Nicholas Woodman American businessman and surfer Country: USA

1. Nicholas Woodman: American Businessman and Surfer
2. Founder of GoPro
3. Inspiration for GoPro
4. Entrepreneurial Journey

Nicholas Woodman: American Businessman and Surfer

Nicholas Woodman is an American businessman and surfer who gained fame as one of the youngest billionaires in the world after selling a portion of his business. At the age of 36, Woodman sold 8.88 percent of his brand 'GoPro' to Taiwanese manufacturer 'Foxconn' for $200 million, increasing his net worth to a minimum of $1.15 billion. As of the beginning of 2013, Woodman's net worth was already estimated at $1.3 billion.

Founder of GoPro

Woodman is the founder, majority shareholder, and CEO of 'GoPro,' a brand that produces wearable cameras for athletes. Based in San Mateo, California, 'Woodman Labs' has seen significant growth, with the company selling over 800,000 cameras and experiencing a 300 percent increase in sales in the past year. This growth can be attributed in part to the constant sharing of videos on YouTube and photos on social media by GoPro users. The cameras are highly sought after by surfers, skiers, snowboarders, and other extreme sports enthusiasts, as they allow detailed capture of their adventures on the slopes or waves. Professionals and amateurs alike use these cameras, with some even using them to film in the mouths of alligators, sharks, and polar bears.

Inspiration for GoPro

Woodman has stated that his inspiration for launching GoPro came from a trip to Australia in 2002. His desire to bring back high-quality surfing photos led him to realize the lack of affordable cameras that could capture professional shots up close. This motivated him to develop a camera that could be attached to athletes and capture professional footage firsthand.

Entrepreneurial Journey

After graduating from the University of California, San Diego with a degree in visual arts, Woodman decided not to work for someone else and promised himself to become a successful entrepreneur by the age of 30. In the early 2000s, he launched a marketing company called 'funBag' with external capital, but it ultimately failed and closed down. At the age of 26, Woodman had to start over and found inspiration for his new business in his passion for surfing. He embarked on a five-month journey through Australia and Indonesia, bringing along a camera that he strapped to his wrist to capture thrilling surfing tricks. However, the camera proved to be inconvenient, frequently shutting off in the middle of a wave or hitting Woodman in the face. This experience led Woodman to contemplate the idea of developing a new camera specifically designed for extreme athletes.

To fund the project, Woodman and his wife, Jill Woodman, bought 600 seashell belts in Bali for $1.9 each and sold them in California for $60 each. He also borrowed $35,000 from his mother to start working on the first camera and mounting accessories. The breakthrough came in 2004 when a Japanese company ordered 100 cameras at a sports exhibition. Today, Woodman's company employs over 300 people, and the average GoPro camera sells for $300.