Crucible Moments Block ft. Jack Dorsey - A controversial hack week project becomes the #1 financial services app
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Sep 21, 2023 Jack Dorsey, founder of Square, reflects on the origins and defining moments of Block. He discusses the evolution of Square, their partnership with Starbucks, and the birth of Cash App. Dorsey explains how Block succeeded by weaving new products around a core vision and taking risks. The podcast also explores the development and launch of Cash App and the importance of connecting ecosystems through acquisitions.
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Free Hardware
- Square initially planned to sell hardware and software like competitors.
- Observing a flower seller losing a sale because she couldn't accept cards changed their approach.
Disruptive Model
- Square disrupted the market by giving away hardware and charging transaction fees.
- This strategy aimed to build a large network, accepting initial losses for long-term profitability.
Observe, Don't Just Listen
- Don't just listen to what customers say; observe their actions and understand their motivations.
- Iterate based on observed behavior and underlying needs, not just literal requests.