World’s Newest Billionaire, A 36-Year-Old ‘Surfer Dude’
Meet The World’s Newest Billionaire, A 36-Year-Old ‘Surfer Dude’ Named Nicholas Woodman
Nick Woodman, CEO and founder of GoPro
Nick Woodman is the 36-year-old founder and CEO of GoPro, a wearable camera produced by Woodman Labs that can capture footage for athletes as they whiz down a mountain or surf 6-foot waves.
Last week, Foxconn purchased 8.88 percent of Woodman’s camera company for $200 million. Forbes learned that Woodman is the majority owner. Even if he owns a minimum of 51 percent of the company, that means Woodman is now a billionaire, worth at least $1.15 billion.
Inc interviewed the GoPro founder over the summer. Reporter Tom Foster paints a picture of a “total bro” who throws around the word “dude” frequently. He’s a thrill-seeker and also the survivor of a failed dotcom startup.
Here’s his story:
Woodman was a visual arts major from UC San Diego who started a marketing company called funBag in the early 2000s.
<img src =“http://static3.businessinsider.com/image/50d71db76bb3f7757d00001b-1300-1000/gopro-attachment-01.jpg” width =“400”>
A GoPro camera
He raised outside capital for the operation, and things were looking good. Then the tech bubble burst, and Woodman found himself failing to save his company and out of a job.
So in 2002, when he was inspired to try a startup again, he decided he’d do whatever he could to bootstrap the operation and build something that could be instantly profitable.
An idea struck him while surfing in Australia and Indonesia for five months. Woodman had been frustrated that he couldn’t take good action shots of himself or his friends while they were catching waves. Surfers were using disposable cameras strapped to their wrists with a rubber band. It would often fly off in the middle of the action and hit them in the face.
Woodman wanted to invent a strong, adjustable, elastic band that could secure a camera to a person’s body as they participated in an extreme sport.
To fund the project, Woodman and his now-wife purchased 600 belts made of sea shells from a Bali market. Each cost them $1.90. When the Woodmans returned to the states, they drove up and down California’s coast selling the belts for as much as $60 a pop.
With that money and a $35,000 loan from his mother, Woodman created the first GoPro camera straps. It took him 2 years to perfect the product. Jill, Woodman’s wife, took the position as the straps’ salesperson. The company’s first break came in 2004, when a Japanese company ordered 100 items at an action sports tradeshow.
Eventually, Woodman began creating his own cameras and mounts, so extreme athletes like racecar drivers could point the cameras back on themselves while racing. Enthusiasts began uploading videos of their GoPro experiences online, and word spread.
Now, GoPro’s cameras retail for $300 with all sorts of add-ons that can be purchased to capture amazing moments in real-time. The company has grown to 150 people and Woodman is rolling in cash.
Here’s what footage taken by GoPro looks like:
Full article here.
Good on him!!!!! 
Just hope he shares it with those that are less fortunate!!!!!
saw an interview on tv awhile ago. he is killing it at the moment! but alot of other companies are climbing aboard the action cam train now
saw an interview on tv awhile ago. he is killing it at the moment! but alot of other companies are climbing aboard the action cam train now
Yeah… but it’s like trying to bring out a new smart phone. You’d have mild success but nobody is going to knock off the big 2 (GoPro=Apple / Contour=Samsung / Drift=Nokia or Motorola etc).
The only way to infiltrate the market would be to bring out something that nobody has. And then market it so well that it takes off. Which not many start-up companies can afford.
I’m gonna make one and call it The Strewth Cam!!!!!
Anyone wanna invest?????
Last week, Foxconn purchased 8.88 percent . . .
Haha, I wonder how many anti-Apple zealots (who ignorantly attacked Apple over the Foxconn factory human rights sensationalism) own GoPro cameras?
GoPro=Apple
Not even close.
Apple products are well designed, whereas GoPro are fugly.
GoPro=Apple
Not even close.
Apple products are well designed, whereas GoPro are fugly.
I was more implying the market share / advertising techniques that are involved, They are both priced above the average market cost for the what the product should sell for and have a cult following.
By all means, the GoPro is pretty ugly… but you can’t tell me that apple has been the best looking products for their life time…
By all means, the GoPro is pretty ugly… but you can’t tell me that apple has been the best looking products for their life time…
Well, when you compare the G3 to an IBM of the same era…
I think GoPro is more like the Microsoft OS - not the best product, but well marketed, and they got in at exactly the right time to gain massive market share.
Most Apple products are priced exactly where they should be in relation to the rest of the market. They’re priced at a premium because they deserve to be. Though they don’t always get it right. I believe the iPad Mini, for example, is priced too high - when compared to standard iPad pricing.
The original iMac is an iconic, and game changing, piece of computing history - and also design history. A better example would have been the “Puck” mouse it came with - nice looking, but a piece of crap.
Probably a more apt Apple/Gopro comparison would be with Apple’s white headphones. Originally, anyone wearing Apple’s sleek, stylish white headphones was instantly identified as an Apple product owner - just as GoPro owners are instantly identifiable by the garish looks of their cameras.
Beauty is in the eye of the beerholder!!!!!
Mrs Mizu likes beer, doesn’t she?
She’s an alcoholic!!!!!
* This is in no way a true statement, as I live in fear of retribution
GoPros don’t look amazing. But neither do Contours or Drifts. It’s a head cam, not really a fashion statement.
vs
For a 3rd generation of head cams, neither are overly good looking.