Simple inventions that made people billionaires
The 37-year-old adrenaline junkie hatched a plan for his popular device on a surfing trip through Indonesia and Australia.
At the time, the only way for surfers to capture their experience was to strap an underwater camera to their wrist, with expert photography reserved for professionals.
Mr Woodman’s dream was to make everyone feel like a hero, to be able to go pro.
He bought 600 sea shell belts in Bali to fund the project and sold them in the US.
This money, combined with a loan from his mum helped create the prototype — called Hero.
Sara Blakely, Spanx
Ms Blakely solved the problem by cutting the legs off a pair of pantyhose which provided the perfect solution — the only problem was the bottom of them rolled up her legs all night.
Convinced it would work, she invested $5000 into refining the design.
After putting on the same white pants for a real-life demonstration she had the product stocked across the country within three weeks.
She still owns 100 per cent of the company, which turns over $250 million a year and has been worn by everyone from Oprah to Beyonce.
However her success hasn’t been entirely without mishap — she once went on BBCproclaiming how amazing the effect was on her “fanny” before the interviewer blanched.
“I had no idea,” Blakely said, “but fanny apparently means vagina in England.”
Rob Law, Trunki
The suitcases were invented by Rob Law in 1997 after he was given a university project to create a new kind of luggage for children.
Uninspired by what was on offer he took to the toy department and came up with the concept of a ride-on suitcase.
However Mr Law has since grown the company to turnover about $12 million a year, with sales in 97 countries.
Even high-profile dragons Duncan Bannatyne admitted on national TV, Trunki was the one that got away.
Kazzie Mahina, Mahina Mermaids
She’s since been selling them online for $99 a pop and sold out prior to Christmas last year, with high profile fans including surfer Joel Parkinson and singer Jack Johnson.
----- News.com.au
THEY’RE the simple, quirky ideas you wish you thought of first.
And if their success is anything to go by, these ideas prove that being a billionaire isn’t necessarily about complex financial products; it’s finding a gap in the market and the perfect thing to fill it.
Check out these surprisingly simple ideas that made their inventors rich beyond their wildest dreams.
Nick Woodman, GoPro
Remember this mountain biker being taken out by an antelope?
Or Felix Baumgartner jumping from the edge of space?
Or virtually any surfing or extreme biking/skiing/skydiving video your mates have shown you online?
If so, chances are you’re a fan of GoPro, the tiny, durable, portable camera that is the brainchild of newly minted billionaire Nick Woodman.
And if their success is anything to go by, these ideas prove that being a billionaire isn’t necessarily about complex financial products; it’s finding a gap in the market and the perfect thing to fill it.
Check out these surprisingly simple ideas that made their inventors rich beyond their wildest dreams.
Nick Woodman, GoPro
Remember this mountain biker being taken out by an antelope?
Or Felix Baumgartner jumping from the edge of space?
Or virtually any surfing or extreme biking/skiing/skydiving video your mates have shown you online?
If so, chances are you’re a fan of GoPro, the tiny, durable, portable camera that is the brainchild of newly minted billionaire Nick Woodman.
GoPro lets everyone be the star of their own action movie.
At the time, the only way for surfers to capture their experience was to strap an underwater camera to their wrist, with expert photography reserved for professionals.
Mr Woodman’s dream was to make everyone feel like a hero, to be able to go pro.
He bought 600 sea shell belts in Bali to fund the project and sold them in the US.
This money, combined with a loan from his mum helped create the prototype — called Hero.
Selfie, Balinese Monkey style shot on a GoPro. Pic: Facebook.
It’s now used by everyone from amateurs to National Geographic and The Discovery Channel and it’s estimated the company is worth more than $2 billion, after Woodman sold an 8.88 per cent stake in the company to Foxconn for $200 million last year.
His personal net worth is about $1.3 billion according to Forbes.Sara Blakely, Spanx
Spanx shapewear founder Sara Blakely shows off her now famous invention.
Underwear goddess Sara Blakely, 41, is the world’s first self-made billionaire thanks to her ingenious shapewear that perfectly smooths any bumps and lumps.
She started the company at age 29 after a brainwave when she couldn’t find the right underwear to go with a favourite pair of white pants.Ms Blakely solved the problem by cutting the legs off a pair of pantyhose which provided the perfect solution — the only problem was the bottom of them rolled up her legs all night.
Convinced it would work, she invested $5000 into refining the design.
They might not look like much, but this is the underwear that has won over the world.
“I was a frustrated consumer with no business background and no retail experience, but I knew there was a void between the traditional underwear and heavy duty girdle,” she told CNBC .
Her background training — which included stand-up comedy, being a chipmunk at DisneyWorld and selling faxes door to door — kicked in and she was soon on the phone to the head buyer at US department store Nieman Marcus.After putting on the same white pants for a real-life demonstration she had the product stocked across the country within three weeks.
She still owns 100 per cent of the company, which turns over $250 million a year and has been worn by everyone from Oprah to Beyonce.
However her success hasn’t been entirely without mishap — she once went on BBCproclaiming how amazing the effect was on her “fanny” before the interviewer blanched.
“I had no idea,” Blakely said, “but fanny apparently means vagina in England.”
Rob Law, Trunki
Inventor Rob Law made history as the most successful reject from Dragons’ Den.
You’ve probably seen kids scooting around airports on these ingenious inventions every time you fly.
But you might not know the idea was rejected by Dragons’ Den and went on to sell nearly 2 million cases and counting, with 15 per cent growth in 2013.The suitcases were invented by Rob Law in 1997 after he was given a university project to create a new kind of luggage for children.
Uninspired by what was on offer he took to the toy department and came up with the concept of a ride-on suitcase.
Even high-profile Dragon Duncan Bannatyne admits they missed a trick with Trunki.
A start-up grant saw it come to fruition and in 2006 he took Trunki on UK TV show Dragons’ Den to gain further investment.
His idea was rejected after a strap broke and he left empty-handed.However Mr Law has since grown the company to turnover about $12 million a year, with sales in 97 countries.
Even high-profile dragons Duncan Bannatyne admitted on national TV, Trunki was the one that got away.
Kazzie Mahina, Mahina Mermaids
Kazzie Mahina describes herself as a ‘professional’ mermaid.
Real-life mermaid Kazzie Mahina captured the attention of little girls everywhere with her MerFin, an eco-friendly rubber tail that transforms people into mermaids.
The self-described “professional mermaid”, who spent her childhood swimming with her legs tied together, came up with the idea after a 2005 trip swimming with dolphins.She’s since been selling them online for $99 a pop and sold out prior to Christmas last year, with high profile fans including surfer Joel Parkinson and singer Jack Johnson.
----- News.com.au
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