Businesses grow from strange roots, and the roots are often embedded in a problem that needs a solution, according to Jim McKelvey.
McKelvey created a wildly successful business that grew out of his artistic abilities as an artist and glass blower. He has since branched out far beyond his beginnings to become one of the super-wealthy.
The entrepreneur invented Square Inc., a credit card payment method for small businesses, and LaunchCode, a nonprofit that trains computer programmers. He was a keynote speaker at the BNY Mellon, Pershing Insite18 conference in Orlando, Fla., last week, sharing his insights on a range of topics.
Early in his career, McKelvey was creating glass faucets for extremely high-end bathrooms, but one day lost a $3,000 sale because he could not take a customer’s American Express card.
He realized he wasn't the only small business owner with this problem, so he invented Square, which allows a credit card to be swiped on a smartphone or tablet. The company is now valued at $6 billion.
“I’m an engineer by training, so I solve problems,” said McKelvey.
A resident of St. Louis, he also saw that region of the country in economic distress because businesses did not have a talent pool of computer programmers. So he founded Launchcode, a nonprofit organization, to help solve the problem by educating programmers.
The entrepreneur also refuted the idea that money can't buy happiness.
“Money is related to happiness,” said McKelvey, who Forbes estimates has a net worth of about $2.3 billion. “But after a certain point, it just piles up.”
McKelvey, who is also an independent director of the St. Louis Federal Reserve, warned of the dangers of other types of money, such as cryptocurrencies. “They are dangerous because they are anonymous,” he said.