We show that an irreducible family ${\mathcal{S}}$ of complex $n\times n$ matrices satisfies Paz’s conjecture if it contains a rank-one matrix. We next investigate properties of families of rank-one matrices. If ${\mathcal{R}}$ is a linearly independent, irreducible family of rank-one matrices then (i) ${\mathcal{R}}$ has length at most $n$, (ii) if all pairwise products are nonzero, ${\mathcal{R}}$ has length 1 or 2, (iii) if ${\mathcal{R}}$ consists of elementary matrices, its minimum spanning length $M$ is the smallest integer $M$ such that every elementary matrix belongs to the set of words in ${\mathcal{R}}$ of length at most $M$. Finally, for any integer $k$ dividing $n-1$, there is an irreducible family of elementary matrices with length $k+1$.

Three families of examples are given of sets of $(0,1)$-matrices whose pairwise products form a basis for the underlying full matrix algebra. In the first two families, the elements have rank at most two and some of the products can have multiple entries. In the third example, the matrices have equal rank $\!\sqrt{n}$ and all of the pairwise products are single-entried $(0,1)$-matrices.