Square: The Revolutionary Company The Makes Credit Debt More Accessible Than Ever
In a 20-page spread of Inc. Magazine's May issue that featured the 25 enterprises they deemed as the most audacious, virtual credit card register Square, Inc. was singled out as the cream of the crop and it soon became no secret why.
Spawned by the same brain behind Twitter, Jack Dorsey, the 1-inch-square card reader has since become an unquestionable success with the company having been valued at a staggering $3.25 billion, a figure that tops the appraisal of some of the world's most valued entities such as Spotify and shoe-selling company Zappos.
And Dorsey, who started the venture in 2009, made a point to acknowledge the fact that Square has gone about things in its own way.
"We get to design what we want to see in the world," he told Inc., "rather than doing what other people think should be done."
The blueprint Dorsey used to build his company can indeed be deemed unorthodox, which shows in the way he has built his staff.
"I didn't have a finance background, my co-founders didn't, and we didn't hire anyone who worked in finance until we reached 25 employees," said the CEO. Despite now having 500 employees, he has yet to hire a salesperson, attributing that fact to Square's ability to "sell itself."
And that just may be the reason for the company's status as a revolutionary entity. The product is the first of its kind, yet the need is so obvious, a fact that manifests itself in the numbers: over three million merchants use Square to facilitate financial transactions.
Square has shown no signs of stopping, either, with the company announcing that it will now process transactions in Japan, their first over overseas market.
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