Steven Chen is a co-founder of YouTube and an internet entrepreneur from the United States. His innovations have permanently changed the way we communicate, despite the fact that he is not a household name. In the ten years since its launch and subsequent popularity, YouTube has revolutionized the viral video model, making it easier for us to document and share aspects of our lives with people all over the world. Chen, never one to waste time, left YouTube after it was purchased by Google. Later, he co-founded AVOS Systems, Inc. and developed the video-sharing app ‘MixBit.’ His work on the cutting edge of technology keeps him relevant a decade later, and he’s been dubbed “one to watch” in the technological field by a number of sources. He is known for his secrecy when it comes to his upcoming projects, as well as his financial acumen, which has helped him become a multimillionaire. Chen, on the other hand, does not sit on his fortune; he reinvests his earnings and donates to charities and other organizations of his choosing. He currently resides in San Francisco, California, where he works for Google Ventures, where he seeks out and funds the next wave of technological innovations.
Childhood and Adolescence
Steven Shih Chen was born in Taipei, Taiwan, on August 18, 1978. In 1993, he and his family arrived in the United States and settled in Illinois.
He attended the ‘University of Illinois at Urbana-Champaign’ after graduating from the ‘Illinois Mathematics and Science Academy,’ where he completed high school. He earned a bachelor’s degree in computer science in 2002.
Career of Steve
Chen met the other two founders of ‘YouTube,’ Chad Hurley and Jawed Karim, while working at ‘PayPal.’ After leaving ‘PayPal,’ he went to work for ‘Facebook,’ which he left a few months later to found ‘YouTube.’
Chen served as Chief Technology Officer at YouTube, which he co-founded with the other two co-founders in 2005. The site grew quickly, and within months, they announced that they were receiving 100 million daily video views and uploading 65,000 new videos per day.
The site was ranked as the tenth most popular website in 2006. In June of that year, they formed a marketing partnership with NBC. They sold the company to Google for $1.65 billion in stock the following year.
With Chad Hurley and Vijay Karunamurthy, Chen founded ‘AVOS Systems, Inc.,’ another internet company. AVOS purchased ‘Delicious,’ a social bookmarking website, from ‘Yahoo’ in April 2011.
They bought ‘Tap 11′, a social analytics company, in May 2011, but they sold it last year. Currently, AVOS’ sole focus is ‘MixBit,’ an app that allows you to create and share short videos. It competes directly with ‘Instagram’ and ‘Vine.’
He joined ‘Google Ventures,’ a Google subsidiary that provides funding to technology companies at all stages of development, in 2014. They fund startups in a wide range of industries, from computer software to healthcare.
Major Projects of Steve
Chen is best known for founding the video-sharing website ‘YouTube’ in 2005. The founding team offered a public beta test in May after receiving a $11.5 million startup investment from Sequoia Capital, and the site was officially launched in November.
Chen and his partners sold the company after its phenomenal growth. Chen received 625,366 Google shares valued at $326 million, plus an additional 68,721 shares held in trust.
In the United States, ‘YouTube’ is the most popular source of online video, ranking third behind Google and Facebook as one of the most visited websites on the internet.
Achievements & Awards
The magazine Business 2.0 named Chen one of the “50 People Who Matter Now” in business in 2005. He and his partner were praised for their humility and for using the viral video model to revolutionize the video sharing industry.
The ‘Producer’s Guild of America’ honored him and Hurley in 2008. They were given the ‘Vanguard Award,’ which honors those who have made significant contributions to new media and technology formats.
Personal History and Legacy
Chen is married to Park Ji-hyun (now Jamie Chen), a Google Korea product marketing manager. In 2009, the couple exchanged wedding vows and a year later welcomed their son into the world.
Estimated Net Worth
Chen’s current net worth is estimated to be $300 million dollars. It is expected to rise in tandem with his technological investments.
Trivia
Jamie, the wife of this well-known internet entrepreneur, is a trustee of the ‘Asian Art Museum of San Francisco.’ They contribute significantly to the institution’s success.