Author Archive for Lisa DiFalco

Olenka Polak

PC: Jung Kim, Forbes

Named one of Forbes’ 30 Under 30 in 2014 Olenka Polak is one to watch. Olenka’s parents immigrated to the United States before she was born and had been translating for them her entire life. In 2012, Olenka’s family went to the movies together. Olenka did not realize how much less enjoyable it was for her parents because they did not speak English well. From that the idea for MyLingo was born. The idea is that an app on your phone that translates movies into any language you need.

A revolutionary idea caused Olenka to drop out of Harvard. But she seems to be doing okay. Sometimes a revolutionary idea necessitates a massive leap. While her idea has not yet reached massive success, she is well on her way. The app is targeted toward 100 million customers worldwide. It will be interesting to watch Polak continue working towards her changing the way people go to the movies.

Again, another inspiring entrepreneur. It is cool to see entrepreneurs working on business ideas that will not only be a profit for them, but also goes beyond the mere entertainment value for consumers. Ideas like this have substance and could have spin off applications leading to even greater gains.

Sam Hodges

Sam Hodges, The Funding Circle

Sam Hodges is the very definition of a pivot in business. While trying to apply for funding for a different business venture, like a smack in the face, Hodges realized that the very system of funding  was flawed. Thus, his empire began. Hodges made a difference by changing the way lending happens for small business owners.  Sam Hodges founded Endurance Lending Network that eventually merged with The Funding Circle. Basically, it is a peer funded loan system. It makes it possible for credible small business owners to expand and grow their business. Today, The Funding Circle is worth over $750 million.

Honestly, the world needs more ideas like his. Hodges’ idea not only made him exceedingly wealthy; it caused a ripple effect that aided thousands of others. He is like the embodiment of empowerment. Being able to get the resources needed is extremely motivating and ideas that empower can turn around a failing economy. The effects of this ripple will continue for many years.

Overall, Hodges is one to watch. He is a perfect example of a serendipitous moment being capitalized into something extraordinary. Be motivated today and encouraged by Hodges’ story!

Evan Spiegel

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When I think of overwhelming success, my mind goes immediately to an old man wearing an expensive suit. Not the case with Evan Spiegel.

Spiegel is not a household name… yet. Eventually, I imagine he will join the ranks with the likes of Mark Zuckerberg, Steve Jobs, and Bill Gates. Spiegel created Snapchat. And at the prime age of 23.

Worth an estimated $2.1 Billion, Evan Spiegel has ushered in the new age of digital connection. It is estimated that Snapchat users send over 400 Million snaps each day. If your jaw has not dropped yet, the company is worth over $16 Billion.

And this is not the end. Snapchat continues to update and improve their app, keeping relevant for the foreseeable future. Not everyone is slated to be the next Evan Spiegel, but his story is certainly inspirational and motivational when embarking on any venture.

 

Following the Sunlight

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As a high school student, Eden Full changed the world.

Eden developed an idea to maximize solar energy be creating a panel that rotated with the sun. While at Princeton, Eden collaborated with a professor from Kenya and eventually was afforded the opportunity to travel to Kenya to work out the kinks. To date, Eden has helped over 6,000 people get clean water and power. Her goal for the company is to see it help 1.5 billion people.

What make’s Eden’s story so cool, is the fact that her story continues. She stepped away from the company to finish a degree at Princeton in Mechanical Engineering. Eden’s focus is not on making money, but rather changing the world. It does not take creating an entirely new product, but tweaking a product to make it the most efficient. Eden did not invent solar panels, she just maximized its potential.

All aspiring entrepreneurs can take a page from Eden’s book and look for the small tweaks in industries and products where the market could almost seem impossible to break into. Sometimes the littlest changes can lead to the largest impact.

 

Forbes Fosters Entrepreneurship

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As an aspiring entrepreneur, it is pretty exciting to learn that there are ways of receiving funding for your original ideas. Gone are the days where you are forced to venture alone; a new age is here where companies are excited to invest in the next generation.

Every year, Forbes hosts a $1 Million Change the World Competition. It is a competition for young entrepreneurs with social ideas both for-profit and not-for-profit. The winner of the competition takes home $500,000 and the five runners up each get $100,000. This opportunity is an almost unheard of opportunity to jumpstart your business at such a young age. While this competition is open currently only for existing businesses, the opportunity is incredible.

The best part about this competition? It focuses and encourages social entrepreneurship. The tides are changing in innovation these days. Young people not only want to make it big, but they more importantly want to change the world. Forbes recognizes this zeitgeist and fosters it. It is so cool to see current big-wigs responding to the change they are seeing in the tides of innovation.

Personally, I find this to be an extremely encouraging and motivating competition. Not only can you dream big, but there are opportunities already existing to help turn it into reality. Truly now is the easiest time to change the world. The stage is open.

Ordinary is Not an Expletive

 

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What is so remarkable about young entrepreneurship? Business planting does not necessarily take experience or other-worldly talent. John Magennis became a self made millionaire by the time he was 16. He did not earn his MBA at Yale or anything ridiculously difficult. All he did was pursue a passion: web design.

When Magennis was 14, he started making web sites for friends charging a forgiving price of $15. Eventually, as he gained recognition, he began charging more. Today, he charges anywhere in the range of $30,000 per web site. This young teenager taught himself how to design website and since it was a passion and hobby, it was not an overbearing task. Passion goes hand in hand with quality and Magennis delivers on both.

Students today can learn from his story because his is one of ordinary-ness. Everyone feels ordinary, but it is comforting to know that ordinary is not a bad thing. Web design is a playing field. Magennis goes head to head with some of the best. He is not heavily differentiated from competitors, but his work stands out for its quality and design. He exemplifies the new worker in the Conceptual Age. Understanding that skill can be taught  but passion is innate. Cultivate the passion and love of something–like John Magennis did–and you can be successful also.