Masters in Business Jim McKelvey on 'The Innovation Stack' (Podcast)
Jan 14, 2022
Jim McKelvey, co-founder of Square and author of "The Innovation Stack," discusses his entrepreneurial journey and the importance of innovation and resilience in business. He shares insights on customer loyalty shaped by chaos, using real-world examples from Starbucks and Delta. McKelvey also explores the concept of micropayments through his project Invisibly, empowering users in the digital economy. He reflects on his evolution from hands-on leadership to mentorship, emphasizing collaboration, and the need for fair compensation for creators in an evolving landscape.
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True Entrepreneurship
- Entrepreneurship means doing something different, not just starting any business.
- True entrepreneurship is scary because it lacks the validation of existing models.
Focus on the Problem
- Ignore what you're trying to replace and focus on the problem.
- Don't focus on disruption; create new markets by solving problems.
Reward Loyal Customers
- Reward loyal customers, especially during times of crisis.
- Innovation stacks grant pricing power, allowing for lower prices to maximize revenue.
