[Podcast Bot]

Coinstar founder Jens Molbak

Jens Molbak is the founder of Coinstar (CSTR), the self-service coin counting machines you see in your local supermarket. Coinstar processes more coins each year than the US Mint produces. When Coinstar installed their pilot kiosks in Los Angeles, they so significantly impacted the velocity of money flowing through the hands of consumers, the Federal Reserve called them up to find out what they were doing. Prior to launching, Jens surveyed over 1500 people as they exited local supermarkets. From his research, he estimated US households were sitting on $8 billion in loose change. The market opportunity was enormous, but Jens was equally motivated to prove that public, private and non-profit benefits can exist in one organization. Download the mp3 to hear how he did it. (more…)

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[xiphos]

I caddied for a guy who was playing golf with the CEO of Coinstar. This was right before they blew up, so I had never heard of them.