The Innovation Stack

When we see successful entrepreneurs or hear about the amazing profits acquired by a business, it sounds amazing, but also unbelievable, unattainable, and unreachable. We need to recognize that all of these businesses were born of an idea, a thought, and more importantly, a solution to a real problem was brought to the market. Many of us want to start businesses or even scale to the next level, but our thoughts start going haywire and even before we make the first move, we think about all of the reasons why this idea will fail. The reasons or better yet, the excuses are endless: there’s too much competition out there, we don’t have the money to fund this project, we don’t know where too start, we don’t know what to do, we don’t know how to market, and more. When the fear hits, which is really what’s happening, you decide to tune into your favorite show or distract yourself with something that can massage the uncertainty of what’s swirling through your system, solidifying you with the belief that nothing is safe or worthy of entertaining. But what if you found out that behind all of these big businesses with abundant success, they all went through the exact same emotions. That they too confronted uncertainty, fear, challenges, and were worried about not knowing the whole course.

Jim McKelvey, author of The Innovation Stack provides us with numerous examples of businesses that developed success because they built their strength through an “Innovation Stack.” Jim, who is the cofounder of Square describes this process akin to building a business that has numerous innovative elements that contribute towards its value and how all of these elements work perfectly for the whole. He shares how Square was birthed from an idea and then how he and his team leaned into the development of this product by solving problems over and over again, which in turn, contributed towards a multidimensional innovation suited to win — even when the odds were against them. Square empowered small businesses who weren’t being served by the market by creating a tool that gave merchants access to credit card processing that was more inclusive and fair. What I enjoyed the most was how he discussed from the beginning, he and his team acknowledged that there were hundreds of reasons why this concept would fail, but they STILL went for it. And even after execution occurred and the product was brought to the market, there were countless unforeseen attacks — competitors, legal battles, and the challenges of navigating new terrain. I had some strong “aha” moments, but my biggest takeaway was that even the most successful brands go through the same worries and concerns. BUT, they don’t allow those fears to win! They decisively choose to lean into innovation, creation, and adjust as needed. Reading this story was healthy for me because sometimes things can appear so complicated, but Jim McKelvey shared the journey of Square and other businesses with language that was accessible, easy to follow, and relatable.

So, I’m left motivated and with the continued energy to create, solve problems, and to serve. Thank you Jim McKelvey for sharing this strategy that empowers us to trust our our ideas, use the resources around us, and to swim even when we can’t see. It’s in this process that we build the strength, the stamina, and the innovation needed to succeed.