College business students organize new virus-relief business
BOULDER — Two college sophomores, quarantined at home from their universities, have organized a new company to benefit businesses affected by the novel coronavirus.
Hans Callanan, a Boulder native and business student at Indiana University at Bloomington, and Daniel Knowles, a student in the Leeds School of Business at the University of Colorado Boulder, determined that they would have time on their hands as they studied at home and could use the time to create a business that could benefit enterprises that suffer from shutdowns caused by COVID-19.
“Businesses have bills even when closed,” Callanan said.
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So the pair decided to create GyftCo LLC, an internet platform on which gift cards could be sold. Participating merchants would offer discounts on those gift cards, which when sold would generate cash the business could use now to pay bills. When the merchants reopen, buyers of the cards could use them.
Callanan said GyftCo, registered with the Colorado Secretary of State on April 13, retains 5% of each sale to cover platform costs. Any amounts collected above costs are donated to nonprofits, he said.
So far, five merchants — a photographer, a CBD store, a wellness center and two restaurants/coffee shops — have signed on to have gift cards sold on their behalf.
The company is soliciting additional merchants through social media, the Boulder Chamber and tapping contacts with businesses they know.
