Austin Russell – a prominent young figure has been rocking among the list of billionaires. Russell is crowned as the youngest self-made billionaire by Forbes 2021. Russel seemed to work hard from school life to achieve a brighter future. With an estimated net worth of $2.4 billion, the college dropped out notorious boy runs Lumina Technologies.
Initially, the crown of the youngest self-made billionaire was awarded to Kylie Jenner in 2018. Forbes replaced the Jenner with Russell due to vague information about her assets. Even, the documented information seemed fake about her self-made property. Kylie Jenner was removed from 3-Coma Club last May. The reason was the surrounding controversies over her provided documentation.
Are you amazed how a struck-off student from college led to such a height of success? It is not new to the world that expelled students from school or college became successful and popular personalities worldwide. Do you remember the past of Mark Zuckerberg, Steve Jobs, and Bill Gates? The fate of these personalities is no different from Russell’s.
Early life of Austin Russell
Russell was an industrious student. He used to spend time at the University of California. The teenager ambitiously decided to study Physics, researching at Irvine’s Beckman Laser Institute. At Stanford University, studying Physics subjects, it was “optics prodigy” which instigated Russell to lead a startup. The startup Lumina technologies have been producing LIDAR- a device or technology commonly used in self-driving cars or electric cars.
- How Russell developed his interest in technology?
In a media talk, Russell revealed that he memorized the Periodic table nearly at the age of 2 or more. Russel wrote software at the age of 11. He shared his memory that he wanted to have a cell phone and his parents were against the usage of a cell phone in his childhood. He programmed firmware to design like a cellphone, and he got successful in the effort.
The teenage life of Russell was overwhelmed with the research and curiosity to learn about the technology. Another surprising interest of Russel was to develop a computer system into supercomputers. Later on, he turned to the laser, photonics, and optical technology of physics. Photonics is the field of physics-based on photons. Photons help to create light and other energy elements. Russel acknowledged photonics as his field of research and study.
LIDAR by Luminar-competing the big Tech companies
Austin Russel developed his LIDAR sensors at Lumina technology startup. LIDAR-light detection and Ranging sensors help self-driving cars to detect hurdles, and traffic in the surrounding. How does LIDAR work? LIDAR detects the distance of the object from the vehicle. It can draw a map of the surrounding instantly and helps the in-car computers to drive safely.
Elon Musk called the LIDAR sensors “doomed.” LIDAR is a popular technology used in electric cars these days. The automotive industry has been using the LIDAR for numerous self-driving projects. LIDAR may open the gateway to take self-driving cars to the public commonly. Waymo project also used LIDAR to lead its vehicle on the roads safely.
Musk’s Tesla has been using outside cameras and sensors instead of LIDAR in its autonomous vehicle project. The project features sensors, cameras, and artificial intelligence to run a driverless vehicle. Tesla claims to manufacture complete driverless autonomous vehicle hardware.
Russell’s tech company has been developing LIDAR sensors with the technology of Velodyne, Quanergy, and Innoviz. Toyota, Fords, Volvo, Mercedes, BMW, and many others are active customers of this technology. In Russell’s opinion, Luminar Technologies have been working in distinction by offering the advanced features of LIDAR to the clients.
The impressive services by Russell’s company have attracted Volvo to become its partner for the next-generation technology.
Brightening journey to become a billionaire
When Russell was at college, the Theil fellowship program was in its swing. Peter Theil, co-founder of PayPal and investor of Facebook offered $100,000 to the students to leave the education for two years and start a business. After getting a fellowship of $100,000 to initiate a startup named Luminar technologies, the young boy was dropped out of college. Later on, Russell joined university but skipped. The purpose was to concentrate on the startup as a new entrepreneur.
In December 2020, Luminar Technologies was selected by SPARC merger- NASDAQ. It was the time of twist in the young genius’s life, he turned to billionaire.
Russell is the youngest one among the four self-made billionaires listed out by Forbes. Andy Fang and Stanley Tang – DoorDash founders, and Sam Bankman- fried – the investor of cryptocurrency is also among the list of billionaires.
LIDAR sensors are the next-generation technology. LIDAR is the key component in the manufacturing of driverless cars. the technology that is Luminar company producing is unique and reliable for automotive clients. The genius young boy has passed out numerous milestones within such a shorter period. Critics see Russell as a hard competitor of big tech investors like Tesla in upcoming days.
Russell became the CEO of Luminar Technologies at the age of 23. He was considered a quite young one for becoming CEO of any business. Russell has been giving tougher competition to its competitors in the tech world through his hard work, creativity, and genius mindset.
As told by Russell, it was a tough time to convince the people to take him seriously about his ideas. The reason was that Russell intended to work out on the technology that does not exist completely yet. It required several years to come into the market for the public.
People took Russell non-serious not only for his uncommon project rather due to his age as well. His family and friends considered him too young to run a startup. But the ambitious boy compelled the masses to turn their heads. No one knows for how many nights and days Russell could not sleep in fulfilling his dreams. Yet many challenges are further ahead for Austin Russell.