In this excerpt from Jim McKelvey’s new book, “The Innovation Stack,” the Square cofounder describes how the company was able to fight off Amazon—which copied its iconic card reader and undercut its price.
In the summer of 2014, Square was still a simple business: we gave away a cool little white square card reader, charged 2.75 percent for our service, and had a happy collection of small businesses using our product. We were still growing fast. We had no live customer service and barely any advertising budget.
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