Portland Light-Therapy Bar Treats Winter Depression While You Get…
After Oklahoma Devastation, Storm Shelter Business Surges
Meet the New Young Millionaires
Forget Bill Gates and Steve Jobs. The founders of Facebook, YouTube, and other upstart companies are shaking up the business world -- and making millions along the way.
Posted 5/ 27 10 at 6:00 PM | Business Trends, Technology, Money, Leadership, Starting a Business, Consumer Products & Services, Food & Beverage, Media, Software, Inventions & Innovations
Text Size:
A A A
For many, the American dream isn't just to become a millionaire -- it's to become a young millionaire. There's something to be said for coming up with a million-dollar idea relatively early in the game of life.With original whiz kids like Bill Gates and Steve Jobs paving the way, a new generation of entrepreneurs is putting their own spin on success -- and making a lot of money along the way. How did they do it? While they may have taken slightly different paths, these young millionaires all found a way to turn unique ideas into lucrative ventures. Here's a closer look.
Young millionaire: Mark Zuckerberg, 26
His claim to fame: Zuckerberg co-founded Facebook, which this year will bring in anywhere from $710 million to $1 billion in revenue, according to various reports. Zuckerberg's own wealth is believed to be $4 billion -- at least on paper.
His blueprint for success: Zuckerberg started Facebook from his dorm room on February 4, 2004. The Harvard student didn't intend for his page to go beyond Harvard, but he soon recognized the appeal of being able to connect with college friends. He brought aboard his roommate Dustin Moskovitz and later classmates Eduardo Saverin and Chris Hughes, as they began expanding Facebook to other universities like Stanford, Dartmouth, Columbia and Yale. Facebook took off, first with college kids then high school students, and in June 2006, many corporations were allowed to join. In September 2006, Facebook opened the floodgates to the general public. Today, the site claims more than 400 million active users worldwide.
Young millionaire: Stacey Bendet, 32
Her claim to fame: She founded alice + olivia, a wildly successful women's clothing line, which brings in a reported $50 million a year.
Her blueprint for success: Bendet started her business with University of Pennsylvania classmate Rebecca Matchett (alice + olivia is named after the founders' mothers), and the collection is now sold in more than 800 stores around the world. Why the company became successful may simply be traced to Bendet's creativity. New York once reported that while in college, Bendet Rollerbladed to a job interview dressed in orange pants and a fur bomber jacket. Today, her collections are known for being sophisticated but always adorned in a sense of fun and a little quirkiness. And what happened to Matchett? The two parted ways pretty early in their partnership, but Matchett isn't doing so badly either -- she is the co-founder of another clothing company called Rebecca & Drew.
Young millionaires: Dennis Crowley, 33, and Naveen Selvadurai, 28
Their claim to fame: They founded Foursquare, which has been valued at $80 million.
Their blueprint for success: Foursquare allows users to alert their Facebook friends and Twitter followers where they are at any given time, encouraging everyone to check out cool places they've discovered. Selvadurai is a software developer and Crowley knows something about social media (he sold Dodgeball, a location-based social network, to Google in 2005). Foursquare, a combination of software and social networking, is based on a very human desire: to get out and see things and share experiences with people. Selvadurai created it simply because, as he told BusinessWeek, "I live in the East Village, which has so much rich history and so much to do, and I realized that I'd seen maybe 5 percent of it. I was looking for a way to get me and my friends to go out and do more things."
Young millionaire: Aaron Patzer, 30
His claim to fame: He created Mint.com, a money-management site. Last year, Intuit bought it for $170 million.
His blueprint for success: Patzer has always been something of an overachiever. As an undergrad at Duke University, he earned degrees in computer science, electrical engineering, and computer engineering. He later started a Ph.D. program, decided that it wasn't practical, and got his MSEE (Masters Degree in Electrical Engineering) at Princeton instead. So maybe it isn't a shock that he was only 25 when he created Mint.com. Still, you don't need to have an advanced degree to understand why Patzer was successful. Everyone has money -- or wants it -- and Patzer created an easy-to-use site that helps people keep more of it.
Young millionaire: Andrew Mason, 29
His claim to fame: He created Groupon, a coupon site like no other. Revenue is estimated to hit $350 million in 2010, and the company has been valued at $1.2 billion.
His blueprint for success: Mason harnessed the power of collective buying action. Groupon, available in cities nationwide, offers discounts from local businesses -- generally significant discounts, like 59 percent off admission to a laser-tag arcade or 67 percent off a week at a daycare center. If enough consumers respond that they'll take a particular deal, it goes forward. If not enough respond, the business can pull the deal. It's a win-win situation for everyone, since customers save a ton of money, businesses gets an influx of customers, and Groupon takes up to 50 percent of the cut.
Young millionaire: David Chang, 32
His claim to fame: Back in 2004, he created Momofuku, a noodle bar in New York City, which has since spawned a mini empire of line-out-the-door restaurants across the Big Apple.
His blueprint for success: Since opening his original noodle bar, Chang has expanded to several other locations, including Momofuku Ko, a 12-seat restaurant that takes reservations six days in advance, online only, and on a first-come first-served basis -- infuriating some fine-dining folks who want to eat there sooner and more frequently. Nonetheless, the restaurant is always packed. Chang has also authored a cookbook, and for his creative-yet-affordable culinary creations, earned himself a spot on the 2010 Time 100 list.
Young millionaires: Chad Hurley, 34; Steve Chen, 32; Jawed Karim, 31
Their claim to fame: If you've ever watched a video of a cat playing the piano or Susan Boyle singing her heart out, you know these guys. Yep, they co-founded YouTube.
Their blueprint for success: Hurley worked at PayPal and talked up the idea of a video-sharing site with two coworkers, Chen and Karim. When they were given a bonus after eBay bought PayPal, they used that -- along with some venture capital -- to build an office in a garage. It was there, in February 2005, that they started YouTube. While Hurley, Chen, and Karim's exact net worth is unknown, but you can do the math: Google bought YouTube in November 2006 for $1.65 billion.
Young millionaire: Kevin Rose, 33
His claim to fame: He created Digg, a content-sharing site with estimated revenue of $31 million.
His blueprint for success: Like a lot of these young millionaires, Rose tapped into the wisdom and acceptance of crowds. Rose's business depends on people from all walks of life around the globe. In a nutshell, Digg asks people to vote on a story, asking them if they "Digg" it. Rose was featured on the cover of BusinessWeek in 2006 with the cover line: "How This Kid Made $60 Million in 18 Months." Despite plenty of critics who question whether the site has a solid business model, BusinessInsider.com recently suggested that the company could be worth $250 million.
Getty Images
- 'Marriage Penalty' Could Make Costly Return - CNNMoney
- Oil Rises on Optimism for Cliff Deal - FOXBusiness
- Dow 2012: The Studs and Duds - InvestorPlace
- Turning the Corner: Why 2012 Wasn't as Bad as You Think - The Motley Fool
- World’s Longest High-Speed Rail Line Unveiled In China - IBTimes
- FORGET THE DEFICIT: Here's The Real Reason Liberals Want To Hike Taxes On The Rich - Business Insider
- CEOs to Fire in 2013 - 24/7 Wall St.
- DailyFinance Market Minute - DailyFinance
Comments (Page 4 of 5)
Good for you-using your brains and ingenuity but,unfortunately, none of these people have actually done anything to help anyone else, serve their country,etc.-it's extremely self-centered and self-aggrandizing-let me know when they get out there and donate like Andrew Carnegie-hey-we could use some safe bridges to cross into Manhatten!!!
This young lady needs a good f---. That, will inspire her. she will contact me, watch and see ! casper
hey, your a dreamer .
Replying to Reisod.
Really? you think you are smarter than anyone in the last generation? I have not seen anyone in your generation to prove that and just because you are narcissistic does not mean you are as brilliant as say, Bill Gates, Steve Jobs, Warren Buffet, Donald Trump or so many others. It's not denial, it is fact, but I'm glad you think you are better and smarter - now prove it. Can you stop the oil spill in the Gulf and clean it up?
Let's make this guy a millionaire Google countertop corner brackets
Eli is right. Bobbie your generation is the reason America is in the position it's in right now. I bet you voted for Obama. And you are proud of it. The older generation that you disrespect by your stupidity, is the generation that started the assembly line, mass produced just about everything sold in this country, built the bridges, roads, planes, trains and automobile industry.
The older generation, invented the home computer, put schools in every neighborhood nationwide, gave you video games (which most of you still play today). And basically built this country to what it was before your generation destroyed it with your ego-centric attitude, your ability to VOTE, your life of living off your parents and then shoving them under the bus so you could feel good about yourself. The money you make today, if you still have a job is because your wife, or mother had to go out and get a job, just so you can keep your home and car.
Today your generation sits at home, collecting unemployment checks, watching cable sports, drinking beer and are satisfied to let the government support you. Your parent’s generation would never have allowed themselves that luxury. They worked more than one job, or even two or three, so you could have a life served on a silver platter. You have not lived up to anywhere near the heights your parents lived up to, nor are you anywhere near getting there in your lifetime and why because you are so busy blaming your parents generation for the fact that you are too stupid to get ahead or hold down a job today.
Basically, generation X is the generation that is responsible for the downturn in this country right now, and for the invention of the "Politically Correct" attitude that allows our enemies more rights than American citizens have. And you say you’re proud? Of what, may I ask? Oh, I know, it's that you no longer want "God" mentioned outside the home, or is it that you no longer feel that it is "Politically Correct" to say you are proud to be an American?
THATS RIGHT--THAT FAST WEALTH CAN MOST OF THE TIME BRING BAD HEALTH WITH NO SPIRIT--COMPANIES NEED TO GIVE MONEY OUT TO NEEDY PEOPLE--NOT NECESSARILY POOR--JUST BRIGHT INDIVIDUALS WHO CAN DEVELOPE NEW THINGS TO PUT ON THE MARKET--SHARE THE WEALTH--THAT BRINGS HEALTH TO YOU AND THE GROUPS YOU SPONSER...THATS REAL
BEING RICH, CAN'T BUY YOU HEALTH, LOVE,OR PEACE AND SPIRIT!!
We're seeking Investors to help get our mag, Thong Magazine off the ground. Interested parties please send us an email....ThongMag@aol.com attn: Woody.
why in the hell does aol ask for comments..........i comment........i never see it..........why.......cuz i didn't agree or what?
I got closer to getting a small business loan than my chances on getting anything posted here.
I'm not a millionaire, but I make $30K working 4 hrs a day. http://www.stay-home-income.com has a FREE list of hundreds of LEGITIMATE stay at home jobs offered by well known companies. These jobs do NOT cost you money. They are employment positions. I have worked from home for more than 10 years because I wanted to be home with my children. Currently, I work for a large corporation and I set my own hours. You just have to know where to find these jobs.
I love that young people are enterprising and take the initiative. There are several young millionaires in my business (Arbonne.com). It is a 30 year old health and wellness company that runs its business by multi-level marketing. It is a great way to own your own business without a large investment. For more information go to my website www.vanessagold.myarbonne.com.
I think everyone should respect the fact that being rich in this country is a freedom seldom seen or as an opportunity in other countries, so be happy that all of us in the U.S. have a chance to grab at our dreams. I'm not rich but we all have the chnace to achieve this dream... think about it and travel abroad
Why is the founder of facebook a millionaire? No one has to pay a subscription to join. He must be rich from selling account information to other companies.
As a member of generation X, who indeed has a running knowledge of grammar, punctuation, and orthography, I think it's fair to write that there is a contempt for those who have successfully sold light hearted and sometimes superfluous ideas. Perhaps this contempt is arising out of a jealousy for those who seem to have made easy money without having to struggle for it.
While I agree with the previous generations that we're going to need more widgets of substance rather than ideas, especially if we wish to have a self-sustaining economy, I also think that the entrepreneurs in this article are actually in the midst of creating the new media through which we will market many of "new" widgets yet to come. However, there is a problem with the forming of this new economy, and it's origins belong to the older, not younger generations, namely our country's infrastructure.
Both political parties have essentially gutted the manufacturing infrastructure of this country over the last 30 years, to the point where now any new widget of substance won't necessarily bring about a reciprocal effect of wealth. How can it if said widget's raw materials are bought in the Singapore and then manufactured in China only to be sold in the US. Gutting our infrastructure has robbed this country of many jobs and unfortunately our generation has to go about the work of creating a new infrastructure. It seems that we may be starting by redefining the way we communicate & connect with each other.
Hey Elizabeth....didn't you see the news, BP along with gov't officials have moved forward with an idea to stop the oil leak brought forth by a 21 year old. That would be T W E N T Y O N E.
@ snappysandy, what you said is sooooo right on the money. Maybe it's because I was raised in an asian household but by ANY means, I don't disrespect, people, society, gov't etc., the way this generation X does.
"Today your generation sits at home, collecting unemployment checks, watching cable sports, drinking beer and are satisfied to let the government support you. Your parent’s generation would never have allowed themselves that luxury." AMEN!!!! It's unfortunate, but that IS the U.S. reputation worldwide. It is why I have chosen to outsource my work to Indonesia rather than hire college grads. What USC and UCLA graduates have shown me the past 10 years is absolutely disgusting. A bunch of idiots with "correge degrees" staring at the clock until it's 5.
Really refreshing to have so many young entrepreneurs, normally the spotlights are around a bunch of old business suits behind a big desk, looking intimating. All of these business people are bringing a new perspective to the world of entrepreneurs – one that inspires young adults to be creative and not be held back because of their age. Thank you! http://www.businessmantra.net
Financial Marketing Tool for the 21st Century
My name is Mr. Charles Claybrooks and I am an Investor.
I purchase Premium Business Domain Names with a High Demand.
Currently, I have a Business Domain Name that can bring a Huge ROI.
Bailouittime.biz has the capacity to attract an instantaneous Global Customer Base.
Bailouttime.biz is the perfect Marketing Tool to use to rescue Home Owners and Businesses from Foreclosure.
Bailouttime.biz can give your Company a Worldwide recognized Brand Name while putting you ahead of your competitors.
Bailouttime.biz can Generate Lucrative Revenues in Real Time.
This Premium Business Domain is not presently being used by anyone, any where.
Exclusive “Marketing Rights” for this Domain will be established within 24 hours of Purchase Agreement.
Call your best bid offer in now to secure a purchasing position.
Contact: Mr. Charles Claybrooks at 414 5178737
E-mail Address: perpetualincome4us@hotmail.com