Couple Turns $10K Into $50M Rainbow Loom Empire

Tuesday, 25 March 2014 | by Pat's Picks

The Detroit Free Press catches up with Cheong Choon Ng, the Michigan entrepreneur who saw his two girls weaving bracelets out of pony tail rubber bands and came up with the idea for the Rainbow Loom. Ng was able to convince his wife to use their $10,000 in savings to bring the idea to the market. It won Toy of the Year last year and the company saw $50 million in revenue.

SOURCE: Detroit Free Press