The GoPro miracle: How to exploit a market niche

In 2002, Nick Woodman was bankrupt. He tried to launch an online marketing company, but it didn'tgo well. He decided to travel to Indonesia and Australia, as he is a great surf lover. Once he was there, he realised that surfers were having problems to take pictures of their achievements on the water. While sitting on the sand, he understood that he had to create a camera wich is useful for any extreme sport. He created a primitive holder for his little Kodak that day. That was the beggining of a huge business, and he knew it.

Nick started to sell some necklaces and belts in California. This products were bought in Bali for no more than 2 dollars. He sold each for 60. That money was used to finance his start-up. He realised that he could exploit an empty market niche.

In 2005, Woodman could get a GoPro corner in a sports fair in San Diego. he had a lot of success and the company had billed 350.000 dollars only a year later, and the rest is history. 

The company keeps on growing until nowadays, as the 21% of digital cameras that are sold in the States are manufactured under this brand.

Our multimillionaire friend, Nick Woodman, with his family.