Jason Del Rey who writes for Re/code and who is one of the one of the more entertaining folks I follow on Twitter recently tweeted out the following about Square.
Say what you want about Square, but they have pumped out a slew of new products in the last 12 months pic.twitter.com/ZjivGSlEyi
— Jason Del Rey (@DelRey) October 29, 2014
Definitely true. Square has become very good at rolling out products. But the problem was succinctly articulated by Neeraj Baid of Venmo who responded to Jason with the following:
@DelRey Easy to roll out products, hard to actually get adoption. Will need to see how much retailers buy into the “Square Suite”
— Neeraj Baid (@2neeraj) October 29, 2014
I think Neeraj hits the nail on the head here.
I cannot think of any tech company that has been successful with a portfolio product approach. Almost all the big unicorns and even smaller winners seem to have done one thing very well and dominated that.