Kuame Kuadey moved to the United States from Ghana
He walked out with far more than that: $200,000 for his idea. Even the Sharks were surprised at how skillfully he had coaxed the cash out of them. "We could have gotten more from him," lamented investor Robert Herjavec, once Kuadey had gone.
Unlikely. As Kuadey reveals to WalletPop's Jason Cochran, he had a strategy to keep the Sharks eating out of the palm of his hand from the very start. His company, GiftCardRescue.com, works on a simple premise: Buy unused gift cards at a markdown and resell them for less than their face value. But Kuadey's preparation was anything but simple. It took months of advance research, hours of number-crunching, and a clever bit of gamesmanship that the millionaires walked right into.
Find out how he aced his investment test in the latest edition of our exclusiveAfterShark Skype interview series.
INTERVIEW
Welcome Kwame Kuadey please take a second to introduce yourself, explain the man behind GiftCardRescue.Com, and a little bit of your background.
I grew up in Ghana US Middlebury College in Vermont and got my MBA from the Johns Hopkins University ’s Carey Business School
Wow, that’s an amazing story in itself. So where did the idea of Gift Card Rescue come from?
The idea for Giftcardrescue.com actually came from a friend, who came to me with a problem I am sure many people are familiar with. He had received gift cards to several stores but since he did not shop at those stores, he wanted to find a way to sell the cards or exchange them for a card he can use. That got my attention, and after doing some research, I realized there was a need in the marketplace for a place where people can unlock the value in their gift cards. That’s how GiftCardRescue.com got started.
What has been your vision for Gift Card Rescue and how will winning the Forbes competition help you attain that goal?
My main goal is to make GiftCardRescue.com the place of choice for people to unlock the value in their gift cards.
Have you always been an entrepreneur at heart?
I have always had the entrepreneurial bug, which I got watching my mom run her small grocery business to help our family make ends meet.
What advice do you have to other small business owners in this economy?
I think there is a tendency to cut back during a recession, but actually, this may be the time to gain market share. So, while the competition may be pulling back, you should look into boosting your marketing efforts to attract new customers.
What makes Gift Card Rescue the première choice for gift card exchange?
GiftCardRescue.com has two qualities that differentiate us from the competition:
· First, most people are hesitant to sell their gift card on auction sites since there is no guarantee the card will sell, and even if it sells, you are not sure how much you will get until the auction ends. Giftcardrescue provides a hassle free way to sell your gift cards since we buy the cards directly from consumers.
· Second, our customers get their cash faster since we make all payments through PayPal, unlike other sites where you have to wait for a check in the mail, which can take more than two weeks.
Where do you see yourself and Gift Card Rescue in the next five years?
In five years, I see GiftCardRescue becoming a dominant player in the secondary gift market while still fulfilling our original mission – which is to be the place of choice for people to unlock the value in their gift cards. I am confident I will still be involved with the company in some capacity.
Now if a busy man like yourself ever took a day off. What could we find you doing?
Honestly, I don’t take a day off. At least, I have not done that in a long time. When you have a small business like I do, you are pretty much on the job 24/7. I know it is not healthy but that is what it takes. Only the paranoid survive.
But the small time I get is spent with my wife and daughter, who continue to sacrifice so that I can pursue this dream.
Thanks Kwame Kuadey for taking the time to do this interview. I’m sure that we’ll be seeing a lot from you and Gift Card Rescue in the future. Do you have any big plans coming up?
Well I can’t reveal all my secrets at once, but make sure you subscribe to our blog and twitter for exciting upcoming news in the future. Also, I would greatly appreciate your vote in the Forbes Boost Your Business Competition which recognizes some of the top entrepreneurs and small businesses in the country. I have been fortunate enough to make it to the semi-finals but need your help making it to the final round.
