Business

6 Entrepreneurs who started business in the Garage or Basement

Published

3 years ago

July 20, 2021

Tech Entrepreneurs who started highly successful business from a Garage or Basement

They say the world can be your oyster if only you take the plunge. But what does it take to be a successful tech entrepreneur? How can you make it big? Well, the one-liner answer or shall I say the mantra is to start small.

Wait, what? Start small, really? Yes, really! Of Course, the initial funding, contacts, exposure, marketing, etc., matters. But nothing and I mean nothing, matters as much as passion, creativity, commitment, consistency, conviction, and courage.

Don’t believe me? So let me share the story of six tech entrepreneurs. They started their companies in restrained spaces like a garage or basement and managed to take them to unprecedented heights. Their passion gave us some fantastic tech products that we use today and a heady mix of inspiration and motivation. So what if we are starting small, we could also make it big.

Steve Jobs, Steve Wozniak, and Ronald Wayne – Apple
Larry Page and Sergey Brin- Google
Bill Gates and Paul Allen – Microsoft
Tim Sweeney – Fortnite/ Epic Games
Michael Dell – Dell
Will Hewlett and Dave Packard – Hewlett-Packard

Steve Jobs, Steve Wozniak, and Ronald Wayne – Apple

Then – Steve Jobs parents’ garage
Now – Apple Park, Cupertino

In 1976, three dreamers got together in a garage to build the first Apple product, the Apple I computer, for $500. A local retailer soon gave them their first order of 50 computers. The trio hand-built them in 30 days.

Today, the company operates from a swanky, $5 billion office and sells millions of devices, including Macs, iPhones, iPads and more. And even though founding members are not part of the core team now, Apple’s rise from a garage to a $2 Trillion company could only happen because of these visionaries.

Also Read: Business Strategie by Jesse Jhaj

Larry Page and Sergey Brin- Google

Then – Susan Wojcicki’s garage
Now – Googleplex, Mountain View, California

Oh yes, the most famous search engine and the most trafficked site in the world was birthed in a garage. Two Stanford University graduates, Larry Page, and Sergey Brin dreamt about a website that will maintain and organize all kinds of information.

They rented a friend, Susan Wojcicki’s garage and worked day and night for months on the project. Years later, Google is the biggest internet giant and Page, and Brin leads the company till 2019. Interestingly, the garage owner Wojcicki currently serves as the CEO of YouTube.

Bill Gates and Paul Allen – Microsoft

Then – Small garage in Alburquerque, New Mexico
Now – The Microsoft campus, Redmond, Washington, U.S.

Can you imagine a world where Microsoft Windows did not exist? The two young boys in that garage might have had limited resources at the time, but they had some nifty weapons. Solid knowledge of coding, an idea, and most importantly, the zeal to create something unique.

And though it took them a few years to develop and introduce Windows to the world, the operating system is housed in over 80% of computers worldwide. Microsoft is currently evaluated at around $1 Trillion, and Bill Gates is amongst the top 5 wealthiest people in the world.

Also Read: Determining how much to pay your employee

Tim Sweeney – Fortnite/Epic Games

Then – Parent’s place in Potomac, Maryland
Now – Headquarters in Cary, North Carolina

Sweeney started his coding journey at the age of 9 with an Apple II computer. At the age of 20, he dropped out of the University of Maryland; mind you, he was just one credit shy of graduating.

With $4000 as his initial investment and his parent’s basement as his first office, Sweeney founded Potomac Computer Systems, which later became Epic Games. The company hosts one of the biggest online games, Fortnite, with over 250 million players, and runs Unreal Engine, a platform where other gamers can design and host their games.

Michael Dell – Dell

Then – College Dorm, UT Austin
Now – Round Rock, Texas, United States

An entrepreneurial spirit, Dell indulged in side hustles from the age of 12. But it was in his freshman year that he started PCs Limited with $1000 in startup capital. The idea was to build custom computers as per the user/company’s specific needs.

Soon, he managed to sell computers worth $80,000 and moved to a nearby garage as he needed more space. By age 19, Dell dropped out of college to run his company full time. The company was later re-christened as Dell Inc, a $50.2 billion business with over 165,000 employees.

Will Hewlett and Dave Packard – Hewlett-Packard

Then – Rented garage, Palo Alto, California
Now – Springwoods village campus, Houston Texas

Two electrical engineers from Stanford University, Bill Hewlett and Dave Packard became friends during a two-week camping trip. Soon the friendship transitioned into a partnership with $538 as their startup capital in a rented garage.

Interestingly, whether the company should be Hewlett-Packard or Packard-Hewlett was decided by a coin flip. Their first product was a resistance-capacitance audio oscillator. And the Walt Disney Company was their first major client.

As of July 2021, HP’s net worth is $36.21 B. And though HP is currently facing some troubles, the company has soared to great heights in the past.

While the term Entrepreneur traces back to the mid 18th century, it is now that the phenomenon is catching heat. Our world is currently opening up to new possibilities and opportunities, and now is the best time to spread your wings and make it big.

Also Read: How to accept cryptocurrency as payment

These uber-successful tech entrepreneurs had limited capital and space. But they didn’t allow circumstances to clip their wings, and neither should you. I hope their stories have lent you the confidence and push that you needed. And always remember, you might start small, but things will get bigger and better. So stay put, work harder, smarter, and don’t stop the hustle.

Author Bio:– Arshmeet Hora – A self-professed Geek who loves to explore all things Apple. I thoroughly enjoy discovering new hacks, troubleshooting issues, and finding and reviewing the best products and apps currently available at iGeeksblog. My expertise also includes curating opinionated and honest editorials. If not this, you might find me surfing the web or listening to audiobooks.

World

New Class-Action Lawsuit Accuses Rivian of Making Materially False and Misleading Statements

Published

3 hours ago

April 25, 2024

Manoj Nair

New Class-Action Lawsuit Accuses Rivian of Making Materially False and Misleading Statements

Electric vehicle manufacturer Rivian has been slapped with a lawsuit which alleged that the company misled the investors with false claims regarding its business, operations and prospects.

The class-action lawsuit made a number of allegations which included overstating the demand of its Electric vehicles and also not making it clear how it will handle the negative and near-term macroeconomic impacts.

The lawsuit also revealed that Rivian’s business was experiencing reduced demands as well as increased customer cancellations precipitated by inter alia, high interest rates.

The orders had significantly reduced and this has significantly reduced the profits and the manufacturing of vehicles in 2024.

Rivian Faces New Class-Action Lawsuit Alleging Deceptive Statements

The lawsuit also alleged that the Company’s public statements were materially false and misleading at all relevant times.

Rivian’s stock, like all other EV startups, has been tanking and this has angered the investors who saw a major portion of their investments eroded and a number of law firms like Bernstein Liebhard LLP announced this week that it has filed a securities class action lawsuit on investors’ behalf.

The lawsuit stated that the EV manufacturer had violated the Securities Exchange Act of 1934 and has asked investors who had bought shares of Rivian Automotive, Inc. between March 1, 2023, and February 21, 2024, to join its suit.

The company’s stocks have fallen and one of the primary reasons was the high interest rates. Rivian’s products are beyond the reach of an average income household.

Also Read: Prime Hydration Faces Lawsuits Claiming Its Sports Drink, Prime Energy, Contains PFAS and Excessive Caffeine

The Rivian’s Electric vehicles target customers were wealthier clients and the spurt in order cancellations means this class is walking away from Rivian’s product.

The stocks of the company were popular for the investors but the reduced demands caused by higher borrowing cost have hit its stock prices badly.

The price war has also affected the EV sector and the company also with its competitors like Tesla has been uniformly affected.

The EV sector marked value has tanked by more than 57% year-to-date.

The chance of a fall in interest rates is not expected since the Federal Reserve will not lower the benchmark interest rate since it could lead to a bout of hyperinflation.

Also another factor which will discourage the Federal Reserve to lower interest rates is the soaring energy prices caused by the war in Ukraine and the Middle East.

Also Read: Lawsuit Claims Kennywood Concealed Steel Curtain Closure to Boost Sales

World

Lawsuit Claims Kennywood Concealed Steel Curtain Closure to Boost Sales

Published

6 hours ago

April 25, 2024

Manoj Nair

Lawsuit Claims Kennywood Concealed Steel Curtain Closure to Boost Sales

Kennywood’s Steel Curtain roller coaster will not be available this 2024 season, and this has miffed a Kensington man to the extent that he has filed a lawsuit against Kennywood and its parent companies, alleging that the officials had known this fact long before but withheld it to boost season pass sales.

Lawsuit Against Kennywood

The lawsuit, filed in the Allegheny County Common Pleas Court by Joshua Miller and his attorney, John A. Biedrzycki III on Monday, alleges that it was a deliberate attempt to hide the fact to accrue financial benefits by boosting season pass sales.

The lawsuit alleges that Kennywood has created advertising campaigns targeting consumers like Mr. Miller and others to purchase the 2024 season pass under the belief that the benefits included myriad park attractions, including the Steel Curtain.

In the lawsuit, it was revealed that Mr. Miller bought his season pass under the assumption that all rides would be operational.

However, on April 17, three days before the park opened for the season, it was revealed that Steel Curtain would be closed for the season.

The announcement was made by Ricky Spicuzza, the park’s assistant general manager, and the reason for the closure was cited as the coaster undergoing an “extensive modification project.”

Ricky Spicuzza said,

“We understand the frustration many of you have felt not being able to experience the Steel Curtain. On behalf of our entire team, we absolutely share that frustration with you.”

However, the lawsuit contends that the fact was known long before last week that the 220-foot-tall coaster would be out of commission.

The lawsuit states,

“The company withheld this information from season pass purchasers so as not to lose season pass customers, or, alternatively, so as not to offer a discount on season passes due to the unavailability of the Steel Curtain.”

The lawsuit also details numerous violations of the state’s unfair trade practices and consumer protection law. This includes failure to disclose the Steel Curtain’s closure with the full knowledge that the consumer believed that it would be functional for the 2024 season.

The park offered varied passes, which ranged from season passes priced from $109.99 to $239.99.

The lowest endowed pass was the bronze pass, which provided unfettered admission except on certain blackout dates.

The premium range included the platinum pass, which offered year-round admission to Kennywood, Sandcastle, Idlewild, and Palace Entertainment’s Dutch Wonderland in Lancaster.

Additionally, it also offered free parking, discounts on food and retail, and three free guest tickets.

Also Read: Prime Hydration Faces Lawsuits Claiming Its Sports Drink, Prime Energy, Contains PFAS and Excessive Caffeine

World

Prime Hydration Faces Lawsuits Claiming Its Sports Drink, Prime Energy, Contains PFAS and Excessive Caffeine

Published

1 day ago

April 24, 2024

Manoj Nair

Prime Energy, the sports drink from Prime Hydration, has been hit by a number of lawsuits for containing excessive amounts of caffeine and PFAS. Another lawsuit was filed on April 8 in the Southern District of New York, accusing Prime Hydration, the parent company which manufactures the sports drink, of engaging in misleading and deceptive practices.

Prime Hydration was founded by two Logan Paul and KSI in 2022, and the products became very popular thanks to the huge followings of the YouTubers. However, the company is now facing a slew of lawsuits over the ingredients in their energy and sports drinks.

New Lawsuit Against Prime Hydration

The latest lawsuit, filed on April 8, accuses the company’s 12-ounce energy drinks of containing 215-225 milligrams of caffeine, exceeding the permissible limit of 200 milligrams. The lawsuit was filed by Lara Vera, a resident of Poughkeepsie, New York.

The lawsuit details that the plaintiff had purchased Prime’s Blue Raspberry products on numerous occasions in August 2022 for about $3 to $4 each, unaware that the products contained caffeine beyond the permissible limits. The plaintiff is seeking damages of $5 million from the company. Lara Vera’s lawsuit alleges that Prime advertised 200 milligrams of caffeine, which is equal to six Coke cans or two 12-ounce Red Bulls. One Red Bull can could contain 114 milligrams of caffeine.

Also Read: Johnson Controls subsidiary Tyco Fire Products to pay $750 mn to settle ‘forever chemicals’ lawsuit

The suit also alleges that there are no safe limits of caffeine for children and that caffeine has been indicted for causing tachycardia, headaches, convulsions, tremors, upset digestion, and adversely affecting mental health.

Earlier, Senator Charles Schumer, D-N.Y., had asked the Food and Drug Administration (FDA) to investigate Prime energy drinks in 2023 after reports that the products contained high levels of caffeine. The Senator also accused the company of using vague marketing tactics focused on young people, influencing parents to buy the caffeine-laced drinks for their kids. The lawsuit by Vera also quotes the Senator’s call to the FDA.

Prime is also facing another lawsuit filed on Aug. 2, 2023, in the Northern District of California by the Milberg law firm on behalf of Elizabeth Castillo and others. The lawsuit charges Prime’s products with using flavors containing PFAS, or “forever chemicals.” Forever chemicals are a class of chemicals that are not degraded in the human body or nature and have been indicted as a carcinogenic substance. Independent third-party testing has confirmed that Prime Hydration grape flavor contained PFAS.

Also Read: California mother files lawsuit against Tesla after her 2-year-old child starts Model X and runs over her