These young entrepreneurs got rich before many of their peers had even started working. To qualify for this Forbes' list, the kids needs to have $1 million in revenue before college graduation and by age 22 (or be on track to do so), or had to have received funding that valued their operations at $1 million or more.
Here's this year's 7 of the Forbes Youngest Millionaires:
Jason Brian of Autocricket
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| Jason Brian |
Fresh after his high school graduation, Jason Brian worked in the marketing department of a South Florida car dealership. Realizing that the future of marketing was on the web, he bought online ads and used seo techniques. At the age of 21, he spent less than $10,000 from personal savings and built a website helping consumers look for cars, the Autocricket.com. The website made money by selling customer's information to dealers and manufacturers which could market to customers directly. Only six months after it was launched, two big time entrepreneurs invested $250,000. In 2009 when Brian was 22, the website generated $1.2 Million in revenue and in 2010 it did $6 Million.
Joshua Dziabiak of Showclix
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| Joshua Dziabiak |
When Joshua Dziabiack was 18, he sold his first company called Mediacatch, a web hosting firm for $1Million.
He used some of that money to invest in other companies including Showclix, a website selling tickets online. In 2009 he raised nearly $1 million, which valued the company at $2.75 million. Showclix collects services fees (usually paid by the ticket buyer) of 7% to 15% of ticket sales. Those fees brought in $9 million last year.
Milun Tesovic of Metrolyrics.com
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| Milun Tesovic |
When Milun Tesovic was 16, he started a music website only as a hobby, compiling lyrics of his favorite songs. In 2004, he decided to turn it into a company. That website is Metrolyrics.com The company, now with 20 employees, makes money selling ads, and hit $1 million in revenue in 2007, Tesovic was 21 then. He juggles work with classes at Simon Fraser University in British Columbia, Canada, where he is a business major. "For me education isn't helping me find a career," he says. "It's more about growing myself."
Daniel Gómez Iñiguez of Solben
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| Daniel Gómez Iñiguez |
Twenty-year-old Daniel Gómez Iñiguez launched Solben, a biodiesel fuel company in Monterrey, Mexico and co-founder of the first Mexican renewable energy cluster. The company designs and manufactures a press that extracts oil from plants to produce diesel fuel. Iñiguez began his R&D in high school. He sold to his first client for $150,000--$75,000 up front to help build the product, followed by $75,000 upon delivery. The Monterrey, Mexico, company brought in "a little over $1 million" in revenue during its first year of business. Today it employs 15 full-time staff; Iñiguez is entering his junior year of college. In November 2010, Iñiguez was the runner up in 2010 Global Student Entrepreneur of the Year, the highest recognition for high school, university and graduate students running a revenue-generating business while taking a full course load of classes.
Jamie Murray Wells of Glasses Direct
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| Jamie Murray Wells |
When 21-year-old university student Jamie Murray Wells attempted to buy a pair of prescription eyeglasses in 2004, he had a vision for a new type of business. Dismayed by the $300 price tag, Wells decided to leave school and used his $2,000 student loan into what would become Glasses Direct, a London-based online retailer offering products for substantially lesser price on the we. In the first year the company's revenue topped $2 million.
In 2010, the company pulled in $5 million in annual revenue, employed 70 people and had raked in $34 million in venture funding.
Fraser Doherty of SuperJam
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| Fraser Doherty |
In 2002, at the age of 14, Fraser Doherty started making pure fruit jams in his parents' kitchen in Edinburgh, Scotland. By age 16 Doherty left school to work on his jams full time. SuperJam's revenue hit $1.2 million in 2009.
In 2010, Doherty remained the company's only full-time employee. Based on a reasonable valuation multiple of one time revenue (jelly maker J.M. Smucker traded between 1 and 1.5 times revenue), Doherty's debt-free stake was worth between $1 million and $2 million.
Michael Furdyk of Mydesktop.com
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| Michael Furdyk |
In 1996 Michael Furdyk, then 16, started MyDesktop.com, an online computer magazine, in the basement of his parents' home in suburban Toronto. His site was filled with tips and advice Furdyk gleaned in online chat rooms, where he came across fellow teenager Michael Hayman. Hayman, an Australian, moved to Toronto to help build the business. Running lean, the pair bartered for website storage space and office rent. Soon MyDesktop.com was bringing in $60,000 a month in ad revenue from blue-chip clients like Microsoft.
In 1999 Furdyk, Hayman and a third partner sold the site to Internet.com for "over $1 million," Furdyk told Forbes in 2010
(source)
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