Summary of The $70,000 Minimum Wage

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Entrepreneur Dan Price made international headlines in the spring of 2015 when he announced that his company had established a $70,000 minimum wage. But he didn’t risk his company’s financial future just for 15 minutes of fame; he has a much bigger goal at heart – the well-being of his employees. In this Aspen Ideas Festival interview, CNBC’s Kelly Evans probes Price about his momentous decision. getAbstract believes their conversation will enlighten corporate leaders, human resources managers and business innovators seeking fresh ways to improve productivity.

About the Speakers

Dan Price is the founder and CEO of Gravity Payments. Kelly Evans is co-anchor of CNBC’s Closing Bell.

 

Summary

As a teenager growing up in Idaho, Dan Price noticed that credit card processors, like Visa and MasterCard, charged perplexing, exorbitant fees to the small businesses that accepted their cards. Price began to work as a part-time consultant, negotiating with the credit card processors on behalf of local businesses. In 2004, he launched his own credit card processing company, Gravity Payments, in Seattle.

In 2011, a disgruntled Gravity employee voiced dissatisfaction with his salary, which was in the low $30,000s. The staffer felt that Price, who took pride in his ...


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