On March 10 in the year 1978, one of the youngest billionaires in the technology industry was born in California, USA. His name is Robert Pera, the founder of Ubiquiti Networks, the maker of wireless-networking gear. According to forbes.com, his net worth was $17.3 billion as of May, 2021.
Robert Pera was the son of a business consultant and a public relations specialist. He attended the University of California San Diego with degrees in electrical engineering and Japanese. He continued his studies at the same university to earn a master’s degree in electrical engineering specializing in circuit design.
Robert started his career as a hardware engineer with Apple, Inc. When his bosses ignored his ideas to upgrade the Apple Wifi devices, he left the company to work on his own. In 2005, he set up Ubiquiti Networks to manufacture and distribute the device that he developed. With limited capital, he learned to live a Spartan life. He organized his company to be lean as it can be but was determined to make it as efficient as possible. Keeping control of expenses became a mantra at his office but whatever savings made were reflected in lower prices of its product.
Robert Pera outsourced both the manufacturing and sales departments and promoted the products through resellers worldwide with emphasis on capturing the underserve markets such as developing countries and rural areas. At the same time, he created an online forum to make sure everyone especially the R & D knows what was happening on the ground.
In 2011, Ubiquiti held a very successful IPO. Its stock rose 16.7% on the first trading day amidst a drought market caused by prevailing uncertainties. Robert used the proceeds to expand market geographically and to produce new product lines such as enterprise WLAN, video surveillance, SCADA and licensed microwave wireless backhaul.
With his new-found wealth, Robert Pera acquired the NBA team Memphis Grizzlies in 2012.