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The $70,000 CEO
Disruptor
DAN PRICE
Game Changer EntrepreneurDan Price, Founder & CEO of Gravity Payments
Raised in rural Idaho, far from the closest neighbor, Dan Price started Gravity Payments from his university dorm room when he was just 19 years old. Although music was his passion growing up, Dan discovered his lifelong mission when he found many small business owners in his community were being taken advantage of by their credit card processors. He knew that wasn’t right, so he rolled up his sleeves and began disrupting the typical way business is done.
As he told Entrepreneur Magazine, “I never intended to make a lot of money, or really any. I was really upset at this industry for the way they were treating my clients, and I just wanted to blow the whole thing up.”
Dan shaped Gravity on a different set of values not normally seen in the workplace —honesty, transparency, and responsibility. These simple values have made Dan and the Gravity team a trusted name in credit card processing. Today, independent businesses across all 50 states trust Gravity to save them millions in fees and hours in frustration by making it easy and simple for them to accept payments.
Changing the way business is done
It is well known that Dan is a celebrated entrepreneur, but what sets him apart is his conviction to do what he believes is right, even if it’s unpopular. His mission is to create a world where values-based companies reshape the economy, so business stops being about making the most money possible. Instead, he wants leaders to recognize that business should be about purpose, service, and making a difference. Dan believes it’s not about doing business as usual anymore, but doing business better.
At 26, Dan Price is awarded the National SBA Young Entrepreneur of the Year, presented by President Barack Obama
“I never want to make
—Dan Price
AWARDS & HONORS
- Entrepreneur Magazine Entrepreneur of 2014
- Seattle Business Magazine 2014 CEO of the Year
- Ernst & Young 2010 and 2014 Entrepreneur of the Year Finalist
- GeekWire 2013 Young Entrepreneur of the Year
- Small Business Administration 2010 Young Entrepreneur of the Year
“Some people say an award like this would validate what they’re doing. I would say we need to do things to validate this award.”
—Dan Price accepting Entrepreneur Magazine’s Entrepreneur of 2014
In The Media
“As a leader, there’s a moral imperative to do the best you can for those you’re leading”
—Dan Price
THE $70K CEO
In 2015, Dan made headlines around the world when he announced to the entire Gravity team that he planned to raise the minimum wage for everyone to $70,000. He called the move a “moral imperative” to do the best you can for those you’re leading.
The response that followed his announcement was overwhelming. Dan’s move spurred hundreds of thousands to voice their support and inspired business owners across the country to employ similar pay increases for their teams.
For more facts and stories on the $70K minimum wage decision, go to thegravityof70k.com.
PBS NewsHour story by award-winning journalist, John Larson, on the many effects of Dan Price's $70k minimum wage.
500 Million interactions with the $70k story
- Most shared video in NBC News history
- Most read New York Times article for a week
- Front page of Reddit for two days
- Front page of MSN
- Front page of ABC News
- Front page of Mashable
- Top trending article on Upworthy
- Top trending article on Buzzfeed
- Trended on Twitter for two days
- Trended on Facebook for three days
See the real impact of our $70k minimum wage View Updates
Essays by Dan
Jim cares about his employees; he knows all of them by name. Business is booming, and he wants his team to share in the financial success. To accomplish this, he develops a profit-sharing program, giving employees a cut of the loot at the end of the year. When he announces the program, he gets a standing ovation.
7 Ways to Create A Sense of Family in the Office
by Dan Price
Sarah was not just a top performer—she always exceeded her quota. She was like a sister to me. Then her daughter became sick, and doctors couldn’t figure out why. Sarah no longer went on sales calls. She stopped hitting her quota. Others were forced to pick up her slack.
I do not care about money. I am worth upwards of three million dollars, I take home a seven-figure salary, I own a million-dollar home with a view of the Seattle waterfront, and if I sold my company tomorrow, I could live lavishly without ever working again.
You probably don’t know of any corporations whose mission statements explicitly say they want to make as much money as possible at the sacrifice of others and the breakdown of society. But that is just what many businesses do when they utilize unsustainable practices like underpaying workers, degrading the environment, and wasting resources. It doesn’t have to be this way.
We can learn something from guerilla Che Guevara. I touched on this at the Inc. 5000 conference, but let me explain. Since making the $70K decision in April, one question I am frequently asked is, “What does it take to make this a business success? How do other companies follow suit?” Funnily, the answer has nothing to do with capturing more wealth. The answer lies in something Marxist rebel Che Guevara said.