Cheong Choon Ng attends the MaxLove Loom-A-Thon 2 / Getty Images
Cheong Choon Ng is the original mind behind a brilliant invention. And that is the rainbow loom kit.
He is a Malaysian-born native who was playing with his daughter one day when he decided to improvise. The rubber band bracelets he made were too small for his fingers.
He later on formed a plastic sample of the same loom and marketed it by spending $10,000. The gamble proved to be worth its weight in gold. Soon enough he sold many kits under the epithet of rainbow looms.
At first Ng faced setbacks. But soon his invention of sorts was selling like hotcakes. And today Ng is worth over $130 million which is not a small amount of money.
In particular the publicity won due to royalty and celeb figures wearing the bracelets made from the loom caused a lot of profits for Ng’s company. The Duchess of Cambridge wore one recently and sales skyrocketed thanks to the trend she had set.
Even Prince William got one for his coat and so the fame spread far and wide. Some of the other rich and famous people who were spotted wearing the bracelets made from the loom include in their ranks: David Beckham, Harry Styles, Miley Cyrus and (believe it or not) the Pope.
However, the inventor Ng is very conscious of the fact that like most fads this one too could go down the drain one day leaving him bankrupt. So he is presenting new versions of the same product so as to diversify his line.
Germany and Japan are two new niche markets he wants to conquer. He has his eyes on them for the future. The bands don’t just have to be used for wearing on the wrists.
They can make excellent key chains and even be employed to create smartphone holders and moccasins. There have however been concerns of safety for children handling the tool.
One boy lost his eyesight in one eye after a band flew off the tool and hit him smack in the pupil. And there are counterfeit products too that imitate the original.