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At simply 17 years previous, Sukone Hong has realized his entrepreneurial dream by constructing not one however two companies.
The primary, a South Korean vogue model of which he’s CEO, has remodeled $1 million in gross sales this 12 months and received the popularity of Harvard College. The second, a braille smartwatch for the visually impaired, has superior orders within the hundreds.
That is one technique to get again on the bullies.
“It was onerous for me to get engaged with faculty. I type of obtained bullied. I needed to discover one thing that might change my life,” Hong instructed CNBC Make It.
Constructing a model
Teen Hong started his entrepreneurial journey 4 years in the past, when he was in simply eighth grade.
Struggling to slot in with classmates at his faculty in Seoul, he was wanting to discover a distraction, taking to reselling branded garments on South Korean search engine Naver.
However with simply $150 in his pocket, which swiftly “flew away,” he realized he needed to change tact.
On Monday morning, there was like 15 orders. Fifty at lunch. Eighty by night. That week, I bought 300 shirts.
Sukone Hong
founder and CEO, Olaga Studios
Hong wanted a singular promoting level. So, utilizing a $5,000 mortgage from his grandparents and the help of a printing enterprise, he set to work creating his personal clothes web site providing unisex informal put on with easy, playful designs.
With that, Olaga Studios — Korean for “going up” — was born.
“Nothing occurred for like every week,” mentioned Hong. “Then, on Monday morning, there was like 15 orders. Fifty at lunch. Eighty by night. That week, I bought 300 shirts.”
Studying to provide again
The three-year-old model since has change into a regional success, amassing $1.2 million in annual gross sales throughout six Asian markets and rating No. 1 in Fashion Share’s t-shirt class.
That has enabled Hong to make use of a crew of 12 to assist run the positioning. Nevertheless it has additionally allowed him to pay his mother and father again for the varsity charges on the American worldwide faculty in Seoul to which he relocated.
And it was there that he gained inspiration for his newest enterprise, which he says is his true calling.
I assumed enterprise was nearly making plenty of cash. However after shifting faculty, I had some good training.
Sukone Hong
founder and CEO, Olaga Studios
“Earlier than, I assumed enterprise was nearly making plenty of cash,” mentioned Hong. “However after shifting faculty I had some good training.”
“My trainer mentioned that my expertise might be used to create a enterprise to assist others,” he added.
With Paradox Computer systems, the corporate behind his braille smartwatch, he goals to do exactly that.
Discovering investor assist
Braille smartwatches — which allow the visually impaired to obtain real-time info, resembling texts and messages from their cellphone — have been in the marketplace for a number of years.
However the exorbitant value of such merchandise — sometimes upwards of $300 — could make them inaccessible for a lot of disabled folks.
After engaged on a faculty challenge about disabilities, Hong realized the inequality and determined there have to be one other, extra inexpensive possibility.
“I discovered that that is so unfair,” he mentioned. “And, on the identical time, it is a good alternative for enterprise.”
So, he got down to perceive the market, talking to visually impaired folks to get to know their wants, and engineers to work out options.
Then, with a guide of contacts from his current vogue enterprise, Hong rallied one to again his imaginative and prescient with a $300,000 funding for a 30% stake.
I discovered that regardless that I haven’t got a background in expertise, I may rent all these folks.
Sukone Hong
founder and CEO, Olaga Studios
“My background as a CEO helped me,” he mentioned. “I discovered that regardless that I haven’t got a background in expertise, I may rent all these folks.”
Six months on, Paradox Computer systems’ $80 braille smartwatch has bought within the lots of, with a 3,000 pre-order from China at the moment within the works. However amid his success, Hong mentioned he stays dedicated to maintaining along with his research.
“When the enterprise was rising quickly, I thought of dropping out of college. However I met a variety of CEOs they usually all instructed me that I ought to go to school,” he mentioned.
And who is aware of, as a visitor speaker and mentor at Harvard and Stanford, it might simply be definitely worth the effort.
Do not miss: 32-year-old founders of multimillion-dollar app share their No. 1 tip for beginning a enterprise
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