Jim McKelvey (Square) on How to Out-Compete a Goliath, Advice for “Wantrepreneurs,” and Economizing Drug Trials
Description
Building something that lasts is rare. Building something that rewires an entire industry? That’s almost unheard of. But that’s exactly what Jim McKelvey did when he co-founded Square (now Block) with Twitter co-founder Jack Dorsey.
Today, Jim and Sammi talk about how Square went head-to-head with Amazon and won, why Jim believes most startups don’t understand what real innovation looks like, and the surprising psychology behind a piece of tech being just difficult enough to capture attention. Plus, they dive into his more recent ventures, Invisibly and Fastrials, and what serving as an independent director at the Federal Reserve taught him about the intersection of policy and entrepreneurship. Plus, his hot take on— and role in— tipping culture.
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Here’s what Sammi covers with Jim:
00:00 Jim McKelvey’s Social Currency
01:17 How Square Evolved From A Personal Painpoint
02:37 That Time Jim Stripped in a Business Pitch
05:13 The Psychology of Attention in Business
19:50 How Square Beat Amazon
31:21 Understanding Human Behavior and Social Pressure
32:17 Lessons From Jim’s Time as a Federal Reserve Director
38:19 Why Invisibly Failed, Profitably
40:28 Jim’s Newest Venture and Revolutionizing Drug Trials
45:48 Advice for Entrepreneurs in Regulated Industries
53:33 Tipping Culture and FinTech Predictions
58:24 How to Show Social Currency Some Love
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