While pitching Square @jack famously listed 140 reasons why Square wouldn't work.
Now Square has a market cap of $113B.
Looks like it worked.
Here's a breakdown of their pitch deck and why you should also do something that "won't work".
👇
Now Square has a market cap of $113B.
Looks like it worked.
Here's a breakdown of their pitch deck and why you should also do something that "won't work".
👇
Their acquisition strategy used everything from digital ads to traditional PR.
100,000+ new customers per month seems aggressive, but their market is huge.
There are 30m SMB businesses in the US alone and in 2012 Square spent over $50m trying to reach them.
100,000+ new customers per month seems aggressive, but their market is huge.
There are 30m SMB businesses in the US alone and in 2012 Square spent over $50m trying to reach them.
What Is the razor blade retail model?
Gillette sells the first razor at a loss and makes money on the replacement heads.
Square gives their readers away for free and even gives you $10 to register the device.
That isn't hard to make back when getting 2.75% on all transactions.
Gillette sells the first razor at a loss and makes money on the replacement heads.
Square gives their readers away for free and even gives you $10 to register the device.
That isn't hard to make back when getting 2.75% on all transactions.
They weren't wrong about the competition, but in hindsight they have really held their own.
It wouldn't be hard to imagine Google or Apple dominating this space.
In fact, they predicted something like Apple Pay would emerge.
AND today Square readers accept Apple pay 😉
It wouldn't be hard to imagine Google or Apple dominating this space.
In fact, they predicted something like Apple Pay would emerge.
AND today Square readers accept Apple pay 😉
It's funny @jack's exit plan was to be acquired by companies that Square now eclipses.
Ebay $39b
HTC $23b
Ebay $39b
HTC $23b
The growth rates are insane.
However, think about the word of mouth effect their product has.
If you owned a SMB and used a Square reader for the first time while shopping, you were going to ask about it.
However, think about the word of mouth effect their product has.
If you owned a SMB and used a Square reader for the first time while shopping, you were going to ask about it.
Square shared a similar vision to Apple where they own both the software and hardware.
Because of this they were able to create a seamless experience and wonderful product (hence the $113b market cap).
Because of this they were able to create a seamless experience and wonderful product (hence the $113b market cap).
If you enjoyed this please follow @Adam_Ha_Yes because I'm going to do at least 20 more (YouTube, Sequoia Capital, Airbnb)
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