Every once in a while, a paradigm shift occurs in a certain industry resulting from innovation and creative change. A quintessence of this can be seen with the internet and the communication industry.
A smaller version of this, though as impactful, though in a niche industry, is what Arc Boats is trying and continuous to do in the boating industry, according to Arc Boats. Arc Boats has been able to electrify, both metaphorically and literally, the boating world with their high-performance boats.
At the head of Arc Boats is Mitch Lee. He is the co-founder and CEO of Arc Boats. Even though Arc Boats is his masterpiece, his oeuvre of work, ever since graduating from college, is something to behold.
Though arc boats are growing in popularity with every passing day, not many people know about Mitch Lee, and this article is here to remedy that, so here are ten things that you might not have known about Mitch Lee.
From 2003 to 2007, Mitch was a student at Bellarmine College Preparatory. There, he was a member of the Varsity football team. He graduated with a grade of 4.0. Afterward, he enrolled at Northwestern University, where he was to take an undergraduate course in Mechanical Engineering, Economics. He was a member of the Triathlon team while he was there.
2. Studying abroad
In 2009, he went to study abroad, and for a year, he studied at the University of Melbourne in the same undergraduate course. There he was a member of the Ormond College Basketball team.
3. He was a stress analyst for Boeing
Boeing is one of the largest aircraft manufacturers in the world, and thus it was a pretty big deal when Mitch began to work for Boeing straight after college as a stress analyst. Working for such a company at such a young age did have an impression on Mitch, and formed the basis through which he would run his organizations. He worked there for three months' shy of two years, from August 2011 to April 2013.
4. He was a web developer for Pebble Tech
For five months, from July 2013 to November 2013, he was a Web Developer for Pebble Tech, which is based in San Francisco, the Bay Area, California. Five months was enough for him to get a footing in the industry, and no sooner had he gotten there than he went on to greener pastures.
5. He was a software engineer at Cinkle
For one year and ten months, Mitch worked at Cinkle, which is based in the Bay Area, San Francisco, as a software engineer. Now defunct, Cinkle was a mobile company founded in 2012. In 2013, the company was able to raise more than 25 million dollars to launch its products, according to Wikipedia. Mitch worked for the company from August 2013 to May 2015.
6. Co-founding Penny
In June of 2015, after he left working for Cinkle, Mitch decided that he wanted to start his own company and gain a certain level of independence. So, he founded Penny, which was a mobile payment company, according to LinkedIn. With him at the steering wheel, the company was a huge success, and in March of 2018, Mitch left the company after Credit Karma acquired it.
7. Education at Y Combinator
Anyone who has ventured into the world of start-ups must know or have heard about Y Combinator. Commonly known by its abbreviation YC, it is a start-up program and fund, which, since 2005, has helped over 3000 companies find a footing in their respective industry by looking for capable investors and training CEOs.
Some of the companies that have been under the program include Airbnb, DoorDash, Instacart, Coinbase, Dropbox, and Stripe. The combined valuation of the companies that YC has helped to bring up is around 300 billion dollars. Essentially, the company teaches the basics of managing a start-up and the basics required to make sure that a company is running smoothly.
It helps companies and people know how to build their products, raise funds, and talk to customers. Mitch was privileged to study in the company for a year in 2017. This solitary year was enough for him to know how to manage his start-ups and find the right people to help him along the way.
8. Working for Credit Karma
When credit Karma purchased Penny, they restructured it. However, they too identified Mitch as a worthy employee and a promising one at that. This is the reason that they offered him the position of Senior Manager at the company. Mitch took the job and worked there for almost three years, from April 2018 to February 2021.
It was easy to assimilate to the working environment at Credit Karma was one that he was used to. Credit Karma is based in the Bay Area, meaning that he would not have to move. Moreover, it was a mobile payment company, and Mitch was more than familiar with the company.
9. Founding Arc Boats
Mitch left Credit Karma in February 2021, and in the same month, he co-founded Arc Boats and became the company's CEO. Arc Boats' raison d'etre is to try and change the world of boating by introducing high-performance watersport boats that are both cheap, effective, and efficient.
10. Finding funding
The company is based in Los Angeles. Over the months of its existence, it has introduced nascent, revolutionary, and yet logical ideas into how modern boating should look. The Series A round of funding was a perfect example of how people have been able to buy into its idea.
This round was able to raise 30 million dollars in funding, according to Tech Crunch. Greg Reichow led the round from Eclipse Ventures, who, prior to joining Eclipse Ventures, was able to lead Elon Musk's Tesla in early manufacturing, automation efforts, and supply chain management.
He, without a doubt, has a wealth of experience in the industry that Arc wants to be a part of. This is only part of the short-term objectives of Arc Boats, with the main objective being to electrify the marine industry.
You can also read:
Written by Allen Lee
Read more posts by Allen Lee