Believe it or not, some of the famous and successful companies in the world are founded by teenagers. While many of us were still dreaming about building a successful career at such a young age, these successful entrepreneurs were working hard to turn their ideas into reality. Here is a list of 5 such companies founded by teenagers.
Companies founded by teenagers
This widely popular restaurant franchise was founded in 1965 by a 17 year old Fred DeLuca. In an effort to make extra money for medical school, DeLuca decided to start his own sandwich making business. He took a $ 1,000 loan from a family friend and nuclear physicist Peter Buck and opened Pete’s Super Submarines in Bridgeport, Connecticut. They renamed the Company to Subway in 1968. Since its inception, the Company has grown to become one of the largest fast food chains in the world and has 41,512 stores in over 100 countries.
This UK based jam company was founded by a Scottish school boy Fraser Doherty in 2003. Doherty was only 14 years old when he started making jams and selling them at local markets. By the age of 16, Doherty left school and started working on his business full time. SuperJam became a successful company and sells millions of jars of jam every year. The success of his Company also made its founder a millionaire, whose net worth is estimated to be around $ 10 million.
3) Yankee Candle
Michael Kittredge started selling homemade candles to his neighbours at the age of 16 for just $ 2. After an increase in the popularity of his candles, Kittredge started creating and selling a larger quantity of his candles out of his parents’ basement. The Company slowly expanded. In 1998, Kittredge sold his Company to a New York based private company, Forstmann Little, for $ 500 million. Yankee Candle is now one of the most famous candle manufacturers in America and sells over 200 million candles a year.
4) Oculus VR
A 17 year old Palmer Luckey created a VR set of his own called PR1 out of his parents’ basement. Luckey thereafter launched his own company called Oculus VR with fellow video game enthusiasts. He then went on to sell his Company to Facebook for $ 2 billion in 2014 and then launched a defense technology company.
These successful entrepreneurs and the companies they founded are proof that age is just a number. Did we miss mentioning any other companies started by teenagers? Comment below and let us know.
Wharton Graduate Eric Tse Becomes Billionaire At 24
Eric Tse, a Wharton graduate, was gifted $ 3.8 billion by his parents in the form of 2.7 billion shares of his parents’ company, Sino Biopharmaceutical Limited.
It was also reported along with the gift, Eric Tse was also promoted to the position of executive director at Sino Biopharmaceutical, after working at the Company for 1 year. As the executive director, Eric Tse will have a salary of $ 498,000 annually plus bonuses.
Now, Forbes lists Eric Tse as the 546th richest person in the world. Moreover, Bloomberg also reported the shares transferred to Eric Tse are equivalent to 21.45 % of the Company’s share capital.
Tse Ping, Eric’s father, founded the billion dollar company Sino Biopharmaceutical in 2000 and serves as the CEO of the Company. Cheung Ling Cheng, Eric Tse’s mother, also serves as the Vice Chairperson of Sino Biopharmaceutical. Theresa, Eric’s older sister, who is currently the Company’s Chairperson, owns 11 % of the Company.
According to a statement released by Sino Biopharmaceutical, the shares were transferred to Eric Tse in an effort to refine the management of the Company and the inheritance of the family wealth. The statement also added the board of directors believe the transfer of shares will not have any material impact on the business operations of the Company.
Eric Tse, who majored in Finance at the Wharton School of the University of Pennsylvania, was also the co founder of the Penn Wharton China Summit. The non profit organisation grew to become America’s largest student organized summit in China.
Despite the sudden increase in wealth, Tse expressed his wish of not wanting to participate in wealth ranking.
Huawei Unknown Facts
Huawei is the world’s largest manufacturer of telecommunication equipment. The Company was founded in 1987 by the 42 year old Ren Zhengfei. Considered one of the world’s largest technology brands, Huawei was valued at $ 105.1 billion in 2018. Here are a few unknown facts about this tech company.
Unknown facts about Huawei
1) Founder Ren Zhengfei came up with the name Huawei after coming across the phrase ‘Zhonghua youwei,’ which meant ‘China has promise.’
2) The name Huawei can be quite difficult for non Chinese people to pronounce. Huawei is pronounced as ‘Waa wai,’ but Huawei’s pronunciation varies by countries. This led the Company to launch a name recognition campaign, where they used “Wow way” to encourage a pronunciation closer to the actual one.
3) Huawei puts more focus on Research and Development (R and D,) with more than 40 % of the Company’s employees working in the R and D department.
4) Huawei’s Ox Horn Campus is famous for its European style architecture. Based in Guangdong, the R and D campus consists of 12 small ‘towns,’ modeled after famous European cities like Paris, Granada and Bruges. The research buildings of every ‘town’ are a replica of popular castles, palaces and many more.
5) Huawei’s 5G tech played a big part in the world’s first remote brain surgery. Dr. Ling Zhipei performed the brain surgery on a patient suffering from Parkinson’s disease. The surgeon operated on the patient, who was 3,000 km away from him, by manipulating surgical instruments with the help of a computer and 5G network. After the success, Dr. Zhipei credited Huawei’s 5G technology for ensuring a nearly real time operation.
6) In the tech industry, Apple is considered a direct rival of Huawei. However, this rivalry did not stop Huawei founder and CEO Ren Zhengfei from using Apple products. Zhengfei considers Apple’s iPhone the best phone in the world and revealed his family prefers Apple’s products over Huawei’s.
Did you find any of these unknown facts interesting? Comment below and let us know.
Netflix To Face Stiff Competition Soon
Netflix, which has been enjoying the status of being the biggest streaming service in the world, will face tough competition, come November. Netflix stayed ahead of many key rivals like Amazon Prime Video and Hulu, since its inception in 2010. However, with giants like Apple and Disney entering the streaming market, the streaming war is expected to enter a new phase by 2020.
Tech giant Apple announced its own streaming platform called Apple+. Apple+ will be made available from November 1st, 2019 in over 100 countries, with a minimal fee of $ 4.99. With the promise of bringing fresh and original content, Apple is investing quite a lot of money in Apple+.
Similarly, Disney is also planning to launch its own streaming service on November 12th, 2019. The streaming service will be available initially in the U.S., Canada, and the Netherlands, prior to its introduction to the rest of the world. With its enormous list of popular movies and series like Star Wars and Pirates of the Carribean, the Disney streaming service is expected to give tough competition to others. With a subscription fee of $ 6.99, Disney is planning to offer every Disney and Pixar animated movie within the first year of its launch.
Moreover, Netflix is also facing competition from other streaming services like A&T’s WarnerMedia, which is planning to launch HBO Max in early 2020. A&T also reclaimed the streaming rights of popular show Friends from Netflix.
With popular shows and movies leaving the platform, Netflix is also facing difficulty in acquiring actors, directors and producers in order to keep the audience interested.
Despite facing such stiff competition, Netflix remained unfazed, with its CEO Reed Hastings stating, “Disney will be a great competitor.” With so many new competitors entering the market in 2020, it will be interesting to see which online streaming service remains at the top.
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