Jake Kassan, co-founder of MVMT Watches.
Courtesy of Jake Kassan
When Jake Kassan bought his firm for $100 million on the age of 27, he thought the cash would make him blissful. Although it did briefly, it will definitely took away his sense of objective and threw him into cycles of tension and melancholy, he stated.
In 2018, Kassan bought his Los Angeles-based accent model MVMT Watches — pronounced “motion” — to the Movado Group in a deal that left him strolling away a multi-millionaire. The corporate, which he had began as a 21-year-old school dropout, granted him the monetary freedom he sought.
“The North Star once I was youthful, was all the time monetary freedom,” Kassan informed CNBC Make It. “So my objective, I all the time felt was: I needed to generate profits.”
“Then you definitely promote [your company] after which … for the primary time in years, I do not wish to discuss MVMT anymore, however I additionally did not know what to speak about, and I could not discover something that felt as essential as that entrepreneurial journey,” he stated. “I believe I misplaced objective.”
At present, the 33-year-old is engaged on regaining his sense of objective and redefining what happiness means to him.
School dropout turned millionaire entrepreneur
As a child, Kassan stated, he was by no means notably good in school. As a substitute, he noticed extra worth in earning money.
“Academically, I’ve simply by no means performed [well]. I’ve all the time been most likely just a bit under common,” Kassan stated. “Name it ADD (Consideration Deficit Dysfunction) or no matter they wish to label it as today … I am excellent at being hyper targeted, and it is a power and a weak spot of mine, to be trustworthy.”
“I discovered that if there’s one thing I am interested by, I am extraordinarily targeted and virtually obsessive over that factor to the purpose that you just form of will it into being profitable, but in addition generally you sacrifice different areas of life,” he stated.
Jake Kassan together with his mother and father at MVMT workplace.
Courtesy of Jake Kassan
Kassan’s first “enterprise” concerned promoting lollipops when he was within the seventh grade. By school, he had already gained years of enterprise expertise. Earlier than beginning MVMT, he launched an interactive glow-in-the-dark T-shirt enterprise in 2008.
On the time, he was learning on the Santa Barbara Metropolis School, earlier than dropping out after his first 12 months.
“I simply did not know why I used to be doing it. I used to be doing the routine, getting into circles … after a 12 months of [going to classes] and having a enterprise on the identical time, I dropped out to pursue that enterprise,” he stated.
Sadly, he stated, that firm, which relied totally on a brick-and-mortar storefront, failed after opponents taking a digital-first method entered the area. However that taught him an enormous lesson that may feed into the success of his subsequent enterprise: give attention to e-commerce as an alternative.
Cash’s influence on psychological well being
By June 2013, Kassan based MVMT Watches — which took an internet method — together with his school roommate Kramer LaPlante, and over about 5 years, the 2 dropouts amassed 1,000,000 followers on the model’s Instagram, constructed a crew of 45 workers and in the end bought the corporate for $100 million.
“Quick ahead to the day the place it occurred … you get up and also you take a look at the Chase app that you’ve got all the time opened, and now you see your checking account seems to be like a cellphone quantity,” he stated. “In some methods, loads modifications. In some methods, nothing modifications.”
It was nice at first, as a result of I used to be simply having fun with being within the second. However in some unspecified time in the future … it simply felt like Groundhog Day. It is like, there’s received to be one thing extra.
Jake Kassan
Co-founder, MVMT Watches
Though he was in a position to afford a nicer way of life and assist his family and friends out financially, that top shortly wore off, he stated. Kassan, who had struggled with anxiousness and panic assaults earlier than, stated his psychological well being worsened within the years after promoting his firm.
“It was nice at first, as a result of I used to be simply having fun with being within the second. However in some unspecified time in the future … it simply felt like Groundhog Day. It is like, there’s received to be one thing extra,” he stated.
“As time handed, I could not assist however begin to really feel this void rising inside me,” Kassan stated in his latest YouTube video. “I lastly climbed to the highest of my mountain, however I did not discover what I used to be in search of.”
Jake Kassan, 33, co-founder of MVMT Watches.
Courtesy of Jake Kassan
Not solely did he lose the sense of problem that he craved in life, however he additionally misplaced his drive and id, he stated. On prime of that, Kassan stated, he struggled to seek out the fitting individual to speak to about how he felt.
“I turned 30, I [had] simply gone by way of a breakup … I had pals and stuff, however nonetheless, simply discovering individuals who understood [how] lonely it felt at occasions … it simply felt emotionally depleting,” Kassan informed CNBC Make It.
“How do you empathize with somebody who’s wealthy and depressed?” he stated within the video.
Eureka second
One night time in 2024, Kassan was on a visit in Australia with pals when he had a panic assault in his lodge room.
“I’ve had panic assaults earlier than, however this was … utterly out of left discipline,” he stated. “It was the primary one which I had in years. This flood of ideas simply [came] in. It was a extremely darkish second that simply crippled me,” stated Kassan.
Jake Kassan together with his pals in Australia.
Courtesy of Jake Kassan
Nevertheless, after weeks of reflection, he realized that he wanted to work on one thing once more that challenged him, gave him objective and a way of real enjoyment.
“At one level, I believe it might need been after the panic assault, the place [I said]: ‘Okay, I want to alter my focus and actually begin to [work] roughly on exhibiting up,” he stated. Moderately than being so involved over the vacation spot, he determined he would merely begin working once more like he did when constructing MVMT.
“I believe the gymnasium is the perfect analogy for it. Should you do not see outcomes after week one or week two … once you’re months down the street, you begin to truly see all the advantages out of your work,” he stated.
He additionally realized that what made him so fulfilled whereas constructing MVMT and his different entrepreneurial endeavors was the truth that he might be artistic. That discovery led him to zero in on videography and storytelling.
At present, Kassan is engaged on constructing his YouTube channel. He’s additionally an angel investor for corporations on the aspect. Companies he is invested in embody prebiotic soda firm Olipop and sauce firm Truff.
“I am unable to purchase extra peace of thoughts,” he stated. “That is my relationship with cash. I am grateful for it. I recognize it. I might somewhat have it than not have it … however there’s nothing that it might do that’s going to make me a happier individual.”
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