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In Today's World, We Need to Continually Innovate!Unleash The Knowledge

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The Innovation Stack: Building an Unbeatable Business One Crazy Idea at a Time Hardcover – March 10, 2020

by Jim McKelvey (Author)

4.6 603 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.

Print length

288 pages
Language

English
Publisher

Portfolio
Publication date

March 10, 2020
Dimensions

5.85 x 0.96 x 8.52 inches
ISBN-10

0593086732
ISBN-13

978-0593086735
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Editorial Reviews

Review

“McKelvey tells the remarkable story of how with Square, he started a business that would transform an industry, along the way unlocking a whole new model for innovation. An inspiring call to action for entrepreneurs who want to tackle problems that affect our everyday lives, with perseverance and some crazy ideas.” —Steve Case, chairman and CEO of Revolution, cofounder of AOL, and author of The Third Wave: An Entrepreneur's Vision of the Future

“The Innovation Stack is a deeply useful book about the characteristics of successful companies and how and why to build one, complete with inspiring case studies that literally span centuries. But it’s also much more than that: a witty, humane exploration of living in the complicated, inequitable world we all share and are working to make it less so.” —Eric Ries, entrepreneur and bestselling author of The Lean Startup

“Who can say they went up against Amazon—and won? Jim McKelvey can, and this book tells how.” —Peter Thiel, entrepreneur, investor, and author of Zero to One

“Growing up in the Show Me State—aka Missouri—made me skeptical of everything . . . especially Jim McKelvey. I’d say more but I’m out of charact” —Jack Dorsey, cofounder and CEO of Twitter and Square

About the Author

James McKelvey is a serial entrepreneur, inventor, philanthropist and artist.
He is the cofounder of Square, was chairman of its board until 2010, and still serves on the Board of Directors. In 2011, his iconic card reader design was displayed at the Museum of Modern Art.
In 2016, McKelvey founded Invisibly, an ambitious project to rewire the economics of online content.
In 2017, he was appointed as an Independent Director of the St. Louis Federal Reserve.

Excerpt. © Reprinted by permission. All rights reserved.

Introduction

Suddenly, we won.

For over a year, a giant monster had chased us through the graveyard of corporate corpses. Amazon, the scariest monster on the planet, had copied our product, undercut our price, and was going to eat our brains. Then, without warning, on Halloween in 2015, the monster stopped the attack and handed us a treat.

This treat was better than any bag of candy. Not only did Amazon discontinue its competing product, it also mailed the product’s existing customers a little white Square card reader in a smiling cardboard box. Happy Halloween! Was this a trick?

Square, the little company that I cofounded with Jack Dorsey back in 2009, had just done something amazing. The odds of surviving an attack by Amazon would depress a Powerball player, but there we were, still alive after going “nose‑to‑toe” against the world’s most dangerous company. Was this just luck, or had something else happened? I knew what we had done, but I didn’t have any idea why it worked. I spent the next three years answering that question, and eventually wrote this book.

This is not the story of Square. Instead, it is the story of how founding Square led me to discover a phenomenon that applies across industries and even time. Square is a good example because I can tell the story firsthand; but if this were just about Square, I would not have written this book.

What happened at Square was no accident; it fit a pattern. It’s a pattern that repeats in a shockingly regular manner; and when it does, the companies that harness it become the biggest of their kind in the world. Patterns are funny things, for you can see them your entire life without ever noticing them. But once you finally notice, they appear everywhere. When I learned to notice this pattern, it was like finally seeing the world in three dimensions— was still looking at the same objects, but now everything had depth. My enhanced vision revealed even more patterns. Patterns that have changed the world.

Product details

Publisher ‏ : ‎ Portfolio (March 10, 2020)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 288 pages
ISBN-10 ‏ : ‎ 0593086732
ISBN-13 ‏ : ‎ 978-0593086735
Item Weight ‏ : ‎ 14.4 ounces
Dimensions ‏ : ‎ 5.85 x 0.96 x 8.52 inches

Best Sellers Rank: #387,685 in Books (See Top 100 in Books)
- #162 in Venture Capital (Books)
- #422 in Starting a Business (Books)
- #2,238 in Entrepreneurship (Books)

Customer Reviews:
4.6 603 ratings

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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

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

Helpful

Daniel Vaughan

insights into the process of building a startup

Reviewed in the United States on November 8, 2021

Verified Purchase

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

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

sanjay iyer

The True Entrepreneurial Spirit

Reviewed in the United States on August 14, 2020

Verified Purchase

A unique viewpoint about true entrepreneurs. This word is often overused in our current day and age. Jim McKelvey explains that a real entrepreneur ventures outside the safe and known word and tries to create something new; new as in industry changing. He also explains why startups are the best as pushing these boundaries, even more so than top innovative companies like Google who throw money at a problem. Four real companies that changed the world as we know it are talked about in this book. They are all very different companies which makes this book more fascinating.

He is quirky and entertaining and i flew through the book. I highly recommend this book to anyone who is interested in startups or business.

Helpful

Amazon Customer

More Entertaining Version Of Zero To One

Reviewed in the United States on April 21, 2020

Verified Purchase

This reminds me of "Zero to One", but more entertaining. I loved Thiel's book and recommend both reading and owning it, but this presents a similar idea of what differentiates innovative companies in a more entertaining way that's easier to digest for most readers. It's not an origin story like Netflix co-found Marc Randolph's "That Will Never Work" either. While Square is used, it covers so much more. This is one of the best books I've read in a while in any genre.

12 people found this helpful

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Micah Yost

Awesome information and really enjoyable read

Reviewed in the United States on July 13, 2020

Verified Purchase

I've really enjoyed this book. I think the approach to the book itself is a bit innovative (or at the minimum creatively different.) This isn't just a book about Square. It's a funny and engaging read. Jim writes with the same creativity he brings to this product design and glass art. There's an exciting mix of startup insights and creative writing here that should be enjoyed by anyone building a business.

2 people found this helpful

Helpful

Tennis Bum

Interesting view into innovating companies.

Reviewed in the United States on July 9, 2020

Verified Purchase

Felt like author wrote more than was needed to tell great stories of entrepreneurs. Too redundant. Good history lesson about banking and industry.

Helpful

Top reviews from other countries

Kumbi .M.

Great book, innovative way of thinking...

Reviewed in the United Kingdom on April 19, 2024

Verified Purchase

Great book, innovative way of thinking...

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

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