Crucible Moments
Block ft. Jack Dorsey - A controversial hack week project becomes the #1 financial services app
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.
37:52
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Quick takeaways
- Block Inc disrupted the credit card terminal business model by giving away their hardware and software for free, enabling them to build a large network and empower small businesses.
- Block's decision to acquire Afterpay demonstrates their ambition to create a unified network between their seller-focused ecosystem and Cash App's consumer base, establishing themselves as a comprehensive financial services provider.
Deep dives
Block's Crucible Decisions: Sacrificing Revenue for Growth
Block Inc, formerly known as Square, made a crucial decision early on to give away their credit card reader hardware and software for free, focusing on building a large network. This disrupted the traditional credit card terminal business model and incurred initial losses, but it allowed Block to empower small businesses and gain widespread adoption.
