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This 17-year-old Korean CEO made $1 million in gross sales this yr. Now he is onto his subsequent enterprise

At simply 17 years previous, Sukone Hong has realized his entrepreneurial dream by constructing not one however two companies.

The primary, a South Korean style model of which he’s CEO, has revamped $1 million in gross sales this yr and gained the popularity of Harvard College. The second, a braille smartwatch for the visually impaired, has superior orders within the 1000’s.

That is one technique to get again on the bullies.

“It was laborious for me to get engaged with faculty. I form of received bullied. I needed to discover one thing that might change my life,” Hong informed 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 desperate 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 tack.

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 website 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 turn out to be a regional success, amassing $1.2 million in annual gross sales throughout six Asian markets and rating No. 1 in Model Share’s t-shirt class.

That has enabled Hong to make use of a crew of 12 to assist run the location. Nevertheless it has additionally allowed him to pay his dad and mom 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 believed enterprise was nearly making a number of cash. However after shifting faculty, I had some good training.

Sukone Hong

founder and CEO, Olaga Studios

“Earlier than, I believed enterprise was nearly making a number of cash,” mentioned Hong. “However after shifting faculty I had some good training.”

“My instructor mentioned that my expertise may very well be used to create a enterprise to assist others,” he added.

With Paradox Computer systems, the corporate behind his braille smartwatch, he goals to just do that.

Discovering investor help

Braille smartwatches — which allow the visually impaired to obtain real-time data, equivalent to texts and messages from their telephone — have been available on the market for a number of years.

However the exorbitant value of such merchandise — usually upwards of $300 — could make them inaccessible for a lot of disabled folks.

After engaged on a college mission about disabilities, Hong realized the inequality and determined there should be one other, extra reasonably priced possibility.

Paradox Computer systems’ braille smartwatches inform time and date by vibration haptic for the visually impaired.

Paradox Computer systems

“I discovered that that is so unfair,” he mentioned. “And, on the similar 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 e book of contacts from his current style enterprise, Hong rallied one to again his imaginative and prescient with a $300,000 funding for a 30% stake.

I realized that despite the fact that I haven’t got a background in expertise, I might rent all these folks.

Sukone Hong

founder and CEO, Olaga Studios

“My background as a CEO helped me,” he mentioned. “I realized that despite the fact that I haven’t got a background in expertise, I might rent all these folks.”

Six months on, Paradox Computer systems’ $80 braille smartwatch has bought within the a whole bunch, 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 together with his research.

“When the enterprise was rising quickly, I considered dropping out of college. However I met lots of CEOs they usually all informed 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 could 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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