Coffeez for Closers with Joe Shalaby Episode 62: Revolutionizing Shopping and Giving ft. Kenyatto Jones Release Date: December 20, 2024
Introduction of the Episode
In Episode 62 of Coffeez for Closers with Joe Shalaby, host Joseph Shalaby engages in a compelling conversation with Kenyatto Jones, the Founder and Chief Strategist of Give Bucks. This episode delves into the innovative fusion of fintech and philanthropy, exploring how Give Bucks is poised to transform shopping habits and charitable giving.
Guest Introduction: Kenyatto Jones
Joseph Shalaby warmly welcomes Kenyatto Jones, acknowledging his pivotal role in founding Give Bucks. Despite the initial mix-up regarding his title, Ken clarifies his position and expresses gratitude for the introduction.
Notable Quote:
B [00:03]: “...someone who's transforming how we shop, connect and give back... Please welcome the founder and CEO of givebucks, Ken Jones.”
Morning Routines and Personal Insights
Kenyatto shares his disciplined morning routine, emphasizing the importance of starting the day early and staying informed through his favorite podcasts.
Notable Quotes:
A [01:06]: “My morning routine at 5am I get up and listen to Great Glory.”
B [02:04]: “Does he go live on at 5am?”
The Genesis of Give Bucks
Kenyatto founded Give Bucks on December 5, 2018, with a vision to create a super app that seamlessly integrates financial transactions with charitable giving. After investing heavily—seven figures from a previous successful venture in the coffee industry—he dedicated himself entirely to developing the app over six years.
Notable Quotes:
A [02:50]: “Start Gift Bucks in 2018. December 5, 2018.”
A [03:20]: “I made some money in a previous company. I put it all here, and I cast out some stock for seven figures and I put the money here.”
Understanding Give Bucks: A Super App for Giving
Give Bucks is designed as a super app, inspired by successful models in Asia like WeChat and Grab. It consolidates various functionalities—such as sending money, chatting, and paying bills—into one platform with the unique mission of promoting charitable giving.
Key Features:
- Unified Platform: Combines multiple services into a single app for ease of use.
- Mandatory Charitable Giving: Users set a percentage of their rewards to donate to a charity of their choice.
- Cashback Rewards: Users earn rewards when they spend money through the app, incentivizing both spending and giving.
Notable Quotes:
A [03:56]: “Gitbooks is a super app... the sole purpose to change the way the world gives.”
B [06:20]: “The concept is genius. ... guaranteeing a percentage of whatever I spend goes to other hungry people would just make the experience better altogether.”
Differentiating Give Bucks from Competitors
Kenyatto highlights what sets Give Bucks apart from existing financial platforms like Apple Pay, Venmo, and Amazon Smile. Unlike these services, Give Bucks ensures users do not lose out financially when giving, as it utilizes gift card rails to bypass traditional merchant fees and chargebacks.
Notable Quotes:
A [12:00]: “We're actually giving our user base the capital because they use the platform, because we're not rounding up.”
A [12:33]: “The user is not losing. Really? No one's losing. It's a win win for the merchants, win win for the user base and win win for charities.”
Technical Functionality and User Experience
The app simplifies transactions by generating e-gifts in real-time, allowing users to pay merchants via a barcode scan. This method eliminates traditional credit card fees and minimizes fraud through advanced security features like cloud biometrics and facial recognition.
Notable Quotes:
A [06:55]: “...open up the app, type in the amount... a barcode is going to appear... the app generates an E gift in real time.”
A [30:34]: “We're pretty protected the way we are right now. 3Ds is, is pretty good, but that extra layer is just ironclad.”
Challenges in Building a Super App
Kenyatto discusses the significant hurdles faced during the development of Give Bucks, including assembling a cohesive development team across different geographies and securing merchant partnerships. Despite numerous rejections from major brands, persistence and strategic partnerships with associations have been crucial in gaining acceptance.
Notable Quotes:
A [23:08]: “finding the right development team to work together in harmony. It's been the biggest challenge I've had so far.”
A [19:56]: “No, we can't... super apps aren't prevalent in the US yet.”
Regulatory Compliance and Philanthropy
Given the app’s philanthropic focus, Kenyatto addresses potential regulatory concerns by emphasizing transparency and accountability. As a publicly traded company on the OTC markets, Give Bucks adheres to strict financial reporting standards and employs auditors to ensure all transactions are legitimate and funds are appropriately managed.
Notable Quotes:
A [31:33]: “...we're rewarding you cash back... As long as the math adds up, cash comes in, cash comes out, and someone can account for it, I think we're pretty good.”
B [30:28]: “...what's the share cost right now?”
User Engagement and Growth Strategy
To foster user adoption, Give Bucks employs an invitation-only model, encouraging existing users to invite friends through referral codes. This strategy leverages word-of-mouth marketing, with users receiving rewards for successfully onboarding new members.
Notable Quotes:
A [26:24]: “...incentivize our user base to spread the word because when their friends are paying it forward, they're getting a reward.”
B [27:40]: “...nobody really knows about this business yet. They're getting ready to though.”
Future Expansion and Vision
Looking ahead, Kenyatto envisions Give Bucks achieving national and international reach, aiming to integrate with major global brands and millions of local merchants. Plans include enhancing user experience with faster account top-ups and incorporating social components to foster a community centered around philanthropy.
Notable Quotes:
A [35:58]: “It's international. Right now we focus on the US market... it’s easier to get the green light to flip that rail on internationally.”
B [36:11]: “What are your plans for future expansion and how do you think givebucks users are going to grow over the next five years?”
Instilling a Culture of Giving
Internally, Give Bucks strives to embody its mission of giving by integrating philanthropic values into its company culture. While currently a small team, Kenyatto emphasizes the importance of marketing and user education to reinforce the app's giving-centric ethos.
Notable Quotes:
A [39:03]: “...we need to do a better job at marketing, getting some videos out there so that it's just part of the ecosystem.”
B [40:14]: “...reach out to Greg Laurie and have him do a five minute chat...”
Personal and Business Goals
Kenyatto shares his personal aspirations to balance family life with his entrepreneurial endeavors. Professionally, his immediate goal for Give Bucks is to onboard the first million users within the year, leveraging both organic growth and influencer partnerships to amplify the platform's reach.
Notable Quotes:
A [41:17]: “...I'm a little behind on my family obligations... Got to get the family situation going.”
A [41:38]: “Get the first million people in the platform in the first year. You think you get a million?”
Closing Thoughts and Legacy
The episode concludes with Kenyatto reflecting on his mission to create a lasting legacy through Give Bucks, aspiring to make a significant societal impact by integrating giving into everyday transactions. His commitment to fostering a culture of generosity underscores the app’s foundational values.
Notable Quotes:
A [44:32]: “Well job well done my faithful servant. I hope so but gotta pull this off...”
B [45:13]: “…God bless you man. God bless your service and I hope GIVE Bucks takes off and I'll be advocating for you.”
Conclusion
Episode 62 of Coffeez for Closers offers an insightful exploration into how Give Bucks, under Kenyatto Jones' leadership, aims to revolutionize the intersection of commerce and charity. Through innovative technology, strategic partnerships, and a steadfast commitment to philanthropy, Give Bucks is positioned to make meaningful strides in fostering a more generous and interconnected society.