Jack Dorsey, Square co-founder & CEO, and Twitter creator, discusses Twitter reaction to last night's presidential debate, and the impact of mobile payments going mainstream.
This is an important interview. Watch past the gushing over Twitter for the insightful mission Dorsey has created for Square. Square is a revolution in POS (Point of Sale) bringing POS to the masses. I keep wondering why some large bank isn't matching Square.
This interview answers why banks aren't coming in because you have to think like an Internet marketer to see the POS opportunity. Dorsey discusses the death of money and how that sea change means every service provider must be able to accept credit cards.
When we started Found Objects and FoundObjects.com in 1999 no bank wanted to help us accept credit cards. Banks don't think like Internet marketers. Once an IMer like Dorsey sees a vastly greater over, what is to be gained, against a much smaller under, what could be lost, he moves. More than moving rapidly against an opening opportunity, Dorsey shows the MISSION motivation that drives a soon to be billionaire.
Dorsey could care less that Square is already valued at $3.2B or that they've done 8B in transactions. He cares about the mission. Banks take note. It ain't about the money all the time. Sometimes you do things because it is the right thing to do. In an Internet enabled economy doing the right thing is the right thing to do and being in it for the money all the time just makes you look greedy, out of step and stupid.