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Annasha

Annasha Dey is an NIT student, who apart from studying engineering is also a content writer. She has a great interest in photography, writing, reading novels, and travelling as well. She is a foodie who loves socializing and hanging out with her friends. She is also a trained Kathak dancer and a big fashion enthusiast. Dey also loves watching TV series, which includes F.R.I.E.N.D.S. and Big Bang Theory. To be a better writer she prefers to read more

Porsche

Ferdinand Porsche : The Legendary German Engineer who Founded Porsche

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Being born into a family of a plumbing business, Ferdinand Porsche was also expected to adopt the same profession. But, his interest resided somewhere else. He was intrigued by electricity, designing and machinery. He carved a deep niche for mechanical work, and his passion changed his life entirely. He started from serving as a chauffeur to be known as the Great German Engineer.

A Sneak Peek to Porsche’s Life

Porsche was born into a German family on 3 September 1865, in Liberec (now a part of the Czech Republic). He was an automotive engineer and probably the best of his time. Before he founded his own company, he worked for many influential people designing the Lohner-Porsche, Volkswagen-Beetle and many other intimidating cars. He also received the Car Engineer of the Century award in 1999, 48 years after he passed away. He played a major role in World War II and was a member of the Nazi Party.

Early Life and Career

Porsche was the third child in his family, and his father, Anton Porsche ran a plumbing business. Though he grew a very strong interest in the mechanical aspect of engineering, he didn’t devote his entire time into experimenting with different equipment. He helped his father out in the workshop during the daytime and went to Imperial Technical School during the nights. After he finished his school and by the time he was 18, he got a job in Bela Egger and Co., an electrical company in Vienna. During his time in this company, he built his first electric hub motor.

Ferdinand Porsche
Image Source: automotivehalloffame.org

In 1897, he started working for Jacob Lohner and Co. in their newly established Electric Car Company. The first design of the company was Egger-Lohner vehicle or Porsche P1, a carriage-like car. In 1900, the modified version of this vehicle (from two wheels to four wheels) was displayed in the Paris World Exhibition, and this masterpiece received much appreciation. In 1901, Porsche designed Lohner-Porsche, the first model of hybrid electric vehicle (HEV). Porsche also upgraded his existing vehicles with many engines from Daimler and Panhard, breaking many speed records.

In 1905, he was awarded the Potting prize for being Austria’s most outstanding automotive engineer. By this time, he gradually got involved in the military services served as a chauffeur to the then crowned prince of Austria.

Working for the Major Automobile Companies

In 1906, Porsche was hired by Austro Daimler as the chief designer. In 1910, Daimler won the Prinz-Heinrich Fahrt, an automobile contest. The Austro-Daimler car for which they won the contest was solely designed by Porsche. He also designed many race cars, aircraft engines, trolley-buses and many other vehicles using HEV technology during his time at Austro-Daimler. In 1916, Porsche became the Managing Director, and in the same year, he received the honorary doctorate from Vienna University of Technology. In 1923, he left the company due to differences in future perception of the company’s development.

Soon after he left Austro-Daimler, he was hired as a Technical Director in Daimler Motoren Gesellschaft. For his excellent work in this company, he received another honorary doctorate from Stuttgart Technical University. Again in 1929, Porsche left the merged company, Daimler-Benz, as his ideas for developing a light-weight Mercedes Benz was not accepted by the company’s board.

He started working for another company, but due to the Great Depression, his engineering skills had become almost needless to the world.

Founding Porsche

Though the economic condition dried up during the 1930s, Porsche made his way to establishing his own company. In April 1931, Porsche built his own consulting firm (for vehicles and engines) in Stuttgart with the financial support of Anton Piech and Adolf Rosenberger.

He started taking up big projects from reputed companies, but he also worked on his own designs. He managed to impress some companies that could sponsor his own projects, but eventually, all of them lost interest due to some of the other reasons. Also, the economic condition of that period wasn’t in favour of any newly born business.

In the early 1930s, Hitler wanted every citizen of his nation to own a car, which led to the hiring of Porsche for this project, the people’s car (Volkswagen). Soon, he got involved in many other Nazi projects. The first two prototypes of Volkswagen were released by 1935, and by the next three-four years, a lot of redesigning and pre-production took place.

In the meantime, a lawsuit was filed against Porsche by a Czech company, claiming breach of the company’s patent. The matter was finally resolved in 1961, ten years after Porsche’s death.

Life after World War II

The company went through a severe loss during the war, but he was ordered to continue with the Volkswagen designs. But, before the project could restart, he was captured by French authorities as a war criminal.

Ferry Porsche, Porsche’s son tried to run the business while he was in prison. He was finally got released on 5th August 1947, and in the meantime, Ferry designed Porsche 356, the first car to have the family name. Ferry rebuilt the business once again and made huge profits.

While the entire family returned to Stuttgart to re-establish their business, Porsche died in 30th January 1951 due to a stroke.

Capital One logo

Richard Dana Fairbank : The Founder of One of the Largest Banks in the U.S.

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One of the most influential and financially predominant individual with quality of great leadership is what defines Richard Dana Fairbank. Banking business can make a profit like a spreading wildfire, and that is how Fairbank turned the wheel of his life.

Richard Fairbank, a billionaire in addition to the successful American businessmen, is the founder and owner of the bank holding company, Capital One Financial Corporation. He founded the company in 1994, along with Nigel Morris, an English businessman. Fairbank’s new strategies for credit models changed the entire face of the banking industry, thus, entering into a new era of entrepreneurship.

Education

Fairbank was born in 18th September 1950. In 1972, he graduated from Stanford University with a bachelor’s degree in economics. Later, in 1981, he completed his MBA from Stanford Graduate School of Business. Almost 12 years after founding Capital One, he received an award on excellent leadership from his university.

Career Before Capital One Happened

Before founding Capital One, Fairbank worked in a few different companies. He worked as a partner and consultant in Strategic Planning Associates (1985-1990), followed by the head of the credit card unit in Signet-Banking Corporation (1990-1994).

Richard Dana Fairbank
Image Source: knownetworth.com

It was in the 1980s when Fairbank met Morris in a consulting firm, their mutual workplace. Since then, the idea of implementing new technologies to amend credit card plans hovered over their minds. Both Fairbank and Morris wanted to change the entire idea of charging an annual fee for credit cards holders, replacing it with different schemes for a different segment of the population. This is where they needed the contribution of information technology to manipulate data of consumers and their purchase list.

With the help of data management software, they were able to divide the entire population of credit card users into different categories, followed by offering them different plans and offers. They pitched Oracle Corporation for the job of database management, and they agreed to the new strategy of the company. It was due to this credit card model, both of them got hired by Signet-Banking Corp, in 1990.

Soon after the two economists joined Signet, the bank offered around three hundred different credit plans to its customers, charging the interest rate according to the divided categories. This was a breakthrough for both of them, but this was just the beginning. Fairbank along with Morris also developed a new strategy of transferring money from one credit card to another, with a relatively much lower rate of interest. This attracted quite a robust number of new customers, hiking the profit to an unexpected level.

And, in 27th July 1994, Signet announced the credit card division split-off, renaming it as Capital One. Richard Dana Fairbank was made the CEO of the company, and currently, it is the seventh-largest U.S commercial bank by assets.

The success of Capital One

The success of Capital One became so enormous that it superseded the sale and profit of Signet, its parent company. Fairbank made Capital One look like a massive credit card business in partnership with a bank rather than a spun-off segment of a banking business.

By 1995, Capital One completely became an independent business whereas Signet came under the acquisition of First Union Corporation. Within a single year of its establishment, Capital One made a 25% increase in the net income of the company, making it to the list of top 10 credit card issuers in the U.S.

Capital One is an ideal banking company, where excellent business models are backed up by strong database manipulating software. The company first analyses the needs of a customer and then build credit card plans accordingly.

After many years of successful business, during early 2000, people started questioning about the algorithms used by Capital One to access information about customers, and hence, the stock prices dropped. Though ultimately nothing risky was found in the algorithm, Fairbank and Morris saw it as a future threat to the company and decided to form an executive board to make decisions for the company.

Achievements of Fairbank

Richard Dana Fairbank was honoured with the award of Washingtonian’s “Business Leader of the Year” and Credit Card Management’s “Entrepreneur of the Year”. He is also listed among the top ten Bank CEOs, who became a billionaire and have achieved many other things.

Personal Life

Fairbank is married to Chris Fairbank, and they have eight children. They are settled in Virginia.

fiverr

Fiverr : A Two-way Platform for Selling and Buying Digital Services

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Every time a new company is launched, the setup requires a lot of pre-requisite. From designing a logo to maintaining a company’s blog, everything needs to be done at a professional level. For doing this, companies generally hire freelancers. Now, instead of looking for individual freelancers and separately hiring them, how convenient would it be to have access to a single platform from where you can communicate with freelance contractors for all your requirements?

Fiverr, which can also be designated as an online virtual shopping mall, is literally the best and most wanted site for any freelancers and business companies. The service provider can earn some extra cash through this, and the companies can also get their job done in a hassle-free manner.

On 1st of February 2010, Micha Kaufman and Shai Wininger launched Fiverr. The company has its headquarters based in Tel Aviv, Israel providing its services across the world. Fiverr is available in 5 different languages, including English, Spanish, French, Dutch and Portuguese.

Fiverr Founders
Image Source: fiverr.com

History of the $5 Fiverr ‘Gig’

Kaufman and Wininger wanted to create something new, which would break the regular credence of working hours from 9 to 5. So, they came up with an idea of creating a website with a variety of online services like logo designing, data entry, digital marketing, voice translation and many more. Here people could work according to their comfort neglecting the 9 to 5 job scenario. So, the two young entrepreneurs created a single platform which is capable of providing almost every digital service under one roof.

The company started succeeding at a very fast pace such that within a year it had grown 600% in transaction volume. The company received its first funding of $1 million in 1st June 2010 from Guy Gamzu and other angel investors. On 3rd May 2012, the company announced that it had raised another $15 million in the second round of funding from Accel Partners and Bessemer Venture Partners summing the total raised fund to $20 million. By this time, the company had 40 employees working in its different offices spread over Israel, U.S and Europe.

The Growth of an Innovative Business Ever Witnessed by our Economy

In Fiverr, the minimum charge for every service is $5 and might extend up to $1,000 depending on the sellers and the quality of work. This system was started in January 2012 and allowed the sellers to earn more in exchange for their services after ten successful transactions. The services provided by Fiverr are known as ‘Gig’.

The $5 strategy attracted millions of customers from around the world, and by the end of 2011, the company was already providing 70,000 gigs. In 2012, the figure reached around 1.3 million with an increasing number of clients as well as service providers. By the end of this year, Fiverr witnessed an increase in sales by 190%, providing 4,000 new services, i.e. ‘Gigs’ daily.

The expansion of this leading marketplace resulted in the opening of a new office in New York in 2013.

Since 2013, Fiverr.com has acquired a position in the top 200 popular sites list of the world, and its Alexa rank is 291. By June 2013, Fiverr provided over 1.7 million Gigs to customers around 200 countries. The number of categories expanded to 120, which even included Arts & Crafts, Astrology and Gift cards. In December 2013, Fiverr launched its iOS app, followed by releasing the Android app in March 2014.

In August 2014, Fiverr raised $30 million in Series C funding from the existing investors along with Qumra Capital and private investors. This funding promised a larger and new workplace, where the sellers and customers can connect at a global level. In October 2014, Fiverr expanded the Gig service by launching the website in four different languages. Realizing the need for global connectivity, the strategies of Fiverr always played the ace in the digital marketplace.

In November 2015, Fiverr raised another $60 million in the funding round led by existing investors along with Square Peg Capital. With this, the company valued $550 million at that time. By now, the main target of Fiverr was to connect with every single freelancer out there and expand its Gig economy side. In November 2015, Fiverr raised another $60 million in the funding round led by existing investors along with Square Peg Capital. With this, the company valued $550 million at that time. By now, the main target of Fiverr was to connect with every single freelancer out there and expand its Gig economy.

In August 2016, Fiverr opened a new office in San Francisco, and the same year, Fiverr announced DCX Growth Accelerator as its new Global Agency of Record.

Latest Acquisitions and Partnership

In January 2018, AND CO came under the acquisition of Fiverr and the freelance software of AND CO was made free.

In February 2019, Fiverr announced the acquisition of ClearVoice, a content marketing platform. In June 2019, the company announced a new partnership with Lily Singh.

In July 2019, Fiverr introduced its Gaming store providing services like game development, game designing etc.

basecamp

Basecamp, A Company that Created Mystique in the World of Web Applications

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Every business, rising from a small start-up to a flourishing company needs smart management tools to become more efficient and work in a proper hassle-free manner. The main problem that arises when you don’t have appropriate tools for managing a project is the communication gap between the company and the clients. And, this is the biggest threat to any existing business which can lead to extreme loss and even dissolution.

But, how about a web application where everything from creating your schedules to managing multiple chat heads of clients can be carried out? Basecamp, a private company, is one such platform that provides web applications where every necessary tool is combined together in a single software to make your work much easier and better.

Though Basecamp released its first web application publicly in 2004, the history of the company dates back to 1999, when a company named 37signals was formed with just four team members.

basecamp
Image Source: basecamp.com

37signals

In 1999, Jason Fried, Carlos Segura and Ernest Kim founded 37signals in Chicago, Illinois, as a web designing firm. The main motive of the company was to help other business companies improve their websites and make it less complex.

Initially, the company was doing quite well, but as the number of clients started increasing, the founders found themselves in a much-disorganized situation and started losing the demand for its service. As the trend of business communication follows, 37signals also marketed and managed projects through emails. And, this is what needed a very significant change to bring them out of the dealing topsy-turvy. 37signals realized that the method of getting updates via emails isn’t efficient enough, and it hinders proper communication. So, they planned to create a project management tool, which will have features like tracking progress, alerting deadlines, bookmarking important messages, managing emails, receiving notifications and much more. Basically, they started working on building up a web application with an arsenal of perks for every businessman around the globe.

After building the application, they started implementing the features, while interacting with their clients. This way, they received feedbacks of the tool internally, which was exceptionally positive. Realizing the demand for it, the company finally released Basecamp publicly in 4th February 2004. This was the first step towards something way bigger and over the years updated version of Basecamp like Basecamp Next and Basecamp 3 were also released.

The Growth

After the release of the application, they offered everyone one free project, in order to give clients the experience of management. And in case they still wanted to continue, they were asked to sign up for any one of the three paid packages.

Their first target was to make $5000 a month, which means $60,000 annual revenue. But they achieved it within six weeks only. This triggered their determination, and they realised that they are on the right path. Since the business was increasing rapidly after the launch of Basecamp, 37signals wanted to shift their field of interest from web designing to building web applications. So, they stopped taking any more clients for web designing and fully focused on modifying Basecamp. Today, Basecamp is used by the majority of firms and is the best project management tool across the world.

The tool became so popular that everyone starting from the business firms, software developers, educational institutions, and even, the non-profit organizations used this application to make their projects better. In 2014, the company was to Basecamp, after the software package (flagship product) Basecamp.

In 2004, David Heinemeier Hansson, partner at Basecamp, created Ruby on Rails, a free web application framework which was later released as open source.

In 2015, Basecamp 3 was released which the founders claim to be the best ever version of Basecamp with maximum modification and features.

When Basecamp was released in 2004, only 45 clients signed up for it. But the numbers started increasing so gigantically that by the next ten years 1,544,456 clients signed up, and, the number has almost doubled by now.

The Success

Basecamp and Ruby on Rails are two of the most successful products of 37signals (now Basecamp). Most popular sites like Twitter and GitHub use the Ruby on Rails framework.

Today, Basecamp has around 54 employees dealing with a diverse population working for the same goal that is creating better projects. Several books have also been published by this team like Zero to One and Rework.

Ahley Qualls

Ashley Qualls : A Successful Entrepreneur Who Became a Millionaire at 17

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Many of the people around us have a dream of becoming a successful entrepreneur in their life. But, how often do you hear about a 14-year-old teenage girl creating history in the entrepreneurial world?

Ashley Qualls, an American entrepreneur, from Detroit, Michigan, started her website at the age of 14 to provide tutorials in the domain of web designing. In 2004, Qualls released whateverlife.com providing mainly HTML tutorials and free MySpace layouts. She mainly opened this website as a hobby to help teenagers, especially of her age, learn graphic design and coding.

The First Step into the Business World

Qualls neither belonged to a financially predominant family nor did she have a lucrative investor by her side while creating her website. Her mom was a single mother and Qualls was the eldest daughter in her family. She really struggled her way to the top, and ultimately, became one of the successful teenage entrepreneurs of her time.

Ahley Qualls
Image Source: networthbuzz.com

At first, 14 years old Ashley Qualls wanted to create an interesting website for everyone without any future perspective and strategies. Initially, she planned on publishing her own portfolio having graphics and pictures create by herself. Applying her knowledge of web designing in the project, she finally launched the website in 2004, under the domain name whateverlife.com. It was the first stepping stone for her towards creating something funny and attractive for the people, especially teenagers.

Just after a few months of the launch of the website, Qualls earned $70,000. Eventually, she started uploading different tutorials in her website regarding web designing and programming, thus, helping out the teenage students. As the number of unique viewers started increasing, many modifications were made to whateverlife.com. Every user, who created an account on the website, was allowed to upload their own projects, which in turn helped them gain more popularity and even earn rewards. These rewarded points are used to buy digital goods online.

This strategy escalated the rate of popularity of the page, and within a year, it had visitors from around the world. Whateverlife.com became famous among every youngster throughout the globe, witnessing 300,000 users every single day.

The Growth

Before the company turned three years old, whateverlife.com observed 3-4 million page views, especially, for tutorials of HTML and CSS. Qualls’s website became so popular that it started giving tough competition to websites like cbsnews.com and oprah.com.

In 2006, a buyer, whose name has not yet been revealed, offered a price of $1,500,000 to buy the portal, which was humbly turned down by Qualls. Her performance in the field was so impressive that Brad Greenspan, co-founder of MySpace, offered her a hefty amount of money twice in exchange for her website. But, Qualls had more craze for knowledge, and a passion to drive her business even higher than just giving up the ownership to someone else. So, she rejected the offer from Greenspan twice, irrespective of the money he was willing to pay. It is very rare that a young entrepreneur has such high spirit to turn down business tycoons and stand tall by her own. She also bought a house in 2006, where she started living with her mother and younger sister.

Soon, the number of visitors on her website turned to 7 million, and by the time Ashley Qualls turned 17, she was a millionaire.

When Life Turned Upside Down

The flow of success suddenly hit a pause when Qualls was diagnosed by an autoimmune disease, due to which she experienced gastrointestinal issues. The turmoil of her life wasn’t just limited to this, as she lost her business, her house followed by her miscarriage. But she never thought of giving up. She joined a job in 2015, which unfortunately hit an end the very next year due to her worse health conditions and regular visits to doctors.

But, after reading an article in The New Yorker by Meghan O’Rourke, she realized that there are many people out there who are suffering from the same disease.

SickNotDead

After realizing the harsh certainty that this disease will haunt her forever, and there are about thousands of women suffering from the same, Qualls decided to open a blog, SickNotDead. She accepted the reality and started writing to provide advice and support to everyone out there who is prey to this unfortunate veracity. And, through her motivational writings, she has been able to bring a difference in the lives of these people.

Toshiba

Toshiba : An Uproarious Success Story of a Brand in the World of Electronics

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Gone are the days, when mankind still managed to survive without the help of high tech equipment and power systems. Life in the 21st century would have been vulnerable if we didn’t have access to communication equipment to transfer signals, medical equipment to carry out surgeries, and most importantly, power systems to fuel up the machines. And, amongst the growing advancement in electronic products, Toshiba, a Japanese multinational corporation, has sailed the world through a wave of premiere wide-ranging devices, starting from household appliances to social infrastructure systems. The company has its headquarters based in Tokyo, Japan, with a robust number of subsidiaries.

The First Step, Tanaka Engineering Works

In 1873, Hisashige Tanaka, a renowned engineer of that time, was given the charge to build a telegraphic equipment to enhance the development in Japan. This contract led him to establish Tanaka Seisakusho (Tanaka Engineering Works), in 1875, the first Japanese company to build telegraphic equipment. The company also produced various electrical devices like switches for the communication systems. The company, later, came under the control of Tanaka’s adopted son.

On the other side, Japan still didn’t have enough technology to build its own electric lamps. But, in 1878, Ichisuke Fujioka, a student of Imperial College of Engineering, under the guidance of Prof. William Ayrton built Japan’s first arc lamp. He also built Japan’s first power generator with the help of Miyoshi Shoichi, a worker from Tanaka Seisakusho. Thus, in 1890, Hakunetsu-Sha Co., Ltd was established by Fujioka to produce light bulbs.

The Growth

Toshiba Headquarters Japan
Image Source: wikimedia.org

After the death of Tanaka in 1881, Tanaka Seisakusho was partly acquired by General Electric, followed by the acquisition of the company by Mitsui Bank in 1893, renaming it as Shibaura Seisakusho. Both the companies, Shibaura Seisakusho and Hakunetsu-Sha Co Ltd, were at their best phase when the Great Kanto earthquake hit the city and took away a lot of lives. A lot of employees of these two companies fall victim to this calamity, and hence, suffered a major loss.

During the 1930s, the government put a ban on the production of home appliances and shifted its interest to make war equipment. In 1939, Tokyo Denki (previously known as Hakunetsu-Sha) and Shibaura Seisakusho were merged to form Tokyo Shibaura Denki (now Toshiba) with General Electric Company holding 24% share.

The company expanded during the time of war, as it supplied military needs, radios and generators. During the postwar period, the company again started focusing on producing electrical and electronic equipment, and it expanded its business by exporting the machinery to Southeast Asia.

From the 1950s, Toshiba started growing exponentially and established a lot of industries. In 1984, the company was rebranded as Toshiba, replacing Tokyo Shibaura Denki. During the late 1990s, the company established further new firms, including Toshiba Music Industries, Toshiba International Corporation, Toshiba Electrical Equipment, Toshiba Chemical, and many more. The company was also responsible for developing some of Japan’s first electronics. The company built Japan’s first TAC digital computer followed by transistor television and microwave oven colour video phone, MRI system, DVD, and sub-notebook personal computer. These are some of the few inventions that helped the company pioneer the electronics industry.

2000-Today

To meet the growing demand in the North American market, Toshiba signed an agreement with Orion Electric in 2001 to supply TV and video products for the company. In 17th October 2006, Toshiba made one of the greatest acquisitions in the history of the company by acquiring Westinghouse Electric Company, the world’s largest nuclear power company for $5.4 billion. Toshiba had a 77% share of the company while The Shaw Group and Ishikawajima-Harima Heavy industries had 20% and 3% share, respectively. In January 2009, Toshiba bought the Hard Disk Drive business of Fujitsu.

On 16th May 2011, Toshiba announced the acquisition of Landis+Gyr for $2.3 billion, followed by the acquisition of IBM’s point-of-sale business $850 million. In December 2013, Toshiba established its own manufacturing unit in India after acquiring Vijai Electricals Limited Plant, Hyderabad, India. In January 2014, Toshiba acquired OCZ Storage Solutions, and in the same year, Toshiba and United Technologies came in a joint venture and expanded it outside Japan. Since then, Toshiba has acquired a lot of other companies, and even, faced many scandals. The company sold Westinghouse as it suffered a wide loss in 2017.

Currently, Toshiba produces one of the finest electronic products and services in the entire world and is getting stronger day by day. The company has around 140,000 employees as per the statistics of 2019. It believes in creating more efficient products in future and thrives for excellence.