Company: Kogan Technology
Sector: Information Technology
If you can't buy it – make it. This is the premise on which Ruslan Kogan based his successful business, Kogan Technologies, and the experiment paid off.
After looking for a television but finding them too expensive, Kogan decided to build televisions himself by manufacturing in China, where costs are kept low, and have them shipped to Australia. The business recorded revenue of $9 million during 2008-09, with low prices a key drawcard during the financial crisis. It's on track for $17 million this year.
Kogan is keen to point out he doesn't create demand, but certainly takes advantage of it. When the Google Android craze started last year, he boasted Kogan Tech would bring Australia's first Android phone to market, and recently he's been showing off the Kogan tablet device following the launch of the Apple iPad.
Kogan is certainly riding a wave of success, even landing a place on BRW's Young Rich List for 2009. But it isn't all easy, with Kogan saying the small market gives him enough challenges to deal with.
"This does not give much leverage when dealing with Chinese suppliers who have EU and AU customer knocking on their door."