Most of us are familiar with the frustration of not understanding our math homework. In our dismay, we may have turned to Google, and we were blessed with a wise Khan Academy video. Today, Khan Academy is a thriving non-profit educational organization. Khan Academy’s roots are a great example of innovation and the power of harnessing  the web to meet needs within a market. 

Salman Khan got the idea for Khan Academy in 2004 after remotely tutoring his cousin, Nadia, who was struggling to understand unit conversion in her math class. Sal was working as a hedge fund analyst in Boston while Nadia was living in New Orleans, so he tutored her on the phone and through Yahoo Doodle. After Sal helped Nadia improve in her math class, more of his cousins and family members also asked for help. Because of the high demand on top of his job, Sal decided to make videos and post them on Youtube in 2006. The videos gained traction and Sal continued making videos in his spare time. 

He officially started Khan Academy in 2008 with the mission to “provide a free, world-class education to anyone, anywhere.” The curriculum expanded to concepts from math and finance to history and art. To make the platform engaging, they utilize smart design. You can earn points and badges as you progress through the courses, which adds fun and fosters goals in users. Khan Academy has also expanded its reach to students by translating their content into the world’s 36 most spoken languages. This is a great example of using technology to increase accessibility. 

In 2009, Sal quit his hedge fund job and pursued Khan Academy full time. He lived off his savings for the first nine months until he received donations and a $2 million grant from Google and a $1.5 million grant from the Bill and Melinda Gates Foundation.

Sal recruited his former high school and college roommate at MIT, Shantanu Sinha, to join him as President and COO. They also expanded their team with  Ben Kamens and Jason Rosoff,  two software designers who are responsible for Khan’s unique design. 

The development of Khan Academy is a great example of growing an online learning platform. Sal made smart business moves throughout Khan’s development and collaborated with expert designers to truly set his organization apart.  

Learn more about Khan Academy from their page: 

https://support.khanacademy.org/hc/en-us/articles/202483180-What-is-the-history-of-Khan-Academy

Could sharing your interests with others be your breakthrough business venture? That’s exactly what Dominic May asked himself, which led to his creation of CoastXP. Dominic grew up in Coffs Harbour, Australia, and always loved being near the ocean and the beautiful coasts of Australia. Dom worked as a commercial boat master and scuba diver instructor before going to college. While at the University of Newcastle, Dom pursued a Bachelor’s in Business and Innovation/Entrepreneurships and majoring in Tourism and Management. During the end of his time a University, Dominic dove into starting his business, CoastXP, at 23 years old.

CoastXP combined Dominic’s interests of marine biology and tourism into a profitable business that benefits his community. Dom’s elevator pitch goes a little something like this: “Aboard a fast, custom-built boat, guests get the opportunity to learn about our coastline, history, Aboriginal heritage, local geology and interact with magnificent marine life – all while in a fun and safe environment.”  The Newcastle area of Australia is a beautiful coastal metropolitan area with a rich history going back to 1797. It is also a top tourism destination, so Dominic was risking a lot going into the tourism industry, but he offered it from a new perspective. CoastXP is a unique opportunity for tourists to see a portion of the Australian coastline for themselves, learning about it while it is in front of their eyes. CoastXP has expanded to include five local marine and wildlife experts that give both land and boat tours in Newcastle and in Lake Macquarie.

CoastXP was named the 2023 Newcastle Young Citizen of the Year. This was given in recognition for Dom’s contribution to local tourism, especially his contribution to the city’s “post-pandemic economic recovery.” CoastXP has personally benefitted many in Dominic’s community.

Now, Dominic’s story was not without hardship. Like many of us, he struggled to know where to focus his time. Dom focused on many details that took up his time for very little return. But he has learned from that and advises that investing in your community network always pays off, especially when your product can grow and enrich that community.

The triumph of Dominic’s story is that he combined his interests into a business. He saw the potential in the community and landscape around him, and created a business that strengthened that community.

About CoastXP:

https://www.visitnewcastle.com.au/insider-guides/meet-dom-may-from-coastxp

https://www.newcastle.edu.au/hippocampus/story/2023/young-entrepreneurs

Haile Thomas is a youth health activist, public speaker, and CEO of HAPPY (Healthy Active Positive Purposeful Youth). Haile’s love of food started when she was 5 years old. She loved learning how to cook from her mom, but food and wellness really took president in her life at 8 years old when her dad got diagnosed with type 2 diabetes. Haile’s dad was able to reverse his type 2 diabetes with a healthy diet. This inspired Haile to tackle the lack of nutritious foods and at 12 years old, she started HAPPY. Haile’s non-profit organization addresses the need for affordable plant-based nutrition and culinary education in underserved communities and schools through cooking classes, summer camps, and in-school programs. 

Haile got used to being on stage by doing TedX Kids at 10 and 16 years old, as well as many other speeches. She spoke about how there is “a gourmet chef in every child” and about how to nurture passion. Haile’s health advocacy led her to the White House, where she introduced Michelle Obama at the White House Kids’ State Dinner. Haile also joined the former First Lady at the 2013 State of the Union Address.

At just 17 years old, Haile became the youngest graduate from the Institute for Integrative Nutrition. As a certified integrative nutrition health coach, Haile’s has reached millions on her social media, where she shares her wellness advice and vegan lifestyle. In 2020, she wrote her self-care cookbook titled Living Lively, which features journaling prompts and over 80 plant-based recipes. 

Haile currently lives in New York City with her family. They run their family-owned teashop, Matcha Thomas, where they sell vegan and gluten free matcha and bubble teas. 

Haile is driven by her strong values regarding healthy nutrition. She was initially driven by her dad’s health issues, then her passion for nutrition led her down a path where she could promote healthy eating for kids like her. She saw a problem in her community and used her passions to tackle it. Haile confidently strengthened her skills in public speaking and communication, which are skills all entrepreneurial leaders need. She learned as much as she could and educated herself so she could be as credible as possible in her field. Haile’s journey reminds us that entrepreneurs can, and should, have many ventures but stay consistent with their values and passions. Haile’s experience with HAPPY has given her skills and knowledge to run Matcha Thomas.  I think many people want to jump right into their preferred or “dream business” venture, but there is so much to be learned from early projects that can help build to later ventures. Through her multiple businesses, Haile stays true to her values of quality nutrition. 

Haile’s story: 

https://eatforum.org/contributor/haile-thomas/

https://www.thekitchn.com/haile-thomas-the-happy-org-vegan-interview-266906

HAPPY: 

https://edibleschoolyard.org/program/happy-organization-inc

Her personal website: 

https://www.hailevthomas.com/

Haile’s Wellness Teahouse:  “Matcha Thomas” in Beacon, NY:

https://www.hailevthomas.com/matcha-thomas

Nathaniel Wellen’s entrepreneurial idea came to him when he was just 8 years old. One day, Nathaniel’s dad was walking him to school in the rain through their southern Los Angeles hometown. Nathaniel tried to stay under an umbrella, but he still got soaked trying to walk next to his dad. This could have been remedied by Nathaniel holding the umbrella, but he was much shorter than his dad, so they couldn’t have both fit. This sparked Nathaniel to brainstorm a simple addition to the conventional umbrella: an extendable handle. According to Nathaniel’s mom in an ABC7 interview, Nathaniel and his dad “would be in the garage breaking umbrella after umbrella” to prototype his idea. They eventually created an umbrella with a handle that could extend down at various heights so two people could walk closely together and stay shielded from the rain. They also widened the canopy of their umbrellas. These features set The Duo umbrellas apart from other products on the market. 

This past January as a freshman in high school, Nathaniel pitched his umbrella idea on Shark Tank and gained an impressive deal with Robert Herjavec. Nathaniel pitched his idea with confidence and negotiated Herjavec receiving 18% of the company for a $100,000 investment. Nathaniel achieved this partnership while his business was still pre-revenue and he only had prototypes! 

Nathaniel was able to again such an impressive deal because he already had a partner, the weather accessories brand Shed Rain. After Nathaniel patented his umbrella, he cold called the CEO of Shed Rain to pitch his idea. This led to the successful CEO and young entrepreneur forging a relationship and a business partnership. They collaborated on prototypes, manufacturing, and distribution to create a great quality product. This is a fantastic example of putting yourself out there and having confidence in your ideas. Nathaniel benefited by putting himself into a liquid network. He connected with a successful person within his niche of expertise, and they joined forces to get his innovative idea off the ground. I encourage you to check out the last link listed below to see for yourself how Shed Rain supported Nathaniel’s entrepreneurial journey.  

I found Robert Herjavec’s reasoning for taking the deal on Shark Tank very interesting. Herjavec said, “I love deals where there’s a potential exit already built in,” he continues, “You create this product, you partner with them and it takes off … There’s no way they’re not going to buy you out.” Even though having so many partnerships cuts Nathaniel’s share of the profits, his partnerships with Shed Rain and Robert Herjavec are investments that will grow his business. Especially at such a young age, that’s a great way to do business. 

The sharks commended Nathaniel for his entrepreneurial drive and he offered this advice for other kid entrepreneurs: “Just keep moving. Keep going. Reach for your goals and maybe you [too] will make a deal with Robert.”

Sources:

ABC7 News report of Shark Tank episode: https://youtu.be/CDZm6mB33L0?si=bwU3Pot6Lt06w6lX

CNBC Article: https://www.cnbc.com/2024/01/22/teen-lands-shark-tank-offer-for-two-person-umbrella-the-duo.html

LinkedIn profile: https://www.linkedin.com/in/nathanielwellen

Shed Rain’s story with Nathaniel and product description: https://shedrain.com/pages/theduo#:~:text=SHARK%20INVESTED%20WATERS,couldn’t%20be%20more%20proud.

Like many 5 year-olds, Mia really wanted a pony. But living in suburban Long Island, New York, made that impossible. Mia thought creatively, “what if I can make my own pony”? Mia didn’t just want a big stuffed pony, she wanted to ride it. With the help of her father, she created Power Pony. The furry mechanical  pony or unicorn is interactive  through an IOS app. It’s front legs are similar to a hover board and the body is stable enough to support kids roughly between the ages of 4 –12 years old. A benefit of the product is that it is customizable and interactive. Parents can select speed for safety, and kids enjoy custom lights and realistic sounds. The speed ranges  from Beginner (trot) to Intermediate (gallop) and Advanced (race). Kids can also choose what their pony looks like. The website has five ponies with unique names, colors, and fun stories,  geared to both girls and boys. The Power Ponies are marketed  to be used outside, positively motivating kids to spend time outside and with each other. Power Pony has been featured on the Ellen Show, The Kelly Clarkson Show, Fox News, NBC, the Today Show, and more. The company employs around two dozen paid employees and volunteers. In the holiday season of 2021, they sold 5,000 unites for $499 plus free shipping. Mia donated $5,000 of their proceeds to Garden City, L.I.’s Family & Children’s Association which helps families with economic problems in Long Island. The Power Pony company is socially driven to create fun products that fulfill kid’s dreams of having their own pony.

Sources:

https://powerpony.com/

https://www.investopedia.com/10-successful-young-entrepreneurs-4773310