James Mckelvey on poverty
From 013: Solving Billion-Dollar Problems – Jim McKelvey · · Tony Maree Torrey
“there was a huge correlation between diaper usage and the start of poverty and basically about a third of u.s families struggle to pay for diapers and if you think about the cost of a diaper diaper costs about 25 cents in bulk which means that if you're not rich and not shopping at costco or sam's or some sort of wholesale thing where you can buy like a bale of these things and stick it in your minivan you are probably paying north of 25 cents a diaper and if you're watching the local 7-eleven or whatever correct if you're a poor person your diaper cost is a meaningful fraction of your weekly or daily income and if you have a child that needs to be in diapers this is a huge burden and this is where sort of the cycle of poverty starts”
On , James Mckelvey, Co-Founder & Director at Square, spoke about poverty during 013: Solving Billion-Dollar Problems – Jim McKelvey on Tony Maree Torrey.
About James Mckelvey
Jim McKelvey, co-founder of Square (now Block, Inc.), has been speaking publicly about his concept of the "Innovation Stack" and the early challenges of building Square. In a March 2026 podcast, he recounted that Square started after he lost a sale at his glass studio because he could not accept an American Express card, and that in the first week of operation he found 17 laws or rules Square was violating. He described Amazon's later attempt to copy Square with Amazon Register and said the threat led him to write a book about how innovation forces a company to invent rather than copy. McKelvey also discussed the emotional difficulty of innovation, noting that "the first time any human does anything, that person is unqualified" and that meaningful innovation is rarely comfortable or cool. In April and May 2026 appearances, McKelvey reflected on his personal history, including his mother's suicide and his experience as an outsider. He said that being unpopular as a child gave him an advantage in not caring what others think, and that he has "been kicked out of everything I've started" because he gets bored once a venture is built. He also described his approach to layoffs at Square, stating that the company avoided small, repeated cuts and instead conducted a single org-wide reduction with six months' severance plus a week per year of service. McKelvey continues to promote the idea that true innovation arises when copying is impossible, and that entrepreneurs should embrace the demoralizing, failure-laden process that comes with building something new.