2023, Canton and Paerpay were profiled in an article published by the Boston Globe, and he was named one of Forbes 30 under 30 in the food and drink category. He earned third place in inaugural NBA Foundation Pitch Competition, receiving a cash prize of $15,000 during the 2023 NBA All-Star Weekend. Rounding out a red-letter year, Canton was awarded a $150,000 grant from Google as one of three recipients of the Google for Startups Black Founders Fund. A graduate of Worcester State University, today Canton is a member of the Worcester State Foundation board while dedicating his time coaching and mentoring startup founders, providing guidance and sharing his experiences to support their entrepreneurial careers.
What did getting the 40u40 award mean to you at the time? It was a significant milestone in my career and was one of the first recognitions of my efforts, providing a tremendous boost in confidence to continue pursuing my entrepreneurial dreams. Moreover, the award served as valuable social proof, helping to attract top talent and investors to our growing business.
What does it mean to you now? The 40 Under Forty award represents a pivotal milestone in my entrepreneurial journey. It signifies the beginning of one of the most exciting and transformative periods of my life, marking the start of numerous opportunities.
What advice do you have for this year's 40u40 winners? Embrace this recognition as a springboard for even greater achievements. Leverage the visibility that comes with it to connect with like-minded individuals, potential mentors, and collaborators. Innovate, take risks, and make a positive impact in your field. Stay grounded, remain focused on your mission, and give back to the community.
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