Nick Woodman

Nick Woodman, the founder and CEO of GoPro, began his entrepreneurial journey as a visual arts major at UC San Diego. In the early 2000s, he started a marketing company named FunBag, which unfortunately failed after the tech bubble burst. Undeterred by this setback, Woodman found inspiration while surfing in Australia and Indonesia. He invented a strong, adjustable elastic band to secure a camera to a person's body for extreme sports. To fund his innovative project, Woodman and his wife sold belts made from sea shells, which they sourced from Bali and sold in California. This initial funding, combined with a $35,000 loan from his mother, enabled him to create the first GoPro camera straps.

In 2002, Woodman established GoPro and worked tirelessly on the initial prototypes in his bedroom, utilizing his mother's sewing machine and a drill. His dedication included 18-hour workdays during which he developed new features for his product. GoPro introduced its first camera in 2004—a 35-millimeter waterproof film version. By this time, GoPro was already on its path to revolutionizing video capture for extreme sports. In the same year, GoPro's prospects brightened significantly when a Japanese company ordered 100 items at an action sports trade show. This critical break allowed Woodman to expand GoPro to include cameras and various mounts suited for extreme sports.

Today, GoPro has grown to employ 150 people and offers cameras that retail for around $300, along with a variety of add-ons. The cameras now shoot full video in cinema-quality HD, enabling both professionals like surfer Kelly Slater and amateur adventurers to document their exploits. The company's revenues had surpassed $500 million by 2012 and continued to show robust growth. GoPro has been profitable from its inception, according to Woodman. In December 2012, the Taiwan-based electronics manufacturer Foxconn invested $200 million for an 8.88% stake in GoPro, valuing the company at $2.25 billion and confirming Woodman's status as a billionaire, as he retains nearly half the company's ownership.