GoPro: The Billion Dollar Wipeout | Think it. See It. Do it. Boom. | 1

On November 3rd, 2016, in San Mateo, California, GoPro CEO Nick Woodman faced a grim reality. His company, once a darling of the action sports world, was about to announce abysmal third-quarter earnings. The stock market had paused trading of GoPro shares, a standard procedure before an earnings announcement, but Woodman knew what was coming: the stock price would plummet. As he walked through the sprawling headquarters, filled with motorcycles, vintage race cars, and oversized photos capturing extreme moments, he wished he could freeze time. But he couldn't. He had to face his shareholders and the harsh truth that GoPro was in freefall.

The Genesis of an Idea

GoPro's story began in 2002 in Bali, Indonesia, where Nick Woodman, a 26-year-old surfing enthusiast, was frustrated by his inability to capture high-quality photos of himself and his friends catching waves. Professional surfers could afford photographers with waterproof cameras or long-lens shots from the shore, but amateurs like Woodman couldn't. He had an idea: strap a disposable camera in a waterproof plastic case to his wrist using an old surfboard leash and rubber bands. It wasn't fancy, but it worked. However, maneuvering the camera out to take a shot was harder than he thought, and by the time he got it ready, the wave was gone. This experience sparked a realization: he needed something easier to manipulate, a camera that could be controlled almost blindly. His girlfriend, Jill Scully, encouraged him, reminding him he was an entrepreneur through and through, despite his two previous failed startups. Woodman's father, a successful banker, and his mother provided the initial capital, allowing him to dedicate himself to developing his camera mount.