This case follows a classic student venture from on-campus conception in 1994, to harvest during the late 90s Internet wave, to its rebirth as a virtual business model. The enterprise began as a paper-based debit card that enabled Dartmouth College students to purchase merchandise at participating local pizza shops, copy centers, coffeehouses and the like. By the time founder Taren Lent and his partner took their system online in 1996, the Green Card' had a broad campus following, significant vendor participation, and average monthly revenue of $160,000. The entrepreneurs funded their expansion with informal investments from family, friends, angels, and a bank loan. In 1999-near the peak of the Internet bubble-they were scooped up by Student Advantage, a high-concept' venture-backed dot-com that was spending millions to build online market share in the higher-education space. Taren, who was heading up the campus card division, was astounded at how little attention was being paid to pursuing viable revenue models. When Student Advantage ultimately (and somewhat predictably), ran out of money and was liquidated, the campus card segment was sold to Blackboard. Taren Lent, however, had other ideas. He and a new partner left to start a virtual card venture focused on the higher education market. That focus would soon be put to the test by compelling opportunities that are doable, but not within their narrow strategic focus; e.g. business campuses, theme parks, and government agencies like NASA.