Austin Russell is a Stanford College dropout who grew to become the world’s youngest self-made billionaire in 2020 on the age of 25 when his startup Luminar went public. Luminar creates sensing know-how to assist automobiles navigate their environment; Volvo, Toyota, and Mercedes-Benz use the sensors.
Russell, now 29, spoke on the Masters of Scale podcast with Will.i.am on Wednesday about how he obtained wealthy at an early age. Russell, who had a father in actual property and a mom who did some modeling and public talking, says he was 100% self-taught and created a lab in his father or mother’s storage on the age of 10 or 11.
“[My parents] would at all times joke, oh you simply let Austin do his black magic within the storage and slip meals underneath the door,” Russell mentioned.
He mentioned he at all times wished to know the way and why issues labored, and explored that curiosity from a younger age.
Russell started specializing in optics and lasers in his house lab at 13; then, at 17 years outdated, he labored at UC Irvine’s Beckman Laser Institute. He determined to give attention to entrepreneurship, as an alternative of the tenured professor route, as a result of he wished to create improvements with instant real-world affect.
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Russell based Luminar, the place he is additionally the chief govt, at age 17 to construct sensors that might make driving safer. He graduated highschool, went to Stanford for just a few months, then dropped out after receiving a $100,000 Thiel Fellowship to construct his concept over two years.
His objective with Luminar grew to become extra bold: to avoid wasting as many as 100 million lives and 100 trillion hours over the following 100 years. An April report from reinsurance firm Swiss Re reveals that progress in the direction of that objective is being made — Luminar’s software program lowered automobile accident severity by as a lot as 40%.
“I believe the way in which that you just finally apply and scale your self must be via some type of enterprise and a few type of endeavor on the finish of the day,” he mentioned.
Luminar founder Austin Russell. Photograph by Taylor Hill/Getty Photographs
Russell mentioned he benefitted from the wealth of knowledge on-line, together with lectures that beforehand would’ve been obtainable solely to graduate college students. He claims to have as soon as watched 4 years’ price of lectures on the technical topics he wanted to know “in lower than a month.”
“You are able to do it,” he mentioned. “There’s nothing stopping you.”
Russell has an estimated web price of $1.6 billion, although Luminar’s inventory value has dropped by about 40% year-to-date. Attainable causes might be a extremely aggressive market and a small variety of prospects that drive a big chunk of the corporate’s income.
He is additionally not the world’s youngest self-made billionaire; 27-year-old MIT dropout and Scale AI co-founder Alexandr Wang now holds the title.