James Park (entrepreneur)
James Park | |
|---|---|
.jpg) Park in 2015 | |
| Born | 1976 or 1977 (age 46–47)[1] |
| Nationality | American |
| Alma mater | Harvard College (dropped out) |
| Occupation | Businessman |
| Known for | Co-founder and CEO, Fitbit |
James Park (born 1976/1977) is a South Korean-American technology entrepreneur. He co-founded Fitbit and has been its CEO and president since September 2007.[2] He was named in 2015 among Fortune magazine's 40 Under 40, an annual ranking of the most influential young people in business.[3] With a net worth of $660 million estimated by Forbes, he was ranked #29 in the magazine's America's Richest Entrepreneurs Under 40 in 2015.[4] James Park announced that Fitbit became part of Google on January 14, 2021.[5]
Early life
[edit]Park is of Korean descent.[6]
He attended high school at the all-boys University School in Cleveland, Ohio.[7] His parents, who emigrated from South Korea, owned a wig shop in downtown Cleveland,[8] among other shops, such as an ice cream parlor, a fish market, a dry-cleaning business, and a clothing store. Park spent a lot of time in his parents' shops and even sold products for them, and his own work ethic was influenced by their example.[9]
He studied computer science as an undergraduate at Harvard College but dropped out his junior year to pursue his own business.[8] Before creating the company that would become Fitbit, Park created a startup B2B infrastructure software firm called Epesi Technologies, which is now defunct. Park considers Epesi Technologies his "greatest failure" and described the experience as "particularly painful".[9]
Park met Eric Friedman (a computer science Yale graduate)[10] at Epsei, but after the dot-com bubble burst in 2000[11] and Epesi closed its doors, both Park and Friedman went to work as engineers for a company called Dun & Bradstreet.[12]
Career
[edit]After Epesi folded, Park's next venture was an early concept for a photo editing and sharing platform.[12] The company was called Heypix. After Heypix's first ever press release, it caught the attention of CNET, who offered the company $4 million.[12][13]
Park co-founded Fitbit with Eric Friedman on March 26, 2007, after "realizing the potential of sensors on the Wii remote such as accelerometers paired with smaller and smaller devices".[14] The co-founders started with an initial investment of $400,000 contributed by them and others but realized one year after starting that more funds would be needed for a product launch. They were able to get additional funding from SoftTech VC and True Ventures. Park found the initial stages of developing the product to be tough, especially in finding a hardware manufacturer. He recalled the search for the right supplier and organizing the production line in Asia left the company "pretty close to being dead".[15] In a 2019 interview, Park said, "Going public is good for investors and employees. Ours was the largest consumer electronics IPO in US history."[16]
Google purchased Fitbit in 2019 for $2.1 billion.[12]
Personal life
[edit]Forbes estimated that Park and Friedman each made $150 million before taxes when Fitbit was acquired by Google in 2019.[17] Park describes himself as an introvert who is capable of being an extrovert. In his spare time he enjoys art.[18]
References
[edit]- ^ "Fitbit co-founder sprints to success after start-up setbacks". Irish Times. 2 September 2016. Retrieved 13 November 2019.
- ^ "James Park: Executive Profile & Biography". www.bloomberg.com. Retrieved 2018-12-13.
- ^ "40 Under 40". Fortune.
- ^ "#29 James Park". Forbes. November 18, 2015.
- ^ Park, James (January 14, 2021). "Fitbit Joins Google". blog.fitbit.com. Retrieved June 15, 2023.
- ^ Moon, Gwang-Lip (January 23, 2014). "Fitbit's launch in Korea a big step for company". Korea JoongAng Daily.
- ^ "Welcome Alumni". www.us.edu. Retrieved 2021-03-29.
- ^ a b Guy Raz (April 27, 2020). "Fitbit: James Park". How I Built This with Guy Raz (Podcast). NPR. Retrieved April 27, 2020.
- ^ a b Stieg, Cory (August 3, 2021). "Fitbit CEO and co-founder James Park on his own fitness routine and selling to Google for $2.1 billion". cnbc.com. Retrieved June 15, 2023.
- ^ Weir, William (2016-10-25). "Fitbit founder and upcoming tech summit speaker Eric Friedman is an 'eternally optimistic' entrepreneur". YaleNews. Retrieved 2023-06-29.
- ^ "The Late 1990s Dot-Com Bubble Implodes in 2000". Goldman Sachs. Retrieved October 11, 2023.
- ^ a b c d "How A Game He Liked Inspired Him To Start A $2.1 Million Company. The Success Story Of Fitbit Co-Founder James Park". Sybershel. 2023-01-23. Retrieved 2023-06-29.
- ^ "CNET buys photo-sharing Web site HeyPix". CIOL. 2005-04-05. Retrieved 2023-06-29.
- ^ "Fitbit, Inc. - IR Overview - Investor FAQ". investor.fitbit.com. Retrieved 2018-12-03.
- ^ Hof, Robert (February 4, 2014). "How Fitbit Survived As A Hardware Startup". Forbes.
- ^ "Interviews with the world's best entrepreneurs". British GQ. 2019-02-13. Retrieved 2023-06-29.
- ^ Tognini, Giacomo. "Here's How Much Money The Fitbit Founders Will Get From Google's Acquisition". Forbes. Retrieved 2021-07-21.
- ^ Stieg, Cory (2021-08-03). "Fitbit CEO and co-founder James Park on his own fitness routine and selling to Google for $2.1 billion". CNBC. Retrieved 2023-06-29.