The Innovation Stack

Résumé du livre

Jim McKelvey is a serial entrepreneur and inventor. In 2009, he cofounded Square, the acclaimed financial-payments company that’s now worth upward of $100 billion. In 2016, he founded Invisibly, which powers micropayments for online content. Before his entrepreneurial escapades, McKelvey made his living as a glass artist.

Early in his journey, McKelvey sought a mentor who embodied true entrepreneurship but found no contemporary figure who met his criteria, leading him to draw inspiration from history. He discovered A.P. Giannini, a visionary who revolutionized banking in 1901 by addressing the needs of small businesses and underserved groups, ultimately founding the Bank of Italy, later known as Bank of America. Giannini’s innovation stack and commitment to reform deeply influenced McKelvey. Years later, a missed sale in McKelvey’s art studio due to limited payment options inspired him to create Square, a company aimed at empowering small businesses through accessible credit card payments. Square’s journey, marked by challenges such as legal hurdles and competition from Amazon, demonstrated the power of innovation stacks—solutions born out of necessity that build upon one another. By adhering to principles like transparency and affordability, Square not only survived but thrived, reshaping the industry. McKelvey and Dorsey’s unconventional pitching approach, including a humorous yet candid slide listing “140 Reasons Square Will Fail,” captivated investors by showcasing their resilience and transparency, securing the funding needed to propel their vision forward.

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