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290 Jim McKelvey: The Innovation Stack

How a St. Louis-based payment company, Square, developed an innovation stack and went on to disrupt the payments industry.

Jim McKelvey: The Innovation Stack

Summary

"The Innovation Stack" is a business book that tells the story of how Jim McKelvey and Jack Dorsey founded Square, the payment processing company that has disrupted the industry. McKelvey explains how Square developed an "innovation stack," a series of interlocking solutions that together created an unbeatable business model. Drawing on his experiences building Square and working with other successful startups, McKelvey outlines the key principles that underpin the innovation stack, including the need to solve problems in unique ways, the importance of relentless experimentation, and the power of community and collaboration. "The Innovation Stack" is a must-read for anyone interested in entrepreneurship, innovation, and building successful businesses.

About

Title: "The Innovation Stack: Building an Unbeatable Business One Crazy Idea at a Time"

Author: Jim McKelvey

Publishing Year: 2020

Publisher: Portfolio

Length in Hours: 6 hours and 23 minutes

5 main ideas

  1. Innovation is not about coming up with one big idea, but about developing a series of interlocking solutions that together create an unbeatable business model.
  2. Solving problems in unique ways is the key to developing an innovation stack and disrupting an industry.
  3. Relentless experimentation and a willingness to embrace failure are essential to developing an innovation stack.
  4. The power of community and collaboration is critical to developing an innovation stack and creating a successful business.
  5. Building an innovation stack is not easy, but it is worth it, as it can lead to unparalleled success and growth.
Jim McKelvey: The Innovation Stack

5 funny quotes

  1. "Innovation is like a rollercoaster ride – it's exhilarating, terrifying, and sometimes makes you want to throw up."
  2. "Building a successful business is like putting together a puzzle – you have to find the right pieces and fit them together in just the right way."
  3. "Innovation is like a game of Jenga – you have to carefully remove the right pieces to see the whole picture."
  4. "The journey to success is like a road trip – you'll hit some potholes along the way, but if you keep going, you'll eventually reach your destination."
  5. "Innovation is like cooking – you have to try different ingredients and techniques to create something truly unique and delicious."

5 thought-provoking quotes​

  1. "The path to innovation is rarely a straight line; it's more like a maze of twists and turns, dead ends, and unexpected discoveries."
  2. "Innovation is not just about coming up with one big idea; it's about developing a series of interlocking solutions that together create an unbeatable business model."
  3. "The most successful companies are not just innovators; they are also problem solvers, constantly seeking new ways to address the challenges facing their customers and the industry as a whole."
  4. "The power of community and collaboration is critical to developing an innovation stack and creating a successful business."
  5. "Building an innovation stack requires a willingness to experiment and take risks, and a relentless focus on solving problems in unique and creative ways."

5 dilemmas

  1. The challenge of disrupting an established industry, and the need to develop an innovation stack that can overcome entrenched interests and resistance to change.
  2. The tension between the need to move quickly and take risks, and the need to maintain quality and ensure that new ideas are thoroughly tested and refined.
  3. The importance of community and collaboration in building an innovation stack, and the challenge of balancing individual creativity with the needs of the team.
  4. The challenge of maintaining a culture of innovation and experimentation as a company grows and becomes more established.
  5. The need to constantly adapt and evolve the innovation stack to keep pace with changing market conditions and new technological developments.

5 examples

  1. Square, the payment processing company founded by Jim McKelvey and Jack Dorsey.
  2. Southwest Airlines, the low-cost airline that revolutionized the industry.
  3. Amazon, the e-commerce giant that disrupted the retail industry.
  4. Apple, the technology company that has transformed the way we interact with devices.
  5. Tesla, the electric car company that is revolutionizing the automotive industry.

Referenced books

  1. "The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail" by Clayton M. Christensen
  2. "The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses" by Eric Ries
  3. "Zero to One: Notes on Startups, or How to Build the Future" by Peter Thiel with Blake Masters
  4. "Thinking, Fast and Slow" by Daniel Kahneman
  5. "The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company" by Robert Iger

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"The path to innovation is rarely a straight line; it's more like a maze of twists and turns, dead ends, and unexpected discoveries."

Jim McKelvey: The Innovation Stack
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