Here's How Cher Wang Became A Billionaire | TheRichest
Cher Mi Wang was born and raised in Taiwan before she moved to California to pursue higher studies and earn a degree in economics. After working with a computer solution provider company after graduation, she entered a partnership to launch HTC in 1997. With the idea to create a technology that would integrate multiple concepts into a single device, the company suffered several ups and downs before finding its niche to collaborate with other companies. Wang has been a long-standing pillar for the brand and continues to serve as the Co-founder and Chairperson of HTC and integrate new technology. She has become a role model for women in computer tech and was one of the first few females to take leadership in the male-dominated field of the 1990s.
From her beginnings in one of the most influential companies in Taiwan to create a technology that would remain her long-lasting legacy, Cher Wang has amassed a massive $1.1 billion fortune from her business. A woman who stood the test of time and brought innovation, let’s take a look at the inspiring journey of Cher Wang.
3 A Childhood Build With Values
Cher Wang hails from Taipei, Taiwan as the daughter of business magnate Wang Yung-Ching. Her father was the second wealthiest person in Taiwan, with a conglomerate empire of petrochemicals and plastics. Formosa Plastics Group was a large part of her childhood which set her on the ambition to become an entrepreneur after growing up. Along with her sister, Wang moved to Los Angeles to get formal high school education at the College Preparatory School. She enrolled at the University of California, Berkeley, to graduate in economics. According to Tatler Asia, it was noted that her father, Wang Ying-ching, would send her 20-page handwritten letters to advise her on being a manager.
She joined the Taiwanese computer technology company First International Computer a year after graduation. Five years later, Wang partnered to start VIA Technologies, known for creating integrated chipsets for motherboards. While continuing her work in the field, she decided to join hands with Peter Chou and HT Cho to start HTC in 1997, as noted by Forbes. The initial thought behind creating HTC was to provide a two-in-one solution for people with a technology that could act as a mobile phone and personal assistant. While the idea was innovative, it created a deficit in the capital, leading Wang to change the business aims. Cher Wang didn’t stop HTC when the consumer wasn’t responding well to the company's motivation. Using her savings, she heavily poured money into the business to reinvigorate the design and engineering section.
2 Learning From Failures
While going on business trips, Wang realized the need for a handheld device rather than carrying computers. A Microsoft acquaintance then reached Wang to design a handheld device. As mentioned by Celebrity Net Worth, she manufactured the first Windows mobile phone that used an Operating System. Along with researching innovation, HTC began working as a developer for other computer technology companies. Compaq, which later became HP, brought HTC on board to create mobile phones in 2000. The contract to build PDAs and phones became successful with the launch of Compaq Aero PDA, and other manufacturers came on board. Some of the notable brands include Orange, T-Mobile, and O2.
In 2008, Wang joined hands with Google to create the first Android phone, the G1. While HTC had built its name as the leading mobile manufacturer in the world, Wang wanted to expand the vision and establish her company as a smartphone brand. She launched mobile phones that picked up sales after partnering with the top mobile network carriers in America, including AT&T, Verizon, Spring, and T-Mobile. HTC became the fastest-growing technology company under Wang and also helped develop the Microsoft 7 and 8 OS for mobile phones.
1 Embracing And Integrating Modern Technology
Along with being a contract manufacturer for multiple brands and creating its smartphone, HTC also rolled out tablets in its unit to bring innovation a step closer. While she was one of the first women to lead a tech business in the 90s, Cher Wang was the 54th Most Powerful Woman in 2014, per the Forbes ranking. She ensures that equal opportunities are provided to people of all genders and has a neutral Board of Directors with many important women-led departments.
Cher Wang’s journey did not stop at manufacturing and smartphones, but she has recently delved into AR and VR technology with the creation of HTC’s VIVE Reality. First unveiled at the 2018 World Mobile Congress, VIVE helps experience multiple universes together to have a work-life balance, as stated by HTC. Wang has recently shifted focus to 5G, blockchain, and AI technologies.
Cher Wang began her career working in a computer tech company before she started finding solutions to everyday problems. With successful collaborations and contracts, she has created a company that strives for the future. Wang believes and likes to stay true to her HTC statement Quietly Brilliant.
Sources: Tatler Asia, Forbes, Celebrity Net Worth, HTC
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