THE INNOVATION STACK by JIM MCKELVEY
It’s been a while since we have shared a Book of the Month post here on the blog. A busy summer interrupted our team’s reading, but we are back on track and excited to share our September read with you. Diving back into our reading, we wanted to find a book that both entertained us and inspired us. This led us to The Innovation Stack by Jim McKelvey. You may not be familiar with McKelvey by name, but chances are you have used this entrepreneur’s product at least once in your life. Jim McKelvey, a former computer scientist and glassblowing artist (yes, you read that right!), is the entrepreneur behind the credit card payment system Square. Now one of the most widely used payment systems for small business, Square is the brainchild of McKelvey’s frustration around the high costs and difficulty business experience when it comes to accepting payments via a credit card.
McKelvey and his friend (cofounder of Twitter), Jack Dorsey, came together to create a solution to a problem that Jim along with many other business owners were experiencing. While Square took off quickly, competitors like Amazon caught on and started creating similar products at a lower price point. While it seemed like that might be the end for Square, the brand pushed through and thrived which resulted in Amazon pulling the plug on their similar service. So, how did he do it? McKelvey contributes the longevity and success of square to ‘The Innovation Stack.’
With funny stories around the early days of Square and insights into McKelvey’s own Innovation Stack, this book is a new narrative on how to build a business and keep it prosperous. We enjoyed the exploration of being an entrepreneur along with unique approach of a business model that requires you to look for the unsolved problems. Hands down, this is a book that anyone from any industry can find some motivation in!
Looking for more book reviews? Check out our Monthly Book Review series here on the blog! We also encourage you to share what you’re reading in the comments below!