In 2014, Jed McCaleb founded a nonprofit in the technology sector called Stellar Development Foundation. His goal is to build a financial infrastructure system that will help people around the world participate in the global economy. He says that many people can’t participate, especially in developing countries, because they can’t get a bank account and have no way to save money.
Stellar is now being used by businesses and nonprofits around the globe, he says. It’s based on blockchain, the technology that underlies digital currencies like Bitcoin. His system is decentralized and uses its technology to provide an open source financial network that can tie together various financial institutions. By linking financial institutions together Jed McCaleb says that people will be able to transfer value to one another in an easy and low-cost way.
Jed McCaleb started in the tech industry in 2000 when he founded MetaMachine. This company created two new technologies, eDonkey2000 and kdrive. Kdrive allowed people to securely move files over the internet. eDonkey was one of the earliest p2p file-sharing networks. It also enabled 1-to-many data sharing so that someone could rapidly share a file with as many people at a time as they needed to.
At Stellar, Jed McCaleb says that he spends time thinking about how to achieve his goals and the company’s overall strategy. He says that if you’re working towards the wrong goal than your productivity is being uselessly wasted. He wants to make sure that he and his team are always working towards the right goals so that they make the best use of their time.
As a serial entrepreneur, Jed McCaleb says that he recommends that other people thinking about starting a business shouldn’t focus on a niche product or service. He says that it’s really not that much more work to create a company that can have a global impact in comparison to building a business that is more narrowly focused. He says that the potential rewards are much better when you dream bigger.