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Meet The Former Engineer Who Has Made £80 Million From Loom Bands

He doesn’t see the need to spend the money. posted on July 28, 2014, at 3:42 p.m.

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Richard James BuzzFeed Staff
 
You may have heard that loom bands are pretty damn popular with the kids right now.
trinetuzun/trinetuzun

The tiny elastic bands are being used to create elaborate and colourful bracelets as well as other weird and wonderful creations.

The bands have become so popular they have apparently made their Malaysia-born inventor Cheong Choon Ng £80 million in just three years.
The former Nissan engineer Cheong, who now lives in the U.S., came up with the idea for the bands back in 2010 when he came home from work to find his children using rubber bands to make crude jewellery.
PHILIPPE HUGUEN/AFP / Getty

“When I saw them it reminded me I used to make the same stuff during my childhood,” he told Thanh Tran, the founder of Kidpreneur, in May.

“In Malaysia we don’t have so much toys to play with so we play with sand, rock, marbles and rubber bands.”

He added: “So I sat down with them and said, ‘let me show you how to do it the right way’. I found the rubber bands were falling apart and I couldn’t hold them together and I thought ‘jeez there must be an easier way’.”
khwanchais/khwanchais

“I used to work at Nissan, so I was thinking, ‘what if I put nails on a board to hold the rubber bands and loop them from inside out’.”

So Cheong made a board out of scrap materials and showed it to his daughters.

They became impressed when he managed to use multiple boards and create diamond patterns using the bands.
Havana1234/Havana1234

The bands then became a success with his children’s friends and the 45-year-old realised he had stumbled across a gap in the market.

Originally called Twistz Bandz, Cheong changed the name of his creation to Rainbow Loom after learning another company had a similar name.

 

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Nephews driving me mad with this shit

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niece is on one when it comes to these things.....

 

good lil craft

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