In your new book the innovation stack you talk about a glassblower to team up with the founder of twitter to build a multibilliondollar Payment Company you talk about perfect problems when did you realize how Business Payments were a perfect problem . I needed a way to delineate problems if you think about the worlds problems those that are solved so we could copy the solution. And then for one reason or another are not solvable. We dont have a way to do it but then that group in the middle of solvable problems that have not yet been solved is the perfect problem because that is the focus of what we accomplished to look for a way to solve a problem that is solvable that hasnt been done you have to do something new. So what happened with jack dorsey and i come i hired him when he was 15. A High School Student came into work at a company that i still have. I dont run any of my companies but i also dont sell them. We started working together and he went to college. We kept in touch. Then
Steve told the story of going from a glass blower in st. Louis teaming of the founder of twitter to build a multibillion payment company. In the book you talk about a lot about perfect problems. When did you realize that Small Business payments were a you are going to have to do something new and you cannot copy. I hired jack when he was 15, he was a High School Student came into work at a company that i actually still have. I dont run any of my companies but it also dont sell them. This ones been around for 30 years. He goes off to college, we kept in touch. And then he had kicked out of twitter, the first time,. [laughter] they showed him the door and he came back to st. Louis and he came back we were hanging out and talking and decided to start a company together. We are then kicking around ideas he didnt have an idea and i didnt have an idea suisse are looking for problems we could solve. And came up with the problem. When did you come to that conclusion you talk in the book about
And they show them the door and we were hanging out and talking. And decided we would start a company together. We were kicking around ideas. He didnt have an idea so we were looking for problems to solve. And came up with the problem of how merchants got paid. When did you come to that conclusion . Talking about your work as a glassblower when you realize payments were a problem for small merchants. That was funny because jack was just kicked out of twitter and my first reaction is he was like a little brother. I felt like i needed to stand up for what they did at twitter to have the first time was completely file. My first suggestion was lets get even with those guys it was just spite motivated. But jack to his credit said lets do something more positive and start a new company. So that was the impetus. Then we were looking for a problem the only thing we determined was our company would be focused my phone is a prop. These things focus on these things because the iphone had just com
If you say things are okay, not as great, and youre an industrial, because there will be an opening of america, people will buy you if you say things are in line and you pull your forecast and youre not industrial, its a recipe to be sold. This is about hope its about the idea that it cant be as bad as it is right now. Youll see that even with marginal retailers, people think a marginal retail hear to come back because america is open listen, you have to go with the flow for a couple days if youre a trader if youre an investor you have to take the other side of this trade as we get closer to the opening. I think people will be surprised how little these businesses will do and how worse theyll do once we go open its not it is an opening other than auto builds wont occur. We have to be ready for that your general thinking is well get a ford plant reopening, vw doing it, boeing in South Carolina next week, but its going to be a manufacturing bounce yes more than a service bounce . Yes man
In your book new innovation you tell the story about gas blower to team up with the founder of twitter to build a multibillion dollar payment company. In the book you talk about perfect problem so when did you realize these were a perfect problem . Its funny. I needed a way to delineate problems and if you think about the worlds problems you have the ones that are solved it can come to fruition but somebody already figured it out. So we just dont have the way to do it. That Stimulus Group in the middle to solve the problems that have not yet been solved. That is the focus. So in other words you are looking for a way to solve a problem that has not been done so you have to do something new. You dont get to copy. So jack dorsey and i come i hired him when he was 16 a High School Student to help me with a company that i still have. I dont run any of my companies. They manage themselves. We started working together through when he went to college. We kept in touch but then he was kicked ou