Meet World’s Youngest Billionaire
Being a student of Entrepreneurship, it is often said by my Irish colleague that Ireland is an ideal place to register your business. Indeed, it is. Its Start-up Entrepreneur Program (STEP) offers a non-European citizen with an innovative idea, minimum funding of EUR 50,000 to come and set up a business in Ireland. The aim of this program is not only to attract potential businessmen in Ireland. But also to become a source of origin for many innovative products or services. Through this move, it will help to generate more jobs and earn more revenues. And thus, the country’s economic situation becomes better. This came to my mind when I read a success story of John Collison, the world’s youngest billionaire.
A 27 years old John Collison, is the world’s youngest self-made billionaire, belongs to a tiny Irish village. Collison, along with his brother, Patrick, established a company by the name of Stripe. It is a company which runs a software behind more than 100,000 businesses. It offers an online payment solution as well as offer host for other services which make it easy for the firms to run their websites. According to Forbes magazine, Stripe is valued over $ 9bn, which means that each co-founder has a stake worth at least of $1.1bn.
Despite the success, this pair of boys remains down to earth, as noticed by the recent BBC interviewee. When asked about their experiences regarding being too rich in such a young age, John said that people ask this a lot now and they expect some really interesting replies, but alas I have nothing for them. People usually expect some crazy replies like I have indulged in an unknown most strange hobby or something like that, but that’s not true.
Wealth is not a novel word for them. They earned their $1M even before entering the university. John enrolled in Harvard and Patrick, in another world’s reputable institute, Massachusetts Institute of Technology (MIT), but a blessing in disguise, both dropped out in 2011. Probably because they had to utilize their coding skills to form Stripe. By giving an interview to BBC, John said that you might wonder what is hard about starting an (online) business. It is to get money over the internet which is extremely difficult.
Simple business model and simple code are the core values Stripe opts. And that is why it manages to come out of the clutter and grows rapidly. It “eliminates needless complexity and extraneous details” as its website says. And that holds true infect. In the UK, it charges 1.4% of the values of each transaction plus 20p, and firms can be up and taking benefit from the Stripe services. Billion-dollar brothers believe that as the online shopping trends go on increasing, Stripe has also the potential to grow. And this is what makes them strive even harder to serve more, and hence get more.
We wish them good luck in their future ambitions. And we hope that we also get some inspiration from such success stories and learn lessons from their experiences.