It might be challenging to believe that Austin Russell, the world’s youngest self-made billionaire, shares any similarities with others his age, but he insists that he does.
At the age of 28, Russell boasts an estimated net worth of $1.6 billion, thanks to the success of his tech startup, Luminar Technologies, headquartered in Orlando, Florida. Currently, the company holds a market cap of $2.4 billion. Remarkably, Russell founded this company 11 years ago as a teenager, specializing in developing hardware and software designed for autonomous vehicles.
Few teenagers, or even individuals in their 20s and 30s, can successfully initiate and sustain such a venture. A pivotal role was played by the Thiel Fellowship, which provided Russell with $100,000 to drop out of Stanford University and focus entirely on expanding his company.
However, instead of attributing his journey solely to technical expertise or business acumen, Russell acknowledges two qualities prevalent among younger generations: boundless energy and unwavering passion.
“People in their 20s possess an abundance of vibrant energy,” Russell explains. “They infuse a tremendous amount of passion into their pursuits, and I am certainly no exception to that. I may even take it to the extreme, and that holds significant meaning.”
In a 2020 survey conducted by SAP, involving 10,000 participants, it was discovered that millennials exhibit more passion compared to their counterparts from the baby boomer and Gen X generations. Currently, the only demographic ahead of millennials in terms of passion is Gen Z, although this might change as the next generation emerges.
Austin Russell, reflecting on his earlier years, recalls a moment when he was just 16 or 17, envisioning the creation of a revolutionary laser system that would enable autonomous driving for cars. He boldly asserted that his company would outperform tech giants like Google and major automakers in their efforts towards this goal, a pitch he presented to investors during his teenage years.
Fast forward to today, Luminar boasts a workforce of hundreds, and its technology may soon become integrated into vehicles, particularly those from Mercedes-Benz and Volvo. Building such a company, Russell concedes, requires more than just passion and energy.
“I guess I did memorize the periodic table—I think I was around 2 or so,” he recounted to CNBC Make It in 2018. “I was just obsessed with learning certain things… independently exploring and grasping various scientific domains.”
However, Russell acknowledges that he might not have developed his technical and business skills, encompassing everything from coding to marketing, without harnessing that drive at a young age. He aspires to maintain his momentum for as long as possible, even as he ages and his energy and passion potentially wane.
“I believe that many individuals in their 20s and 30s possess a more open-minded perspective toward the world,” he remarks. “Over time, it can feel like this openness diminishes, and people become entrenched in specific ways of approaching things. Often, you need to tackle problems with a fresh perspective.”
Source: cnbc.com