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Rainbow Loom toy sensation starts in Mich. living room
A company that sells Rainbow Loom, a toy that transforms colorful rubber bands into intricate bracelets, key chains, rings and accessories, rose from humble beginnings to a profitable pop culture sensation.
Michigan entrepreneur Cheong Choon Ng created the toy after he saw his two daughters making bracelets from pony tail rubber bands.
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He figured out a new twist with a different loom and a different band shape.
"I was at one point really popular in the neighborhood," said Ng, who used to be a crash safety engineer at the Nissan Technical Center North America in Farmington Hills, Mich.
His daughters' friends would come over and want him to make them bracelets.
Now those looms and plastic bands have stretched into more than $50 million in revenue. Asked if the private company is profitable, Ng just nods and smiles.
The father and daughters were featured on Dec.
2 in a one-page People magazine article called "Rubber Bands