“We’re building something that no one has built before.” – Nakia Geller
For buyers and sellers of gold, the process of performing those transactions can prove difficult. For the seller, the idea of going to a pawn store to sell gold can be an arduous task. For buyers, the overhead involved in maintaining a storefront, keeping a payroll and dealing with potential calculation errors can create issues that adversely affect the bottom line.
Fortunately, a local company is looking to alleviate these difficulties. The GoldCube, located in Melbourne, has created a machine of the same name that is akin to a mobile version of a pawn store. Utilizing Intel’s 3D XPoint Optane Memory technology, the GoldCube can weigh and spectrum analyze jewelry. By combining these processes with the system’s algorithms, it can determine quality and value, and create an offer within minutes. If the seller agrees with the price, cash can be received immediately. If not, he or she can cancel the transaction and get the jewelry back immediately.
The machine utilizes the same practices that pawn stores use, requiring identification and a fingerprint before the gold is sold. The GoldCube also ensures security in the purchase and retaining of gold through a video teller agent, who verifies and approves transactions through a camera on the machine. Another camera also captures images of each piece of jewelry before it enters the system.
The Entrepreneurial Journey
Brothers Nakia and Caleb Geller founded the company. Nakia has more than 17 years of experience as a startup entrepreneur, and Caleb has more than nine years of experience in gold buying. In 2009, they co-founded International Gold Buyers, a $15 million revenue company, with approximately 55 stores throughout the Caribbean and South Florida. The idea for automating the gold-buying process was spawned from the difficulty the brothers were having regulating the testing of gold and getting proper value.
Throughout the process, Nakia noted he has seen benefits with going automated outside of eliminating the need for a storefront and reducing payroll. From the customers’ standpoint, the GoldCube allows them privacy when selling gold, and it eliminates the need for negotiations over the jewelry’s price. The brothers also have a machine located in the Merritt Island Mall, which eliminates the need for customers to visit a pawn store (and the negative perceptions that come with that).
Through many interface changes and working with developers and engineers in the process of improving upon prior builds, the company was able to build the machine that exists today, working towards being on the forefront of something special in the gold industry.
“That’s how startups are,” Geller said. “We’re building something that no one has built before, so it’s not like we have an exact blueprint of how this has been done. Many of the software and mechanical engineers had no idea how to build this, so it required a lot of trial and error.”
The Process of Innovation
While the process of creating a machine like the GoldCube can be a stressful one, the opportunity to innovate is something that inspires the Gellers. On the GoldCube website, one of America’s greatest innovators, Henry Ford, is quoted as saying, “Coming together is a beginning; keeping together is progress; working together is success.”
For Nakia, the elements of patents, lawyers and design are all part of what Ford was talking about regarding beginning, progress and, ultimately, success. When asked about something he did not expect during the process of creating the GoldCube, he admitted he did not realize how long it would take to complete, as the invention has been five years in the making.
Going forward, the company hopes to have enough machines in stores to build a brand. Looking to grow in Brevard and possibly even other locations throughout Florida, the brothers are excited about the future of their innovation. As common as RedBoxes are today, the GoldCube could be the next automated kiosk you see in various stores around town.
For more information, visit thegoldcube.com.