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{{Infobox person |
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| name = Dan Price |
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| image = <!--Dan Price.png--> |
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| alt = <!--Dan Price photo--> |
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| caption = |
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| birth_date = |
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| birth_place = [[Michigan]] |
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| nationality = American |
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| alma_mater = |
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| occupation = CEO of Gravity Payments |
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| known_for = CEO of Gravity Payments, and for setting a $70,000 minimum wage |
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| website = {{URL|www.gravitypayments.com|GravityPayments.com}} |
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}} |
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'''Dan Price''' (born 1985)<ref name=people>{{cite web|url= http://www.people.com/article/dan-price-gravity-payments-ceo-interview|title= CEO Dan Price on His Decision to Make Entire Company's Minimum Wage $70K/Year |
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|publisher=people.com|date=2015-05-11 |accessdate=2015-08-14}}</ref> |
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<ref name=truthdig>{{cite web|url= http://www.truthdig.com/report/item/truthdgger_of_the_week_gravity_payments_ceo_dan_price_20150426|title= Truthdigger of the Week: Gravity Payments CEO Dan Price|publisher=truthdig.com|date=2015-04-25 |accessdate=2015-08-14}}</ref> is an American entrepreneur and business executive. He is the founder and CEO of [[Gravity Payments]], a Seattle-WA based credit card processing company, and was named [[Entrepreneur Magazine]]'s 2014 Entrepreneur of the Year in 2013.<ref name=geekwire>{{cite web|url= http://www.geekwire.com/2014/gravity-payments-ceo-dan-price-named-entrepreneur-2014-entrepreneur-magazine/|title= Gravity Payments CEO Dan Price named ‘Entrepreneur of 2014′ by Entrepreneur Magazine|publisher=geekwire.com|date=2014-12-17 |accessdate=2015-08-14}}</ref> |
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Price received national recognition in 2015 for announcing that all employees at Gravity Payments would receive a minimum wage of $70,000.<ref name=nytimes>{{cite web|url=http://www.nytimes.com/2015/04/14/business/owner-of-gravity-payments-a-credit-card-processor-is-setting-a-new-minimum-wage-70000-a-year.html?_r=0 |title=One Company’s New Minimum Wage: $70,000 a Year|publisher=NY Times|date=2015-04-13|accessdate=2015-01-21}}</ref> |
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==Life and career == |
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Price was born in [[Michigan]], in 1985. He was one of six children. His family moved to Wisconsin and then rural Nampo Idaho, when Price was 5.<ref name="people"/><ref name=seattlepi>{{cite web|url=http://www.seattlepi.com/business/article/Credit-him-with-business-savvy-1277301.php|title=Credit him with business savvy|publisher=seattlepi.com|date=2008-06-22|accessdate=2015-08-14}}</ref> He was home schooled until he was in junior high, which he stated attributed to some social awkwardness. To overcome this, he leveraged his familiarity with musical instruments to take up the bass guitar and joined a band in seventh grade. After experiencing some success, the band broke up, and Price channeled his energy into what would become Gravity Payments.<ref name="people"/> |
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===Gravity Payments=== |
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Using experience and contacts from having played in a band, and with advice from his father, Ron Price, CEO of a business consultancy based in Nampa, Idaho, he acquired 200 clients by his senior year of high school.<ref name="people"/> He officially launched the company in January 2004, during his first semester at [[Seattle Pacific University]]. Price was 19.<ref name="people"/> |
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===$70,000 minimum wage=== |
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In 2015, Price made national news by announcing that he planned to raise the salary of every Gravity Payments employee to a minimum of $70,000.<ref name="nytimes"/> He was reportedly inspired by reading an article cowritten by [[Daniel Kahneman]] and [[Angus Deaton]] analyzing data from a happiness and well-being study conducted by the [[Gallup Organization]]. The analysis showed that emotional well being rises up until about $75,000 in salary.<ref>{{cite web|url=http://www.pnas.org/content/107/38/16489.full|title=High income improves evaluation of life but not emotional well-being|publisher=pnas.org|date=2010-04-04|accessdate=2015-08-14}}</ref> |
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There was a range of responses to this action, ranging from support to anger.<ref name=cheatsheet>{{cite web|url=http://www.cheatsheet.com/money-career/the-70000-minimum-wage-experiment-reveals-a-dark-truth.html/?a=viewall|title=The $70,000 Minimum Wage Experiment Reveals A Dark Truth|publisher=cheatsheet.com|date=2015-08-14|accessdate=2015-08-14}}</ref> Eventually, two top employees left to protest what they saw as unfairness in the pay scale, and the company lost a few clients, but they are reportedly still growing.<ref name="cheatsheet"/> |
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== Awards and recognition== |
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*2008 Puget Sound Business Journal 40 Under 40<ref>http://www.bizjournals.com/seattle/blog/2013/05/final-countdown-for-40-under-40.html?page=2</ref> |
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*2010 National Small Business Administration "Entrepreneur of the Year" <ref>{{cite news|last=Cook|first=John|title=President Barack Obama honors 26-year-old Seattle entrepreneur|url=http://www.bizjournals.com/seattle/blog/techflash/2010/06/president_obama_honors_26-year-old_seattle_entrepreneur.html?page=all|newspaper=Puget Sound Business Journal|date=June 8, 2010}}</ref> |
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*2013 GeekWire "Young Entrepreneur of the Year" <ref>{{cite news|last=Soper|first=Taylor|title=Revealed:The winners of the 2013 GeekWire Awards|url=http://www.geekwire.com/2013/revealed-winners-2013-geekwire-awards/|newspaper=GeekWire.com|date=May 10, 2013}}</ref> |
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*2013 Inc. Magazine "Hire Power Award" <ref>{{cite news|last=Truzzi|first=Gianni|title=Meet the Job Creators|url=http://www.inc.com/hire-power/list/2013/state/wa|newspaper=Inc. Magazine | date=November 24, 2013}}</ref> |
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*2014 Seattle Business Magazine "Executive Excellence Award" <ref>{{cite news|last=Truzzi|first=Gianni|title=The 2014 Executive Excellence Awards: Dan Price|url=http://seattlebusinessmag.com/article/2014-executive-excellence-awards-dan-price|newspaper=Seattle Business Magazine|date=January 24, 2014}}</ref> |
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*2014 Entrepreneur Magazine "Entrepreneur of the Year"<ref>{{cite web|url=http://www.geekwire.com/2014/gravity-payments-ceo-dan-price-named-entrepreneur-2014-entrepreneur-magazine/ |title=Gravity Payments CEO Dan Price named ‘Entrepreneur of 2014′ by Entrepreneur Magazine |publisher=geekwire.com |date=2014-12-17 |accessdate=2015-04-21}}</ref> |
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==References== |
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{{reflist|30em}} |
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==External links== |
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* [http://www.gravitypayments.com Gravity Payments company website] |
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[[Category:1985 births]] |
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[[Category:American businesspeople]] |
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[[Category:American chief executives]] |
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[[Category:Living people]] |
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{{DEFAULTSORT:Price, Dan}} |
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Revision as of 06:47, 18 September 2016
Dan Price | |
|---|---|
| Born | |
| Nationality | American |
| Occupation | CEO of Gravity Payments |
| Known for | CEO of Gravity Payments, and for setting a $70,000 minimum wage |
| Website | GravityPayments.com |
Dan Price (born 1985)[1] [2] is an American entrepreneur and business executive. He is the founder and CEO of Gravity Payments, a Seattle-WA based credit card processing company, and was named Entrepreneur Magazine's 2014 Entrepreneur of the Year in 2013.[3]
Price received national recognition in 2015 for announcing that all employees at Gravity Payments would receive a minimum wage of $70,000.[4]
Life and career
Price was born in Michigan, in 1985. He was one of six children. His family moved to Wisconsin and then rural Nampo Idaho, when Price was 5.[1][5] He was home schooled until he was in junior high, which he stated attributed to some social awkwardness. To overcome this, he leveraged his familiarity with musical instruments to take up the bass guitar and joined a band in seventh grade. After experiencing some success, the band broke up, and Price channeled his energy into what would become Gravity Payments.[1]
Gravity Payments
Using experience and contacts from having played in a band, and with advice from his father, Ron Price, CEO of a business consultancy based in Nampa, Idaho, he acquired 200 clients by his senior year of high school.[1] He officially launched the company in January 2004, during his first semester at Seattle Pacific University. Price was 19.[1]
$70,000 minimum wage
In 2015, Price made national news by announcing that he planned to raise the salary of every Gravity Payments employee to a minimum of $70,000.[4] He was reportedly inspired by reading an article cowritten by Daniel Kahneman and Angus Deaton analyzing data from a happiness and well-being study conducted by the Gallup Organization. The analysis showed that emotional well being rises up until about $75,000 in salary.[6]
There was a range of responses to this action, ranging from support to anger.[7] Eventually, two top employees left to protest what they saw as unfairness in the pay scale, and the company lost a few clients, but they are reportedly still growing.[7]
Awards and recognition
- 2008 Puget Sound Business Journal 40 Under 40[8]
- 2010 National Small Business Administration "Entrepreneur of the Year" [9]
- 2013 GeekWire "Young Entrepreneur of the Year" [10]
- 2013 Inc. Magazine "Hire Power Award" [11]
- 2014 Seattle Business Magazine "Executive Excellence Award" [12]
- 2014 Entrepreneur Magazine "Entrepreneur of the Year"[13]
References
- ^ a b c d e "CEO Dan Price on His Decision to Make Entire Company's Minimum Wage $70K/Year". people.com. 2015-05-11. Retrieved 2015-08-14.
- ^ "Truthdigger of the Week: Gravity Payments CEO Dan Price". truthdig.com. 2015-04-25. Retrieved 2015-08-14.
- ^ "Gravity Payments CEO Dan Price named 'Entrepreneur of 2014′ by Entrepreneur Magazine". geekwire.com. 2014-12-17. Retrieved 2015-08-14.
- ^ a b "One Company's New Minimum Wage: $70,000 a Year". NY Times. 2015-04-13. Retrieved 2015-01-21.
- ^ "Credit him with business savvy". seattlepi.com. 2008-06-22. Retrieved 2015-08-14.
- ^ "High income improves evaluation of life but not emotional well-being". pnas.org. 2010-04-04. Retrieved 2015-08-14.
- ^ a b "The $70,000 Minimum Wage Experiment Reveals A Dark Truth". cheatsheet.com. 2015-08-14. Retrieved 2015-08-14.
- ^ http://www.bizjournals.com/seattle/blog/2013/05/final-countdown-for-40-under-40.html?page=2
- ^ Cook, John (June 8, 2010). "President Barack Obama honors 26-year-old Seattle entrepreneur". Puget Sound Business Journal.
- ^ Soper, Taylor (May 10, 2013). "Revealed:The winners of the 2013 GeekWire Awards". GeekWire.com.
- ^ Truzzi, Gianni (November 24, 2013). "Meet the Job Creators". Inc. Magazine.
- ^ Truzzi, Gianni (January 24, 2014). "The 2014 Executive Excellence Awards: Dan Price". Seattle Business Magazine.
- ^ "Gravity Payments CEO Dan Price named 'Entrepreneur of 2014′ by Entrepreneur Magazine". geekwire.com. 2014-12-17. Retrieved 2015-04-21.