National Public Radio this past week did a story about Former Employees Discover Life After Wall Street. Part of their interviews involve Iris Chau and Stephen Chen, a previous my.8asians.com member of the day. After being laid off by JPMorganChase and Bear Stearns, the two decided on doing something more entrepreneurial rather than doing another Wall Street job:
“What she and Chen decided to do was start a business. The idea came from Chau’s husband, Alistair Onglingswan, who had recently visited Manila and toured the city’s notorious dumps, where old tires are stacked as far as the eye can see. Onglingswan thought, why not hire local residents to collect the rubber so it can be recycled and made into shoes? A little more than a year later, GreenSoul sells a line of sandals over the Internet. The company hopes to sell a million pairs of shoes a year by 2014.”
Starting a company during recession sounds insane, but recessions may be the best time to start a new venture; rent, equipment and salaries are cheaper, and the amount of quality talent available. I give a big kudos to Iris and Stephen for taking the path less taken and trying to change the world at the same time.
(Image Source: GreenSoul)
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