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

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The Innovation Stack: Building an Unbeatable Business One Crazy Idea at a Time Audible Audiobook – Unabridged

Jim McKelvey (Author, Narrator), Penguin Audio (Publisher)

4.6 598 ratings

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From the cofounder of Square, an inspiring and entertaining account of what it means to be a true entrepreneur and what it takes to build a resilient, world-changing company

In 2009, a St. Louis glassblowing artist and recovering computer scientist named Jim McKelvey lost a sale because he couldn't accept American Express cards. Frustrated by the high costs and difficulty of accepting credit card payments, McKelvey joined his friend Jack Dorsey (the cofounder of Twitter) to launch Square, a startup that would enable small merchants to accept credit card payments on their mobile phones. With no expertise or experience in the world of payments, they approached the problem of credit cards with a new perspective, questioning the industry's assumptions, experimenting and innovating their way through early challenges, and achieving widespread adoption from merchants small and large.

But just as Square was taking off, Amazon launched a similar product, marketed it aggressively, and undercut Square on price. For most ordinary startups, this would have spelled the end. Instead, less than a year later, Amazon was in retreat and soon discontinued its service. How did Square beat the most dangerous company on the planet? Was it just luck? These questions motivated McKelvey to study what Square had done differently from all the other companies Amazon had killed. He eventually found the key: a strategy he calls the Innovation Stack.

McKelvey's fascinating and humorous stories of Square's early days are blended with historical examples of other world-changing companies built on the Innovation Stack to reveal a pattern of ground-breaking, competition-proof entrepreneurship that is rare but repeatable.

The Innovation Stack is a thrilling business narrative that's much bigger than the story of Square. It is an irreverent first-person look inside the world of entrepreneurship, and a call to action for all of us to find the entrepreneur within ourselves and identify and fix unsolved problems - one crazy idea at a time.

Listening Length

6 hours and 23 minutes
Author

Jim McKelvey
Narrator

Jim McKelvey
Audible release date

March 10, 2020
Language

English
Publisher

Penguin Audio
ASIN

B085DRSV7K
Version

Unabridged
Program Type

Audiobook
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Product details

Listening Length	6 hours and 23 minutes
Author	Jim McKelvey
Narrator	Jim McKelvey
Whispersync for Voice	Ready
Audible.com Release Date	March 10, 2020
Publisher	Penguin Audio
Program Type	Audiobook
Version	Unabridged
Language	English
ASIN	B085DRSV7K
Best Sellers Rank	#33,526 in Audible Books & Originals (See Top 100 in Audible Books & Originals) #36 in New Business Enterprises #129 in Strategic Business Planning #250 in Entrepreneurship (Audible Books & Originals)

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4.6 out of 5

598 global ratings

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Tom Higley

You're an entrepreneur? Buy this now. I couldn't wait to finish to write a review. It's too good!

Reviewed in the United States on March 14, 2020

Verified Purchase

If you're an entrepreneur, get this book now and read it. I’ve started nine ventures. And the venture I started and still run, X Genesis, helps entrepreneurs discover problems that can be turned into opportunities. I want everyone who goes through our 10.10.10 programs or uses our process and tools to read this book.

Few entrepreneurs know how to write. Jim McKelvy is the exception. Jim’s writing is like the opening of a James Bond film. It crackles with twists and turns, near-death experiences, and “uh-oh, how’s he gonna get out of that?” moments. And Jim is hilarious, laugh-out-loud funny. When he talks about the difference between a business person (a successful person who only knows how to do what has already been done) and an entrepreneur (a wild spirit, a crazy person, a person looking for the perfect problem), he shows you the difference.

While the real story here is about the Innovation Stack, Jim uses the early days of Square, the company he and Jack Dorsey founded, to illustrate the concept. So be clear, this isn’t just the story of Square. It’s about something much bigger. It’s about two things: (1) "squaring up" – creating something that has never before existed that brings fairness to a previously unfair system; and (2) the Innovation Stack, "one of the most powerful assets a company can possess" which is what makes “squaring up” a possibility.

If you're looking for a way to make a lot of money by doing what other people have done, don't bother with this book. If you're looking for the perfect problem to solve, or to put an even finer point on it if you're looking to tackle the perfect problem for you, read this book. You will not be disappointed.

17 people found this helpful

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Amazon Customer

One of the best business books I’ve ever read

Reviewed in the United States on May 2, 2023

Verified Purchase

This is an incredible book! So insightful, but a very light, fun, quick read. My worldview as an innovator has forever been changed after understanding the concept of Innovation Stack.

Thank you for taking the time to write this book. Other books that had an equally profound impact on me as an innovator: Blue Ocean, Lean Startup, Zero to One.

Helpful

Daniel Vaughan

insights into the process of building a startup

Reviewed in the United States on November 8, 2021

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I found this book entertaining and illuminating. He author has an interesting background and confounded Square: the stories behind Square are interesting by themselves, but he also describes his innovation stack mindset, that I found novel.

I recommend this book to hose interested in the payments/fintech space but also for those interested in following the entrepreneur path

Helpful

Timothy E. Durbin

Well written, insightful and highly recommended

Reviewed in the United States on July 22, 2020

Verified Purchase

I ordered this book as soon as I heard Jim had written it. Being familiar with him, the Square story, and how hard he is working to solve important problems, I knew it would be a terrific read.

It exceeded my expectations.

Jim’s writing style is fluid and he wraps enough humor throughout the book that it makes you feel like you are visiting with an old friend. The story telling is top-notch, engaging you in the journey of bringing Square from a concept to a proven industry innovator and leader.

Filled with anecdotes, references and some unforgettable characters like Herb Kelleher and A.P Giannini, The Innovation Stack builds upon itself much like how Jim challenges you to construct your business idea to solve problems.

The world needs innovation and entrepreneurs now more than ever. Reading this book truly inspired me. I keep it at my desk to reference often to share quotes and be reminded of Jim’s perspective.

I even shared this with my father, who is not a businessman or a tech guy. He loved it and couldn’t put it down.
Highly recommended and I feel smarter having read it. Well done, Jim.

Helpful

Ryan O'Neil

Business Adventures Part 2

Reviewed in the United States on June 10, 2020

Verified Purchase

As an entrepreneur, I find extreme value out of patterns. There's nothing new under the sun - only new combinations of pre-existing elements. "The Innovation Stack" starts with an engaging inside viewpoint of the story of Square. But it does much more. It looks at the principles behind their meteoric rise and then parallels it with several other historical companies to show that innovative companies are more than just a single feature. While it may be opaque in the moment, your innovation stack becomes more visible over time and this book helps to recognize and refine that. It forces you to rethink your stack from your product offerings to larger principles about the company and gives you actionable insight to do so.

Jim McKelvey says stuff in a way that others have generally been nervous. He does an exceptional job clarifying what new entrepreneurs are scared of. Focus on the areas in that you're innovating in but then copy everything else. I've always loved the phrase "if you want to make apple pie from scratch, first you must create the universe" and this book exemplifies it.

If you liked the classic Business Adventures by John Brooks, you'll love this.

One person found this helpful

Helpful

Michael McCarthy, author Sustain Your Gains

Solves the mystery of innovation!

Reviewed in the United States on March 11, 2020

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McKelvey takes us back to the original meaning of entrepreneurship: creating something that did not exist before. Creating something that customers did not know they wanted until they saw it. Solving problems that no one else has solved. I was an early user of Square and I was delighted at how it solved the problem of selling via credit card from multiple locations. My iPhone became a point of sale machine ! This book is like a mystery novel: you unravel the mystery of innovation one chapter at a time. My copy was delivered yesterday and I couldn’t put it down. I have heavily highlighted it, always a sign that the book has engaged my intelligence and imagination.

Addendum: A common element to Jim’s four case studies : prior restraint placed by governments or trade associations. Ironically, Jim’s cofounder of Square, Jack Dorsey, now actively places prior restraints on free speech on Twitter.

6 people found this helpful

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Top reviews from other countries

P J Shanks

My dad was an entrepreneur this book helped me understand him

Reviewed in the United Kingdom on November 26, 2023

Verified Purchase

Well written, funny guide about the differences between business people, entrepreneurs and those who set out to disrupt indusries instead of fixing problems

One person found this helpful

noesun

Must read for entrepreneurs trying to build the impossible

Reviewed in France on February 22, 2023

Verified Purchase

Super enjoyable book that overflows with wisdom. Jim takes us through 4 case studies he uses to help us see the patterns of successfully “building outside the walls” (he puts what has already been done inside the walls). Invaluable to get him to look back and share what he now clearly sees in hindsight and how felt while he was doing it. Will help us all build resilience, and even be anti-fragile.

Dennis

A written masterpiece - a must have for all aspiring entrepreneurs!

Reviewed in Germany on May 1, 2022

Verified Purchase

This book changed my view on entrepreneurship.

Shereads.in

An entertaining ride and powerful guide for all business owners 🥂

Reviewed in India on March 24, 2022

Verified Purchase

"It's impossible prove something is impossible"

What comes in your mind when you hear the word "entrepreneur"? Or what do you think is most important to create an unicorn?

Nowadays everyone is calling themselves entrepreneur just because it sounds cool? Well, an entrepreneur is the one who is solving the real problem, an entrepreneur doesn't go with the Trend, they create the trend.

Coming back to how you can start a startup and make it successful?

We often think building a start-up means coming up with a perfect solution to a problem that can make us a millionaire, right?

But here is a twist!

Building a start-up is a series of innovations that an entrepreneur has to do at every step. In fact, the innovation of one problem creates another problem and just like that innovation stack is build

The Innovation Stack is a rare yet one of the most powerful books on Entrepreneurship that is written by the experience of @jimmckelvey1 the co-founder of Square (the other founder is Jack Dorsey, the founder of twitter)

When Jim couldn't accept the payment due to unavailability of credit cards, he came up with the idea of Square that changed the history of credit card companies.

The book starts with how Jim and Jack built Square and how well they made Amazon come down to its knees.

Yes, a giant monster, Amazon tried to copy the entire idea of Square and tried to compete then but alas! Amazon failed before a small startup.

But how?

Well, that's what the book is about!

The author has shared how you can beat Competitors by doing nothing for them but focusing on your customers and building your innovation stack.

The book is divided into three sections:

1. The first section is about how Jim started Square

2. The second section has the case studies of 3 world class companies that proves the theory of Jim correct. The case studies are so much to read that you will enjoy the ride

3. The final section is more about how you can beat your competitors and begin as an entrepreneur

John J. Sutherland

Great!

Reviewed in Canada on September 20, 2020

Verified Purchase

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