Jim Mckelvey

Jim McKelvey, co-founder of Block Inc and a glassblower, shares insights from his journey in entrepreneurship and healthcare innovation. He discusses the crucial role of timing in business and decision-making, inspired by lessons from glassblowing. Jim offers a thoughtful perspective on wealth and frugality, maintaining a simple lifestyle despite his billionaire status. He delves into the intricacies of the Federal Reserve's decisions amid economic challenges and advocates for revolutionary changes to expedite drug trials, emphasizing safety and effectiveness in healthcare.

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.

Jim McKelvey, co-founder of Square, is a tech pioneer and author known for his innovative approach to business. In this engaging conversation, he reveals how Square not only thrived against Amazon but redefined digital payments. Jim delves into the concept of the 'innovation stack' and shares strategies for overcoming challenges and competition. He also explores the emotional complexities of entrepreneurship, addressing the balance of wealth and vulnerability. With insights on navigating the future of digital payments, his wisdom is a treasure for any aspiring innovator.

Jim McKelvey, co-founder of Square and chair of the St. Louis Fed, dives into the current economic climate shaped by high inflation and global uncertainty. He debates the Fed's next moves amidst geopolitical strains, like the Ukraine conflict. McKelvey shares his risk-tolerance philosophy, emphasizing how failure can fuel innovation. He reveals why his new startup won’t utilize blockchain and teases an upcoming SXSW panel about empowering individuals in the evolving data economy with solutions like the Invisibly platform.

Subscribe + watch on YouTube: https://youtu.be/42U2VfWp2Go Let me know what you think on Twitter: https://twitter.com/bzaidi Who is Jim? Jim McKelvey is an entrepreneur, glass-blowing artist + philanthropist. He’s most well known as the co-founder of Square, the financial payments company he started with Jack Dorsey (founder of Twitter). Jim also co-founded the non-profit “Launch Code” and he’s an independent Director of the St. Louis Federal Reserve Jim’s book, The Innovation Stack, is available for purchase. Or sign up to the email list at the bottom of this post to win 1 of 5 copies we’re giving away to listeners Topics We Discuss: the origin story of Square Square's 14 part "innovation stack" that allowed them to win in this tough market reducing the cost of a card reader from $1000 to $0.97 going up against Amazon + winning examples of innovation stacks from other companies the unbanked + underbanked his thoughts on digital currencies invention vs innovation entrepreneurship vs owning a business if "billionaires should exist" + his "billionaire moment" why being a billionaire ≠ happiness Book Giveaway We’re giving away 5 copies of Jim’s book to email subscribers, details here: https://www.creatorlab.fm/jim-mckelvey-square-co-founder/ Timestamps (YouTube) https://youtu.be/42U2VfWp2Go 00:00:00 Intro 00:00:49 Welcome 00:01:50 Early Career as a Glassblower 00:03:10 Meeting Jack Dorsey 00:05:59 Beginning of Square 00:10:59 Underserved Markets 00:15:13 Studying a Market for Something That Doesn’t Exist 00:19:03 The Unbanked + Underbanked 00:24:49 Square’s Innovation Stack 00:28:21 Invention vs Innovation 00:30:21 Getting Square's First Users 00:33:38 What Were The Large Existing Players Missing? 00:42:22 The Delusion of Innovation 00:45:26 How Square Went Up Against Amazon + Won 00:50:43 Entrepreneur vs Business Owner 00:52:32 His “Billionaire” Moment 00:54:52 Being Treated Like a “Walking Wallet” 00:56:33 Should Billionaires Exist? 01:00:21 Industries That are Ripe for Innovation 01:05:30 Digital Currency 01:08:13 Advice on Investing 01:10:30 "If you inherit wealth, you're not rich" 01:12:24 Being Rich ≠ Being Happy 01:13:44 Philanthropy 01:16:39 Dealing with the hardest period of his life 01:19:33 Wrap Up Thank you to our partner   This week's episode is supported by InstaSleep Mint Melts, the drug-free, convenient sleep aid.   They’re easy to take without water & melt in your mouth like a mint. They’re designed to help you fall asleep faster & wake up without feeling groggy in the morning.   If you’ve had issues sleeping like I have, try them out - available at select Walgreens stores and their website: www.upgradeyoursleep.com