Everything you need to know about Marc Randolph net worth
Marc Randolph is an American technology entrepreneur, speaker, and adviser who has a net worth of $500 million. He was born in Chappaqua, New York in the year 1958. He is primarily known as the co-founder and the first CEO of Netflix. Here are some more details about the man who help create a company that was initially founded as a platform for ordering movies online and getting them delivered to your home and then became the biggest entertainment and streaming service in the world.
- Marc Randolph got his first job out of college in 1981 when he joined the Cherry Lane Music company in New York. There he was put in charge of the company’s small mail-order operation. In 1984, he helped found the U.S version of the MacUser magazine and after that, he helped co-found the computer mail-order firms MacWarehouse and MicroWarehouse with his then partner Peter Godfrey.
Marc Randolph spent a lot of the late ‘80s in creating direct-to-consumer marketing operations for software giants Borland starting in 1988. He left Borland in 1995 for a short series of stints at a variety of Silicon Valley startups including Visioneer, Integrity QA, and then Pure Atria where he would meet his future partner and co-founder of Netflix Reed Hastings.
- The idea of Netflix came from the fact that Marc Randolph wanted to replicate an e-commerce model which was being implemented by online booksellers Amazon.com. He had heard that DVDs were being developed and tested in the U.S markets and wanted to explore the idea of selling these discs online. Hastings, Randolph’s mother and the founder of Integrity QA Steve Kahn became the initial investors in Netflix. Netflix launched on April 14th, 1998 out of an office park in Scotts Valley, California. Randolph became the first CEO of the company.
Randolph ceded the CEO post in 1999 to Reed Hastings and started working on product development. He and another founding member Mitch Lowe developed a concept for a movie rental kiosk called the Netflix Express which was later turned into the movie kiosk giant Redbox after this idea was rejected by Hastings.
- Randolph left Netflix in 2002 after guiding the company through the initial public offering. He later credited his partner Reed Hastings with the growth of the company into what it is today saying that;
”At the beginning, it's very much triage. If there are a hundred things broken and you need the skill to pick the three you've got to fix, I'm really good at that. I'm not good at the other ninety-seven,”
After his departure from Netflix, he became a mentor at MiddCORE. He also became a board member of the Looker Data Sciences. In addition to this, he is also an Entrepreneur in Residence for High Point University and its Entrepreneur Center in Belk. He travels around the world about his experience founding Netflix and the lessons he learned from his other startup experiences.
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