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Mike Cannon-Brookes & Scott Farquhar : The Accidental Billionaires From Australia

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Life is better with friends, and it is best when your friendship leads you to achieve your goals. An example of similar friendship is from Australia, where two college friends achieved their mutual goals and became the Accidental Billionaires of Australia. Scott Farquhar and Mike Cannon-Brookes are the co-founders and co-CEOs of the software company Atlassian, who together started the company with the simple plan to replicate the A$48,000 graduate starting salary typical at the big corporations without having to work for someone else. But their hard work paid them beyond their imagination.

Early Life

Mike Cannon-Brookes was born in November 1979, as Michael Cannon-Brookes, to a global banking executive Mike, and his wife, Helen. He spent his childhood in Sydney and attended Cranbrook School there. On the other hand, Scott Farquhar born in the December of the same year as Mike. He was the student of James Ruse Agricultural High School in Carlingford, NSW.

After graduating from school, the two enrolled in the University of New South Wales, where they met each other the very first time. Both of them were in the same class and grew a strong bond with one another. Both received a Bachelors in Arts and also a Bachelor’s degree in Science.

Founding Atlassian

The two shared an interest in starting own software company, so they went through a lot of research and work to design, launch and run their new business. Finally, in 2002, they founded their software company with the name Atlassian. They established the company’s first office in Sydney with a $10,000 credit card debt.

scott farquhar and mike cannon-brookes
Image Source: dailynews.lk

The same year, the Atlassian was launched, it released its flagship product, Jira. Jira is an issue tracker software that is used by various big and small companies for bug tracking and agile project management. In 2004, the company released another software named Confluence, written in Java. The software is a team collaboration platform that lets users work together on projects, co-create content, and share documents and other media assets.

Within four years of the founding of the company, Cannon-Brookes and Farquhar were named Ernst & Young’s Entrepreneurs of the Year for Australia, in 2006. It also raised a funding worth $60 million in venture capital from Accel Partners, in the year 2010. In the same year, the company acquired Bitbucket, a hosted service for code collaboration. Just after a year, the company announced a revenue of $102 million, followed by a $144 million revenue in 2013, and $215 million revenue in 2014. In November 2015, Atlassian produced a revenue worth $320 million.

In May 2012, the Atlassian launched its official website, that allowed the users to download plug-ins for various Atlassian products. In 2014, the company was restructured and renamed as Atlassian Corporation plc opening, an office established in London, keeping the headquarter of the company remain in Sydney. Atlassian has over 2,200 employees serving more than 60,000 customers and millions of users across the world, having its offices in five different countries.

Atlassian made its initial public offering (IPO), putting its market capitalization at $4.37 billion on the NASDAQ stock exchange, in December 2015. It has many programming-based products under its name, including Crucible, FishEye, Bamboo, and Clover. It has also tried its hands in the chat business by acquiring HipChat, an instant messenger and launching Stride, a web chat alternative to Slack, but soon quit their operations in the same. Atlassian biggest acquisitions include Trello for $425 million, in January 2017, and OpsGenie for $295m, in September 2018.

Personal Life

Mike is married to Annie Todd and has four children with her. Farquhar is married to Kim Jackson, and they have three children together. Mike and Farquhar are neighbours and live in Centennial Park, Sydney, in their lavish homes. Farquhar bought the Fairfax family’s former ancestral Sydney harbourside home worth A$75 million, in 2017, and in 2018, Mike also purchased Australia’s most expensive house for around $100million, the Fairwater, next to Farquhar’s.

The two were named among the richest Australians, aged under 40 on the BRW Young Rich list in 2007. In 2016, the two were also placed in the Forbes list of Australia’s 50 Richest people.

Bill McDermott : The Inspirational Life Story of the First American CEO of SAP

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Great minds and great ideas will find their way to success, even after facing difficulties. Such a great person with a great mind is the American businessman and the highest paid CEO of SAP SE, Bill McDermott, who despite spending his childhood in poverty emerged as one of the most powerful businessmen of America. McDermott has described his whole amazing life story in his book, “Winners Dream,” co-written by Joanne Gordon, that has been awarded a gold medal for a business memoir of the year by the Axiom Business Book Awards.

Early Life

McDermott was born in Amityville on Long Island, to Kathleen and Bill McDermott. His father worked as a power maintenance specialist at Con Edison, and his grandfather, Bobby McDermott, was a famous basketball player. According to his book, he had a tough childhood, and his family faced critical financial conditions. Even the family used to live in a house with a floor that flooded every time it rained.

bill mcdermott
Image Source: gettyimages.com

McDermott, from a very tender age, started working in part-time jobs. At the age of 11, he started selling newspapers, greeting cards, cookies, and other products and saved enough money to start a new business. When he was sixteen, he bought a Country Deli for $7,000, with the money he earned in past five years, with different jobs and businesses. His County Deli business proved to be most beneficial for him, as he was able to get admission into an undergraduate course in business management at Dowling College, with the earned profits.

After completing the undergraduate course, McDermott joined Northwestern University’s Kellogg School of Management to pursue an MBA degree and later, attended the Wharton School of Business, where he completed the Executive Development Program.

Career

Possessed with awesome management skills and an MBA degree, McDermott managed to get a job in the sales department of Xerox. He continued working in the same department for 16 years, and at the age of 36, he was promoted to the post of Division President of Xerox’s sales, becoming the youngest person to hold that position in the company.

Later, in 2000, McDermott became the President of Gartner and served at the same position till 2002. He also worked as the Executive Vice President of Worldwide Sales and Operations at Siebel Systems.

Career with SAP

In 2002, McDormett joined SAP America, as the CEO of the company. Only in few years, he was designated to the SAP Executive Board, followed by gaining the position of co-CEO of SAP AG, in February 2010. SAP is a German company, and McDermott became the first American to hold the position of the CEO of the company, on May 21, 2014.

Personal Life

McDormett is married to Julie McDormett, and the couple has two sons together. At the time he was working in Gartner, Julie suffered from breast cancer. After six months of chemo, she recovered from the disease. But later, his mother suffered and died of pancreatic cancer. The incident encouraged him to launch the Kathleen McDermott Foundation for pancreatic cancer.

McDermott is a member of the Business Roundtable and the European Roundtable of Industrialists (ERT). He has won many honorary awards including the GENYOUth’s Vanguard Award, the City Year’s Idealist of the Year, and the Manager of the Year by the German Business Daily.

Hitachi : The History of Japanese Multinational Business Conglomerate

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Hitachi is a name that is more than a hundred years old and has been dealing in a number of fields successfully at a global level. The company has its global branch in more than eleven business segments including Information & Telecommunication Systems, High Functional Materials & Components, Financial Services, Electronic Systems & Equipment, Automotive Systems, Railway & Urban Systems, Digital Media & Consumer Products, etc. The company is the largest manufacturer of electric machinery and has made its name into the Fortune Global 500 list of 2012.

The Founder

Hitachi was founded by a Japanese electrical engineer Namihei Odaira, who was born on 15 January 1874, in Ienaka, Tochigi, Japan. Odaira graduated from the electrical engineering department of Tokyo Imperial University, in the year 1900. After graduating, Odaira started working as an engineer in a mining company. Within six years after graduating, he switched between various such companies, and after six years in 1906, he joined Kuhara Mining Company as an engineering section chief. His responsibility in the company included the maintenance of mine’s electrical equipment and electricity.

Hitachi
Image Source: hitachimed.com

During his job at the Kuhara Mining, he started manufacturing a five-horsepower electric motor with the help of one of his colleagues. Eventually, with the development of the induction motor, Odaira happened to found Hitachi, in the Kuhara Mining Company’s Hitachi copper mine, in the year 1910, hence, making the owner of Kuhara Mining, Fusanosuke Kuhara, the official president of Hitachi, instead of Odaira himself.

The History

Hitachi is a combination of two Kanji characters, Hi and Tachi, where Hi stands for sun and tachi means to rise. In 1918, the headquarter of Hitachi was moved to Tokyo. In 1920, Hitachi Ltd. was incorporated as an independent company, and Kuhara was removed from the position of the president. Odaira became the managing director of Hitachi and stayed at the same position from 1910 to 1929.

During the second world war, the American forces tried to destroy the Hitachi plants and disband Hitachi altogether. Also, Odaira got expelled from the company by the U.S. occupation authorities. It took three years for Hitachi to convince the armies to continue its functioning and except 19 of its plants came back into operation. In 1951, Odaira was taken back as the chairman of the company. The same year, in the month of October, Odaira passed away at the age of 77.

At the time of Korean war, in 1949, the American military offered various manufacturing contracts to the Japanese industries, including Hitachi, that saved the company from a complete collapse, after so much damage, and the death of Odaira. The company started gaining its previous position, and in 1959, it established the Hitachi America Ltd., followed by the establishment of Hitachi Europe, Ltd. in 1982.

In the year 2011, Hitachi Ltd. came into talks with Mitsubishi, for Japan’s largest merger, but due to some reasons, the deal got cancelled. In 2012, Hitachi acquired the United Kingdom-based nuclear energy company Horizon Nuclear Power, and it plans to establish up to six power plants in the UK.

Hitachi and Mitsubishi again had words regarding merging their thermal power businesses, in November 2012 and began the operations of the joint venture in February 2014. Hitachi owns the 35% shares in the joint venture, whereas Mitsubishi owns 65% shares of it.

Currently, Hiroaki Nakanishi KBE chairs the company, and Toshiaki Higashihara is the president of the company. Along with America, the company has expanded to the various parts of Asia, Europe, Middle East and Africa, etc.

Collett E. Woolman : The Co-founder & First CEO of Delta Air Lines

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Collett Everman Woolman was one of the principal founder and first Chief Executive Officer of the infamous Delta Air Lines. Woolman with his vision took a great leap in the airline business. From an employee of the Delta Air Lines to the CEO of the same, Woolman worked rigorously to lead the airlines, to be one of the best in the world. His hard work and inspirational life even took his name to the Georgia Aviation Hall of Fame.

Early Life

Woolman was born on 8 October 1889, in Bloomington, Indiana, but spent most of his childhood in Urbana, Illinois. He completed his high secondary education from a local public school and entered the University of Illinois to pursue a Bachelor degree in agriculture. After his marriage with Helen H. Fairfield, in 1916, the couple moved to Monroe, in northeastern Louisiana.

Founding Delta Air Lines

After completing his education, Woolman joined Louisiana State University as an Agricultural Extension Agent. At the time, the Southern United States were facing a big issue with their agriculture works, i.e., the boll weevil, a cotton-destroying pest. A United States Department of Agriculture entomologist, Dr B. R. Coad, was trying new methods to solve this problem, and Woolmen also joined him in his mission. The ultimate solution, that they used against the boll weevil was to sprinkle calcium arsenate over the crops. As it was difficult to sprinkle the dry-powder over big fields, the team started doing the same with the help of army-loaned aircraft. The aircraft would dust out the powder over the fields, and the issue was solved.

C. E. Woolman
Image Source: deltamuseum.org

An aircraft manufacturer, Huff-Daland Aero Corporation, noticed the whole matter and formed a new division for crop dusting, naming it as Huff Daland Dusters, on 30 May 1924, and established the headquarter in Macon, Georgia. The Airborne crop dusting organisation was the first of its kind, in the world. Woolman was selected as the lead for the department and was appointed as the vice president and general manager of the same.

The company earned profits in the business, but as soon as the summer growing season ended, the need for the air dusting deceased, simultaneously. Woolman advised moving the service to other places, where the season was reversed and started operating in Mexico and Peru. With the help of Peruvian Airways Corporation, Woolman also started the passenger service in Peru. The agreement did not last long, but, Woolman gained the much-needed experience in the business.

In 1925, the company setup was moved to Monroe, Louisiana. At the same time, the Huff Daland Dusters was in financial trouble. The company was looking for a buyer for its bailout, and Woolman took the advantage of the opportunity, and on 13 September 1928, Woolman acquired the company, naming it Delta Air Service. The company started its passenger service on 17 June 1929 and received funding from its three new investors C. H. McHenry, Travis Oliver, and Malcolm S. Biedenharn. The first flight by the airlines was between Dallas, Texas and Jackson, Mississippi. In 1930, Woolman was named to the board of directors of the company.

At that time, there was a very less number of people who travelled through an aircraft. Hence, the company took a break from the passenger service and started functioning as an airmail service. Later, in March 1934, the passenger service was started again. In 1941, the headquarter of the company was relocated to Atlanta. After moving to Atlanta, Delta Air Service started adding new air routes and acquired a few other airlines. The propeller planes were replaced by the jets, and it started expanding towards the europian countries and across the Pacific. On 1 November 1965, Woolman was appointed as the chief executive officer of the company. Only after one year, on September 1966, at the age of 76, Woolman passed away, leaving a great legacy behind him.

Delta Air Lines After Woolman

In 1987, the company had a merger with the western airlines, and throughout the 90’s the airline saw rapid growth. In the late 90’s in competition with Southwest Airlines, the company launched a new sub-airline, named as Song. But soon, it started seeing failures due to the lower yields, higher fuel prices, and economic challenges. In the year 2005, the company got bankrupt.

During the bankruptcy, the company sold the old and unused aircraft, and the company shut the unprofitable routes and hubs. At the same time, Delta was trying to find out the loopholes in their functionality and was preparing itself for future with new strategies. In 2007, the company emerged as a polished and better version of its own, hence, operating to lead the company towards success.

On 14 April 2008, the company announced a merger with Northwest Airlines, forming the world’s largest airline. In 2010, the Northwest Airline accepted retirement, making the Delta Air Lines the wholly-owned company. Currently, the airline is functioning as the most prefered airlines across the world, due to its excellent customer service.

Palmer Luckey : The Home School Kid Who Brought a Revolution in the Virtual Reality

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An idea really can change your life, and if the idea is related to the technology, it is definitely going to turn your life around and give you many perks. The virtual reality was far from reality and only limited to the science-fiction stories and movies. But, a teenager brought the fiction into reality with its Virtual Reality head-mounted display Oculus Rift. Palmer Luckey is the mind behind such creative idea, that has changed the world of gaming and has opened new ways for Virtual Reality. The spotlight-shy engineer gives the credit to his home-schooling for his invention and the success that he earned at a young age.

Early Life

Palmer Luckey was born on 19 September 1992, in Long Beach, California, to parents Donald and Julie. His father was a salesman at a car dealership. Luckey did his initial schooling at his home, and it was her mother who tutored him. He grew an interest in the field of electronics and engineering at an early age and taught himself the same, through online classes. He grew up playing video games and watching sci-fi movies, developing an interest in virtual reality. During his childhood, he also went for the sailing lessons.

Palmer Luckey
Image Source: forbes.com

His passion for electronics engineering and virtual reality led him to try his hands on projects like coil guns, Tesla coils, and lasers. Also, based on the virtual reality, he created over 50 different head-mounted displays. One of his most expensive experiment was the development of a PC gaming rig using the elaborate six-monitor setup, costing him tens of thousands of U.S. dollars.

Along with the homeschooling, to earn the funding for his experiments, he worked at many places as a part-timer, including a groundskeeper job, youth sailing coach job, and a computer repair technician job. He also repaired and resold the old iPhones, earning at least US$36,000, from the business.

After completing the basic education, he took the community college courses at Golden West College and Long Beach City College, at the age of 14. He later took a journalism course in the California State University, Long Beach, and wrote for the student-run newspaper, Daily 49er, as an Online editor. At the same time, he started working as a part-time engineer at the Mixed Reality Lab (MxR) at the Institute for Creative Technologies and worked on a cost-effective virtual reality project.

Oculus Rift

Fascinated by electronics, lasers and virtual reality, Luckey at the age of 17, started experimenting with the head mounted virtual reality gears as he was not happy with his PC gaming rig. As it was not serving the purpose of creating a 3D environment for the gaming. In 2010, he developed his first prototype named PR1, followed by some other prototypes exploring features like 3D stereoscopy, wireless, and extreme 270-degree field-of-view. After developing the sixth generation VR box, he put it on crowdfunding website Kickstarter. By the year 2012, he received thousand of request regarding the availability of the VR box, and he dropped out of college so that he could focus on the advancement of the device.

During the process, he met the former executive of Gaikai and Scaleform, Brendan Iribe, and discussed the scope of the device, in the gaming world. Iribe liked the product and invested a thousand dollars in the production of the VR box for the Kickstarter campaign. The two started a company named Oculus VR, Iribe becoming the CEO and appointed Michael Antonov, as the chief software architect of the company. Luckey presented the VR box in front of Gabe Newell, Valve’s Managing director, Michael Abrash, a few gamers, as well as at many gaming conventions, including PAX, Gamescom, and QuakeCon 2012.

The Oculus Rift raised $2.4 million funding, during the Kickstarter campaign. Before the Kickstarter campaign, Luckey had shared that he is expecting to earn enough money that could compensate the money spent on the costs of parts, manufacturing, shipping, and credit card/Kickstarter fees, with about $10 left over for a celebratory pizza and beer. In fact, he had earned 974% of the original target, enough amount to buy a new office space and employ more staff for the company.

In March 2014, Facebook acquired Oculus VR for $3 billion, resulting in Luckey’s estimated net worth equal to $700 million, in 2015. Luckey continued working on Oculus within the Facebook office, till 2017. In 2017, he left the company without disclosing any particular reason to the media.

Personal Life

Luckey, even after, achieving so much at a young age, does not consider himself as a celebrity or a VIP. In fact, he is often seen in a casual look with a pair of sandals. After gaining the profits in the Facebook deal, Luckey bought a party house in the ritzy Silicon Valley town of Atherton, where he lives with his seven friends. He also spent $120,000 to buy a Tesla Model S. saying, “Elon Musk is a cool guy who deserves my money.”

Pavel Durov : The Founder of Hack-Proof Messenger App Telegram

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A believer of no government and a pure vegetarian, Pavel Durov is a Russian entrepreneur, who was among the most promising Northern European leader under 30, in 2014. He is leading a life on his own rules. Known as the Russian Mark Zuckerberg, Durov surely is inspired by the same and has a few similarities with the life of the American entrepreneur. Pavel Durov, who founded the social media platforms, Vkontakte, the most visited websites in some Eurasian countries (2017), and Telegram, is working towards protecting the users’ data from governmental data requests.

Early Life

Durov was born on 10 October 1984, in St. Petersburg, Russia, to Valery Semenovich Durov and Albina Durova. His father is a Doctor of Philological Sciences, and his grandfather Semyon Petrovich Tulyakov participated in the second World War. His brother Nikolai Durov is a mathematician and a programmer, who later, co-founded Telegram and VK, with Pavel Durov.

Pavel spent most of his childhood in Turin, Italy, where he attended the Italian elementary school. In 2001, the family returned to Russia, and he joined the Academy Gymnasium, in St. Petersburg. He became inclined towards programming languages while in school. After completing the school, Pavel went to the Saint Petersburg State University and earned a degree in Philology.

Career Rise with Vkontakte

Soon after Durov completed his college, he started working on a social media network, as he was inspired by the success of Facebook. He named his project as Vkontakte and started the beta testing of the same, in September 2006. Just after a month, he bought the domain for Vkontakte and opened the registrations to the website for the students of the Saint Petersburg State University.

Pavel Durov
Image Source: eyerys.com

Early in the next year, the website registered more than 100000 users and became the second largest social networking website, in Russia. The rapid growth of the platform, brought a trio of Russian-Israeli investors, Vyacheslav Mirilashvili and Lev Leviev, to invest in the website, acquiring 60%, 10%, and 10% stakes in the company, respectively. Later, the 39.99% shares were acquired by Mail.ru Group. By the year 2014, the Mail.ru Group was able to acquire 52% of the shares in the Vkontakte.

After losing most of his shares, Durov faced a lot of trouble in maintaining his position in the company. He received offers from the few of the political parties of Russia to sell the data of the Vkontakte users, to them. But, he never accepted. In fact, in 2012, he was asked to remove the groups, from Vkontakte, that were protesting against the Russian President Vladimir Putin, but again he denied. At that time he emerged as a libertarian hero for the dedicated protesting groups.

On 1 April 2014, as an April Fool prank, Durov presented his resign in front of the board members of Vkontakte. But, he got caught into his own prank, when, on 21 April 2014, he got dismissed from his post. The reason behind his dismissal was that he failed to withdraw his resignation, within the fixed time.

Founding Telegram

According to Durov, his resignation and getting out of the company was a result of his resistance from sharing the user’s data with the political parties. During the same time, he was working on a secret project. He had started working on the project early in 2012, with his brother, Nikolai Durov, who was the lead programmer of the project. Pavel Durov financed the project and had launched it in August 2013, as Telegram. After his dismissal from his company, he flew to Buffalo, New York, where he established his secret company. He also took some of his Vkontakte employees with him, to New York to continue working on Telegram.

After moving to New York, he also obtained the citizenship of Saint Kitts and Nevis, through donating $250,000 to the country’s Sugar Industry Diversification Foundation. He implanted his employees in various parts of the world, due to the complicated documentation formalities for each of his employees. Basically, controls the working of his company from his secret office in New York.

Telegram was an instant hit, as the app did not allow any third party to use the data of the Telegram users. Also, the secret chat feature of the app does not have any cloud backup. The success of the app can be measured from the 200 million monthly active users reported at the beginning of 2018, and a 50 per cent rise in the annual profits of the company in 2017.

In 2017, with 23-page white paper and a detailed 132-page technical paper, Durov launched a blockchain platform, named as Telegram Open Network (TON). Reportedly, the ICO raised $1.7 billion in April 2018.

Personal Life

Pavel Durov calls himself a libertarian and is living a private life. His past life was filled with a number of controversies and politics. Hence, he maintains his life as private as possible. He, also, never discloses the address to his secret office, established in New York, to avoid influencers from the media and government. Allegedly, he along with his brother, migrates to different places after a certain period of time, in self-imposed exile.