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Barry O’Reilly’s guest is Jim McKelvey, who has been everything from a glassblowing artist, to a founder of a multibillion-dollar organization.
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Episode 66
The Innovation Stack with Jim McKelvey
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START LISTENING NOW TO... |
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Be Grumpy, Optimistic, and Tenacious [2:10]
Entertain Them [8:55]
Make it an Experience [14:15]
Make Space in Your Head [20:40]
Looking Ahead [26:35]
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Barry O’Reilly’s guest is Jim McKelvey, who has been everything from a glassblowing artist, to a founder of a multibillion-dollar organization. Just recently, he was appointed Chairman of the Federal Reserve Bank of St. Louis. Jim is the co-founder of Square, a leading financial services and digital payments company, and the author of The Innovation Stack: Building an Unbeatable Business One Crazy Idea at a Time, where he shares the story of building Square and his philosophy for building disruptive companies. His most recent startup, Invisibly, gives consumers control of how their personal data is monetized by advertisers. Jim treats listeners to some fun facts and tips he learned from his own journey in this week’s episode.
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Be Grumpy, Optimistic and Tenacious
Innovation requires a “wonderful blend of grumpiness and optimism”, as well as a healthy dose of tenacity, Jim argues. Grumpiness makes you upset about a problem, and optimism inspires you to come up with a solution. Tenacity keeps you going through the tough times. “A lot of the companies that are now household names ... began with a founder who just found themselves in a really unpleasant situation and didn't quit,” Jim says. The mix of work ethic and stubbornness is often the secret sauce to your ultimate breakthrough. It’s not some special talent or heroic gift that makes innovators succeed, he and Barry agree. The most successful founders are just regular people; you just need the right tools, which Jim describes in his book. [Listen from 2:10]
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Entertain Them
Barry loves The Innovation Stack for its amusing anecdotes and contrary approaches, one of his favorites being Jim’s approach to pitching investors. “People get pitching wrong,” Jim explains. “People spend a lot of time pitching as if they are trying to sell somebody something. I pitch as if I'm trying to entertain and invite them to partner with me; and it's a subtle difference.” It’s your duty to entertain your listeners, he argues, especially if you want them to listen to you for more than 30 seconds. Throw some surprises in there as well to hold their attention. He describes how he used this tactic when he pitched Square. His pitch deck was lighthearted and fun, and even included 140 problems that would cause Square to fail. Investors weren’t expecting that. His strategy worked brilliantly because, as he explains, “If you start honestly discussing your problems people don't just pile on; the natural response to that is to say, ‘Oh, I can help you fix that.’” He continues, “It was this wonderful experience to be in that room with us pitching, because it wasn't this sort of attack and defend scene that I see in almost every other pitch meeting.” [Listen from 8:55]
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“I pitch as if I'm trying to entertain and invite them to partner with me.” - Jim McKelvey
(Tweet this)
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Just recently, Jim was appointed Chairman of the Federal Reserve Bank of St. Louis.
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Make it an Experience
Your product or service should be an unforgettable experience for your customers, one they want to revisit. Jim describes thinking through the design of a new drinking glass that will invoke the users’ senses and help them see the world in a new way. These types of hidden experiences are key. “What I noticed was that immediately after an experience like that, you have this window of attention that may last 2 seconds or 5 seconds or 20 seconds,” Jim tells Barry. He uses these precious seconds to share his most important message. People don’t owe you attention, you have to earn it moment by moment, he points out. [Listen from 14:15]
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“I'll put a smile on your face and then while your eye is still reading and you're just starting to laugh, I will deliver what I consider the important message.” - Jim McKelvey
(Tweet this)
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Make Space in Your Head
What used to work well before may stop working, and you have to be flexible enough to unlearn. “If you stick too rigidly to what has worked, you'll find that you end up one of these fossils who is so out of step with what's working that you no longer have any success,” Jim warns. “To me, unlearning is a Marie Kondo approach to your brain.” You have to get rid of the stuff that no longer works, to make space in your head for new ideas and approaches. This is a continuous process. His ‘don’t do list’ is one way he makes space in his head, he tells Barry. Barry gives his own definition of unlearning: “It's the conscious act of letting go of outdated information and actively taking in new information to inform your decision making and action.” You’ll be more productive, energized and focused as a result, he tells Jim. [Listen from 20:40]
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“To me, unlearning is a Marie Kondo approach to your brain…” -Jim McKelvey
(Tweet this)
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Looking Ahead
Jim is excited about his new position as Chairman of the Federal Reserve Bank of St. Louis. He is responsible for ensuring that the right information gets to the people who need it, he says. “But it's also about gathering economic data and then going to Washington a couple times a year to make decisions on how that data gets used.” The main focus is to bring the economy back to health post-pandemic. “The key unlearning there is to just continually recognize that you don't get to copy the solution from some previous crisis because we haven't had one like this,” he tells Barry, “so just keep your mind open and be willing to listen to the person who proposes something that sounds radical, but in fact might actually be the solution.” [Listen from 26:35]
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Crowd-Infused Innovation: a New Approach to Product Development |
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These days, most people in product design and development understand the basic approach to innovation: idea -> prototype -> launch -> test -> iterate and scale.
At Nobody Studios, we use the same approach, but we add a key ingredient to each step of the equation: the power of the crowd.
Read more about it here!
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I give talks all over the world, sharing my expertise, insights and stories of my own and others’ learning and unlearning.
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October 14th - 11 AM PT |
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Chapter Two with Jay Samit
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I'm so glad to have Jay on this LIVE session of Chapter Two where I interview leading authors about their new books.
If you're someone who is tired of jobs with no security, hoping to truly realize your professional and personal potential and is looking for a way to build a better life for them and their family, you should join the conversation!
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Explore more of my thinking... |
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Jeff Hoffman has been the founder of multiple startups, he has been the CEO of both public and private companies, and he has served as a senior executive in many capacities. Jeff has been part of a number of well-known successful startups, including Priceline.com/Booking.com, uBid.com and more.
And I got to ask him a bunch of questions on the True Grit live stream!
[Watch Here]
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I have some really big news, and I want you to be the first to know about it.
It’s big not just for me, but potentially for you as well.
If you’re interested in radically changing the way:
- work is done
- products are created
- companies are built and funded
- wealth is created and returns are distributed (democratizing both)
- and how all of that leads to real problems being solved,
…you’ll want to read on.
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Agility as a movement has been around for 20 years. While it never feels fast enough, firms are embracing flatter hierarchies, giving individuals more authority to influence outcomes, and recognizing the ability to adapt to change far exceeds the myth of getting everything right the first time.
[Read Here]
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Thanks again for making Unlearn a bestseller! |
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Your tiny task is to add your review of the book to Amazon or Good reads. Every small step has a huge impact in encouraging others to read the book, experiment and adopt these ideas!
My Best, Barry
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