HBR IdeaCast Square’s Cofounder on Discovering — and Defending — Innovations
Mar 17, 2020
Jim McKelvey, co-founder of Square and author of "The Innovation Stack," shares insights from his journey as a tech innovator. He emphasizes that real innovation involves breaking away from copying others and focusing on underserved markets. McKelvey discusses how Square's unique solutions helped defend against giants like Amazon. He introduces the concept of an 'innovation stack,' detailing how interlocking innovations create competitive advantages. His entrepreneurial story inspires aspiring creators to embrace challenges and redefine what it means to innovate.
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Entrepreneurship vs. Business
- The word "entrepreneur" has become synonymous with "business person", losing its original distinction.
- Originally, "entrepreneur" described individuals creating entirely new businesses, not just managing existing ones, like Joseph Schumpeter intended.
The Power and Limits of Copying
- Copying existing solutions is efficient and crucial for learning and progress.
- However, true innovation requires creating something entirely new, which is inherently riskier and less comfortable.
Revolutionary vs. Evolutionary Innovation
- Jim McKelvey distinguishes between evolutionary innovation (small improvements) and revolutionary innovation (creating something wholly new).
- He focuses on revolutionary innovation, where numerous new elements combine to create something unprecedented.
