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User:John Pinette/draftGarrettCamp

< User:John Pinette
Garrett Camp
Camp in 2018
Born (1978-10-04) October 4, 1978 (age 45)
Calgary, Alberta, Canada
Alma materUniversity of Calgary (BSc, MSc)
Occupation(s)Entrepreneur and Investor
Known forFounder, Expa
Co-founder, Uber and StumbleUpon
Websitegarrettcamp.com

Garrett Camp (born October 4, 1978) is an entrepreneur and investor. He co-founded StumbleUpon and Uber. He is currently the CEO of the startup incubator Expa.

Camp was born in Calgary, Canada, where he developed an interest in technology and entrepreneurship early on. He earned a Bachelor's degree in electrical engineering and a Master's in computer programming from University of Calgary. He conceived the idea for StumbleUpon in college, but it only took off once the founders graduated, moved to Silicon Valley, and raised funding in 2005. Camp sold the StumbleUpon business to eBay in 2007, then led a group of investors that repurchased it in 2009.

In 2008, Camp co-founded Uber. For several years, Camp was involved in the early concepts and prototyping of Uber. However, his involvement in Uber diminished as the company grew. The initial public offering of Uber made Camp a billionaire. Camp invests some of his wealth from Uber in other startups through Expa. He founded Expa in 2014, which became Camp's primary focus. Camp also pledged to give half his wealth to charity in The Giving Pledge.

Early life and education edit

Garrett Camp was born in Calgary, Canada[1] on October 4, 1978.[2] His father and mother worked together as an architect and interior designer.[3]: 40–41  Camp's family moved often. His parents would design, build, and decorate a home, live in it, and then move whenever it was sold.[3]: 40  They had quit their jobs to become real estate entrepreneurs. This was part of why Camp became interested in entrepreneurship early on.[4] His interest in computers began when Camp was ten, and his uncle gave him a Macintosh computer to play floppy-disk games.[3]: 40–41 [5] Camp also used the computer to teach himself how to write simple software programs.[3]: 40–41 

In his youth, Camp was athletic and learned how to play the electric guitar.[3]: 40–41 [6] He attended a small elementary school with 150 students, then a larger high school with 1,700.[4] Camp started going to college at the University of Calgary in 1996.[3]: 40–41 [7] While there he interned at Nortel Networks, where he helped develop speech-recognition software.[3]: 40–41 [4] He also took some courses at Concordia University.[4] Camp earned a Bachelor's degree in electrical engineering in 2001.[3]: 40–41 [4] The idea for StumbleUpon was first conceived that year, after meeting classmate and future cofounder Geoff Smith.[3]: 40–41 [8] Camp stayed at the university to earn a Master's degree in software engineering in 2005.[3]: 40–41 [9] His studies focused on user design.[10] His thesis paper was on designing a collaborative search interface that used small groups of connected people to improve search results.[3]: 40–41 [11]

Career edit

StumbleUpon edit

Camp worked on developing StumbleUpon, along with two cofounders and friends, while pursuing his Master's Degree at the University of Calgary.[10][12] Camp's role was to focus on the user interface and design.[12] He came up with the name StumbleUpon, which was launched in November 2001.[11][13] Initially, Camp was unable to attract any investors.[11] the website started gaining traction around 2005.[3]: 41  That year, investor Brad O'Neill invited Camp and co-founder Smith to move to San Francisco, California to raise funding.[3]: 41 [8][11] Within a year, StumbleUpon grew from about 500,000 to 2 million app users.[6]

eBay bought StumbleUpon in 2007 for $75 million, making Camp wealthy.[3]: 39, 41  Shortly following the acquisition, Camp was listed in MIT Technology Review's 35 Innovators under 35 and Bloomberg Businessweek's Tech's Best Young Entrepreneurs.[11] Camp continued working on StumbleUpon as an eBay employee.[3]: 41  StumbleUpon stagnated at eBay.[14] After repeated hiring freezes and compensation caps at eBay, Camp led a group of investors to buy a majority stake in StumbleUpon from eBay for about $29 million.[15][16] As part of the re-purchase, Camp became the CEO again.[3]: 52  During Camp's tenure as CEO, StumbleUpon grew from 5 to 25 million users.[14][17] Camp then stepped down as CEO in 2012, becoming the Chairman of the Board.[14] StumbleUpon was later merged into Camp's startup called Mix in 2018.[18]

Uber edit

There are conflicting narratives on how and when Camp and other cofounders started Uber.[3]: 48–51 [4] According to Bloomberg, the idea for Uber began when Camp became frustrated spending thousands on private drivers, then shared early drawings of the Uber app with his friend and author Tim Ferriss.[15] The company's version of its founding is that Uber started at the Eiffel Tower in Paris, France in a conversation between Garret Camp and future CEO Travis Kalanick, after the 2008 LaWeb Conference.[5] According to Globe and Mail, that was actually when Camp persuaded Kalanick to join Uber as a part-time advisor. However, the idea started six months before that, when Camp was frustrated waiting on a taxi for a date.[5] Other sources say the idea for Uber started when Camp spent $800 on a private driver on New Year's Eve.[19][20]

Camp first came up with the idea for Uber in 2008.[5]: 43–46  He was inspired in part by the James Bond movie "Casino Royale," where Bond's phone showed the location of his car and the car he is chasing on a map, much like Uber shows the location of drivers.[6] For a while, Uber was a side project for Camp and a few developers, many of whom were working for equity.[3]: 52  Camp and Kalanick hired Ryan Graves to lead the startup.[21][16] After Camp and cofounder Kalanick were yelled at in French by a taxi driver, Camp persuaded Kalanick to focus on Uber, instead of Kalanick's Airbnb-like startup.[3]: 49–51  In turn, Kalanick persuaded Camp to focus on inexpensive cars owned by drivers instead of expensive vehicles owned by Uber and driven by limo drivers.[3]: 51–52 [22]

Camp invested $200,000 in funding to develop the first Uber app.[5] He spent years working on the initial idea and prototypes for Uber. Still, cofounder Kalanick was responsible for Uber's expansion and growth.[15] In 2010, as the company grew, Camp agreed to Kalanick taking over as CEO, replacing Ryan Graves.[3]: 120–123 [16] Camp and Graves both gave Kalanick some of their shares in Uber as compensation for his new role operating the business.[16] Camp invented the Uber app, letting Kalanick run the company.[16] Uber started expanding internationally in 2012[1] and was valued at $62.5 billion by 2016.[5] During this time, Camp served as Chairman of the Board.[5][15]

In 2017, investors accused Kalanick of pulling the company into excessive and unnecessary controversies. Camp resigned as Chairman; then, after Kalanick was removed as CEO, Camp asked board members to reinstate him.[15] Camp also pushed for a restructuring of the stock that would reduce the power of early investors and founders like Camp and Kalanick had over the company.[15] Dara Khosrowshahi became CEO of Uber.[15] Camp stepped down from his Chairman position permanently in March 2020 due to what Camp saw as morale failures[4][15] and a habit of getting involved in excessive controversy.

When Uber filed an initial public offering in 2019, Camp owned 4% of the company.[16] While this was a smaller stake than cofounder Kalanick's, it was very lucrative for Camp, who had not been involved in the company's day-to-day operations for years.[15] Bloomberg estimated Camp's portion of the company was worth $3.7 billion.[15] Camp decided to use some of the money to fund other startups.[15]

Expa and other startups edit

In 2013, Camp wanted to create a startup studio called Expa[15] and sold some of his shares in Uber to other investors to fund it.[23] He then started Expa in 2014[24] with Foursquare co-founder Naveen Selvadurai.[25] Afterwards, Expa became Camp's primary focus.[18] He raised $50 million[1] then another $300 million (including $150 million from Camp himself) to fund new startups.[16] For example, Camp helped develop an app for finding seats on private jets, hiring a personal shopper, and a crypto-currency for payments called Eco.[15][26]

Since then, many startups hosted by Expa have been acquired or received substantial funding.[16] He started working on a business called Mix in 2016 using data from StumbleUpon.[18] Mix is focused on showing the user internet content based on their shared interests with friends.[18] Mix was officially founded in 2018 and merged with StumbleUpon.[18]

Wealth edit

As of 2019, Camp's wealth was estimated by Globe and Mail to be approximately $2.7 billion.[27] Globe and Mail said Camp was the third-richest Canadian, as of 2016.[5] According to Camp, he is wealthy, but reports of his net worth are exaggerated.[5] Camp is part of The Giving Pledge, where he's promised to donate half of his wealth to charity.[4][28] He also created a philanthropic organization called Camp.org.[28]

In June 2019, Camp purchased of a mansion in Trousdale Estates of Beverly Hills for $72.5 million;[29][30] it drew criticism from Uber drivers struggling for higher pay and better working conditions.[31][32]

Personal life edit

Camp primarily lives in Los Angeles, California.[16]

References edit

  1. ^ a b c Scott, Alec (November 19, 2015). "Co-founding Uber made Calgary-born Garrett Camp a billionaire". Canadian Business. Retrieved December 15, 2022.
  2. ^ "Canada 150". Calgary Herald. June 30, 2017. p. A.4.
  3. ^ a b c d e f g h i j k l m n o p q r s t u Stone, B. (2017). The Upstarts: How Uber, Airbnb, and the Killer Companies of the New Silicon Valley Are Changing the World. Little, Brown. ISBN 978-0-316-38838-2. Retrieved December 13, 2022.
  4. ^ a b c d e f g h Plana, Vincent (January 11, 2018). "17 Facts You Didn't Know About Uber Co-Founder's $4.3 Billion Fortune". Narcity. Retrieved December 14, 2022.
  5. ^ a b c d e f g h i Baldwin, Stephen M. (April 28, 2016). "Uber hero: The Canadian computer savant behind the ride-sharing phenomenon". The Globe and Mail. Retrieved December 14, 2022.
  6. ^ a b c Stone, Brad (January 29, 2017). "Uber: the app that changed how the world hails a taxi". the Guardian. Retrieved December 14, 2022.
  7. ^ "Garrett Camp of StumbleUpon, on Start-Up Strength". The New York Times. October 22, 2011. Retrieved December 14, 2022.
  8. ^ a b Brody, L.; Raffa, D. (2010). Everything I Needed to Know About Business ... I Learned from a Canadian. Wiley. p. 236. ISBN 978-0-470-73865-8. Retrieved December 14, 2022.
  9. ^ Perera, B.Y.; Albinsson, P.A. (2020). Uber. Corporations That Changed the World. ABC-CLIO. p. 29. ISBN 978-1-4408-6425-4. Retrieved December 14, 2022.
  10. ^ a b Fost, Dan (January 17, 2012). "Company Stumbles its way to $75 million / Internet startup's unconventional path leads it from Canada to the Bay Area -- and into eBay's arms". SFGATE. Retrieved December 19, 2022.
  11. ^ a b c d e Baldwin, Stephen (May 2016). "Uber Hero" (PDF). Report on Business. pp. 36–41.
  12. ^ a b Frost, Dan (June 25, 2007). "Calgary trio stumbles upon Silicon Valley". thestar.com. Retrieved December 14, 2022.
  13. ^ Baldwin, Stephen M. (April 28, 2016). "Uber hero: The Canadian computer savant behind the ride-sharing phenomenon". The Globe and Mail. Retrieved July 15, 2023.
  14. ^ a b c "StumbleUpon CEO Steps Down". Inc. Magazine. May 9, 2012.
  15. ^ a b c d e f g h i j k l m "Uber: How much is an idea worth? In Uber's case, $3.7 billion". Bloomberg. May 10, 2019. Retrieved December 16, 2022.
  16. ^ a b c d e f g h i Loizos, Connie (April 1, 2022). "Garrett Camp on his startup studio, its new $200M fund and what he makes of 'Super Pumped'". TechCrunch. Retrieved December 15, 2022.
  17. ^ Thomas, Owen (May 8, 2012). "The 25-Million-User Social Network You Forgot About Just Lost Its CEO". Business Insider. Retrieved July 15, 2023.
  18. ^ a b c d e Carson, Biz (August 1, 2018). "Uber Cofounder Garrett Camp Is Back To An Old Problem: Finding Interesting Things On The Internet". Forbes. Retrieved December 19, 2022.
  19. ^ Shontell, Alyson (January 11, 2014). "All Hail The Uber Man! How Sharp-Elbowed Salesman Travis Kalanick Became Silicon Valley's Newest Star". Business Insider. Retrieved January 21, 2023.
  20. ^ Banker, Maggie (October 5, 2017). "The Birth of Uber: A Reinvention of Traditional Transportation Services". Medium. Retrieved January 21, 2023.
  21. ^ Books, W. (2017). Summary and Analysis of The Upstarts: How Uber, Airbnb, and the Killer Companies of the New Silicon Valley are Changing the World: Based on the Book by Brad Stone. Smart Summaries. Worth Books. p. 10. ISBN 978-1-5040-4647-3. Retrieved December 15, 2022.
  22. ^ Nast, Condé (March 30, 2018). "At Uber, a New C.E.O. Shifts Gears". The New Yorker. Retrieved December 14, 2022.
  23. ^ Lashinsky, A. (2017). Wild Ride: Inside Uber's Quest for World Domination. Penguin Publishing Group. p. 127. ISBN 978-0-7352-1140-7. Retrieved December 19, 2022.
  24. ^ Bergman, Ben (July 15, 2021). "Garrett Camp's VC fund is breaking all the rules with a new accelerator for fledging founders. Here's how it's different". Business Insider. Retrieved January 21, 2023.
  25. ^ Shontell, Alyson (May 23, 2014). "The Masterminds Behind Uber And Foursquare Are Teaming Up On A New Startup Venture". Business Insider. Retrieved December 19, 2022.
  26. ^ Sommerlad, Joe (September 4, 2019). "Uber's co-founder launches own cryptocurrency to rival bitcoin". The Independent. Retrieved July 15, 2023.
  27. ^ McClain, James (November 6, 2019). "Uber's Garrett Camp Sells Brand New Hollywood Hills Mansion". Yahoo. Retrieved December 19, 2022.
  28. ^ a b Kolodny, Lora (November 22, 2017). "Uber and Infosys co-founders are latest billionaires to join The Giving Pledge". CNBC. Retrieved December 19, 2022.
  29. ^ "Uber co-founder Garrett Camp quietly shells out $71 million for Beverly Hills mansion". Los Angeles Times. 2019-06-28. Retrieved 2019-07-27.
  30. ^ Dobson, Amy Rose (2019-07-03). "Uber Cofounder Garrett Camp Breaks Property Records In Beverly Hills For $72 Million". Forbes.
  31. ^ Levin, Sam (2 Jul 2019) "Uber co-founder buys record-breaking LA mansion for $72.5m as drivers fight for wages." The Guardian. (Retrieved September 3, 2019.)
  32. ^ Swartz, Angela (2019-11-06). "Atherton: Uber drivers, other contract workers protest outside of Uber investor's home". The Almanac.

External links edit

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