Game Changers with Molly Fletcher Square Founder Jim McKelvey on How We’re Thinking About Innovation All Wrong
Dec 22, 2020
Jim McKelvey, co-founder of Square and author of The Innovation Stack, shares insights from his entrepreneurial journey. He tells the story behind Square's origin, sparked by a lost sale due to payment issues. Jim emphasizes the importance of focusing on real problems rather than industry disruption and discusses how Square's innovation stack helped it withstand competition from giants like Amazon. He advocates for valuing energy over credentials in hiring and embracing uncertainty in the innovation process.
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Origin Sale That Sparked Square
- Jim McKelvey lost a sale because he couldn't accept a card and co-founded Square with Jack Dorsey to solve that exact problem.
- That initial real merchant pain became the 'perfect problem' that launched their company.
Pick Solvable Unsolved Problems
- Solve problems that are solvable but unsolved; that's a 'perfect problem.'
- Avoid chasing impossible problems or redoing solved ones because both waste resources.
Expertise Can Blind New Ventures
- Expertise can pollute thinking when you're inventing because it pushes copying the past.
- For truly new work, avoid hiring incumbents who automatically clone legacy solutions.
