About a decade ago, Jens Molbak noticed that he was packing a jar of loose coins in the U-Haul every time he moved. While enrolled in the business school, Molbak, MBA '90, did a bit of research and confirmed he was not alone: Three-quarters of Americans say they have accumulated coins at home. The average value of these stashes is $30 to $50.
Armed with a few courses on entrepreneurship, Molbak founded Coinstar Inc. in 1990. Two years later, he had raised $500,000 and put Coinstar machines in four Bay Area supermarkets. Shoppers pour in coins and the machine, fitted with a computer, counts 'em up and spits out a voucher good for cash or groceries. Coinstar keeps a 7.5 percent commission; the store gets customers who "may treat themselves to Dove bars instead of ice cream sandwiches," says Molbak.
Today, there are 3,300 Coinstar machines at stores in 30 states. Some $500 million has passed through the machines since 1992. And revenue tripled last year to $25 million. That's a lot of nickels and quarters.
