Purpose Before Profit: Jamie Rosenberg Of ClassWallet On The Benefits Of Running A Purpose-Driven…

Purpose Before Profit: Jamie Rosenberg Of ClassWallet On The Benefits Of Running A Purpose-Driven Business

An Interview With Chad Silverstein

Positivity — Having a good attitude is infectious. An optimistic outlook is inspiring to others and helps foster a supportive environment.

In today’s competitive business landscape, the race for profits often takes center stage. However, there are some leaders who also prioritize a mission-driven purpose. They use their business to make a positive social impact and recognize that success isn’t only about making money. In this interview series, we are talking with some of these distinct leaders and I had the pleasure of Jamie Rosenberg, ClassWallet.

Bio: Jamie Rosenberg is the founder and CEO of ClassWallet, a Hollywood, Florida-based financial technology company that has been used by state and local agencies across 34 states to maximize the impact of more than $4 billion in public funds. Prior to founding ClassWallet, Rosenberg launched the pioneering crowd-funding platform, AdoptAClassroom.org, which provided funding for teachers in 30% of schools and improved the learning environment of more than 3.5 million children. A graduate of Vanderbilt University and the University of Miami School of Law, Rosenberg lives in Miami with his wife Lisa, his three children Ivy, Reid and Nica, and their dog, Lola.

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Thank you so much for doing this with us! Our readers would love to get to know you a bit better. Can you tell us your “Origin Story”? Can you tell us the story of how you grew up?

I started my career as a corporate attorney, and in my free time mentored at a local school for disabled, pre-kindergarten students. The experiences I had while mentoring that student changed my life. I wanted my career and journey to be connected to the energy I felt in that classroom — much more positive energy than I felt in my law firm office. So I quit my job as a lawyer and started my first business, AdoptAClassroom.org, an organization that made it easier for individuals and organizations to donate directly to classroom teachers to purchase educational supplies and resources for their students.

Over the next 12–14 years, AdoptAClassroom.org became one of the largest education philanthropy platforms in America. By the time I left, we had raised and distributed donations to teachers in 30% of U.S. public schools and impacted the lives of 3.5 million children. This was done by developing a fully automated technology platform that made it easy for teachers to access and utilize the funds and it provided full visibility to donors to the impact their donations had made. While the platform and technology have evolved since then, this is the same approach I took for my current business, ClassWallet.

ClassWallet’s mission is to help our clients maximize the positive impact for the people they serve. We give public sector agencies best-in-class technology, within the most secure architecture, to ensure their funds have maximum positive impact toward their organizational goals and objectives. With ClassWallet, clients are able to give the people they serve the easiest experience to access public benefits they have qualified for, with the least amount of bureaucracy. We also provide clients with J.D. Power award-winning customer support, plus expansive spending flexibility that is coupled with helpful information, to make use of funds in a way that has the most positive impact on their lives.

Can you share the most interesting story that happened to you since you began leading your company or organization?

I remember one spring a couple of years after starting ClassWallet. I was certain we were not going to make it. My stress level was so high, my partner literally made me leave the office and go away for a week. That’s what I did. In the depth of my despair, I received a phone call, out of the blue, from a large state agency leader asking if our technology could be used to solve a problem he had. The state agency went on to become our largest client and opened the door to an entire vertical in which we have become the market leader.

I’ve come to learn that when it’s low, I know the rebound will always be higher than where we started.

We often learn the most from our mistakes. Can you share one that you made that turned out to be one of the most valuable lessons you’ve learned?

My mantra is “if you’re not failing, you’re failing.” The valuable mistake I’ve learned from is the mistake I made thinking mistakes were a bad thing. It took me a few years, but I eventually came to realize that each mistake is actually a win, a lesson learned about an assumption, and how to incorporate the data from that lesson into the next step through the journey. This lesson has been invaluable not only for corporate success, but also personal fulfillment.

As a successful leader, it’s clear that you uphold strong core values. I’m curious what are the most important principles you firmly stand by and refuse to compromise on. Can you share a few of them and explain why they hold such significance for you in your work and life?

The one principle I firmly stand by is gratitude. Gratitude humanizes our existence at home, in life and at work. It bonds us as people, and as fellow employees, and it bonds us with our clients and users. It levels the organization horizontally and reminds us about the priorities in life. This value organically translates into a supportive work environment, attracts the highest caliber of people, and produces the best outcomes that have enabled us to consistently meet our company goals, year after year after year.

What inspired you to start a purpose-driven business rather than a traditional for-profit enterprise? Can you share a personal story or experience that led you to prioritize social impact in your business?

To be clear, ClassWallet is a for-profit business that has a purpose. Who doesn’t want to go to work everyday with a sense of purpose? Both of the businesses I started, AdoptAClassroom.org and ClassWallet, are a manifestation of that life aspiration. I view the entrepreneurial journey very much as a reflection of a journey toward personal fulfillment. Building industry-defining financial technology, being the market leader in multiple verticals, experiencing triple-digit growth for multiple successive years, and enjoying the time we spend together is energizing, invigorating and rewarding. But that we can accomplish all that, AND make such a positive impact in so many people’s lives, is fulfilling.

Can you help articulate a few of the benefits of leading a purpose-driven business rather than a standard “plain vanilla” business?

A purpose-driven business creates a platform that enables people within the business to realize their true purpose. Build a company that maximizes that mission, and the purpose of the company and product out in the world will be realized beyond one’s wildest imagination. That’s what we have created at ClassWallet, and that’s why we have been able to help our clients maximize the positive impact for so many millions of people they serve.

How has your company’s mission or purpose affected its overall success? Can you explain the methods or metrics you use to evaluate the impact of this purpose-driven strategy on your organization?

Our mission is to help clients maximize the intended positive impact of funding for the people they serve. We do this by 1) Enabling them to give their constituents the easiest experience to utilize funds with the least amount of bureaucracy and the best customer support; 2) Give them expansive spending flexibility coupled with helpful information to use funds in a way that makes the most positive impact on their lives; and 3) Give clients best-in-class tools, within the most secure architecture, to ensure their funds have maximize positive impact toward their organizational goals and objectives.

We track each of these value propositions with data that fuel our focus on perpetual innovation and delivering on our mission. What is amazing to me is that even though end users of our product are forced to use it by government agencies (school districts, state agencies, etc.), we actually have a customer loyalty higher than Target, Google, and Apple. Based on over 20,000 responses to our most recent customer satisfaction survey, more than 92% of users say ClassWallet makes it easy to access funds and over 96% of clients say ClassWallet has helped them accomplish their organizational goals and objectives.

What technology platform have we been forced to use by a public agency that we would rate the experience better than the experience we get from a company like Apple? ClassWallet is changing the game and creating a whole new paradigm on how public benefits are accessed and maximized.

Can you share a pivotal moment when you realized that leading your purpose-driven company was actually making a significant impact? Can you share a specific example or story that deeply resonated with you personally?

I remember when I started AdoptAClassroom.org in 1998, I used to fulfill teacher orders by hand, and manually deliver boxes of supplies to the classroom. During one of the first, early deliveries, I recall watching the children open the boxes of supplies as if it was Christmas. The joy and positive energy in the room was palpable. I remember grouping the kids together for a photo, and the sheer happiness they emanated as I looked through the lens, literally made it feel as if time stood still. While this sounds like a corny cliché, this is the truth. For a few days after, life was a bit off balance. Something happened that day, at that moment, and the best I can describe it is my soul was indeed truly touched.

Have you ever faced a situation where your commitment to your purpose and creating a positive social impact clashed with the profitability in your business? Have you ever been challenged by anyone on your team or have to make a tough decision that had a significant impact on finances? If so, how did you address and reconcile this conflict?

There was an instance when ClassWallet was subject to sustained nefarious activity by a competitor vying to win an account away from us. Throughout the entire episode, our core values were truly stress tested. But we remained true to our authentic, positive selves and the outcome was not only positive, but it strengthened the fabric of the company that accelerated our success.

What advice would you give to budding entrepreneurs who wish to start a purpose-driven business?

Your business has to serve a purpose for yourself that extends beyond making money. Its mission should resonate personally with you and impact the broader community. While generating revenue is important, if the sole focus of a company is financial gain, you’ll face significant challenges, even if it is contributing positively to social good.

The true essence of a successful business lies in its ability to create a meaningful culture that benefits all stakeholders, fostering a sense of shared purpose beyond everyday business goals. By integrating personal values with organizational goals, leading with transparency and showing vulnerability, you can create a winning formula. This approach not only enhances your own self-fulfillment but also helps you craft business focus areas that make a genuine difference in the world.

What are your “5 Things You Need To Create A Highly Successful Purpose-Driven Business.” If you can, please share a story or example for each.

To have a successful purpose-driven business, leaders should embody the following values:

Authenticity — Be genuine in everything you do. Let your values guide your decisions. The market can sense when a social impact company is not coming from a place of authenticity. You should truly believe in the mission and demonstrate that confidently to others.
Holding Yourself to a High Standard — Everyone, including and most importantly, yourself, must give 100% effort all the time. Ensure that your actions align with this purpose and inspire others to do the same.
Humility — Leadership is not about having all the answers but about learning and growing. Acknowledge your mistakes and be willing to learn from others.
Curiosity — Never stop learning and growing. Stay open to new ideas and be willing to adapt and evolve.
Positivity — Having a good attitude is infectious. An optimistic outlook is inspiring to others and helps foster a supportive environment.

I’m interested in how you instill a strong sense of connection with your team. How do you nurture a culture where everyone feels connected to your mission? Could you share an example or story that showcases how your purpose has positively influenced or motivated people on your team to contribute?

Every week, on Fridays at 9:30, I host a weekly, company-wide, 60-minute “Win / Gratitude” meeting. Everyone, no matter the role in the company, has an opportunity to share personal wins and stories. We hear about celebrations, tragedies and frequent reminders about the little things in life that matter the most. These interactions propel our mission of leading with transparency and humanity, which naturally compound a shared sense of purpose.

Imagine we’re sitting down together two years from now, looking back at your company’s last 24 months. What specific accomplishments would have to happen for you to be happy with your progress?

Our digital wallet will be viewed as the industry standard through which any funding intended to have a positive impact will be managed. We will have catapulted from all of market leadership in the K12 education space into other markets such as early childcare, career and workforce development, emergency funding, housing and other agencies who strive to make a positive impact in people’s lives and will have the advantage of using our platform to maximize the success of their goals.

You are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂

There is a huge lack of understanding and appreciation among teenagers about the power and lessons of failure. I believe this is a significant contributor to the mental health crisis within that age demographic, and what is contributing toward factors that undermine employers’ ability to find talent. So, many kids simply are not being prepared for the real world.

I aspire to teach, develop and scale a curriculum on failure. When you think about it, no one is teaching failure. While students can encounter failure such as in tryouts, there is no curriculum that I have seen that actually puts the value of failure into a lesson plan that gives them tools for success. I don’t think I’ll have a challenge attracting students to a class that markets “the more you fail, the better grade you’ll get :)”!

How can our readers further follow your work or your company online?

Readers can follow ClassWallet on our website. Our blog has lots of resources about digital wallets, education trends and information about public funding. We’re on LinkedIn and X, @ClassWallet.

This was great. Thanks for taking time for us to learn more about you and your business. We wish you continued success!

About the Interviewer: Chad Silverstein, a seasoned entrepreneur with over two decades of experience as the Founder and CEO of multiple companies. He launched Choice Recovery, Inc., a healthcare collection agency, while going to The Ohio State University, His team earned national recognition, twice being ranked as the #1 business to work for in Central Ohio. In 2018, Chad launched [re]start, a career development platform connecting thousands of individuals in collections with meaningful employment opportunities, He sold Choice Recovery on his 25th anniversary and in 2023, sold the majority interest in [re]start so he can focus his transition to Built to Lead as an Executive Leadership Coach. Learn more at www.chadsilverstein.com

Purpose Before Profit: Jamie Rosenberg Of ClassWallet On The Benefits Of Running A Purpose-Driven… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.