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Jamie Beaton

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Jamie Beaton
Born1995 or 1996 (age 28–29)[1]
Auckland, New Zealand
Alma mater
OccupationEntrepreneur
Years active2013–present
TitleCo-founder and CEO of Crimson Education

Jamie Beaton (born 1995/1996) is a New Zealand entrepreneur who founded an education mentoring enterprise, Crimson Education, at age 17. In 2016, the enterprise was valued at over NZ$75 million, with Beaton owning just under half of its shares. In the same year, at age 20, he graduated from Harvard University with a master's degree in applied mathematics. In 2022, a venture capital fund valued Crimson Education at US$550 million.

Early life and education

Jamie Beaton was born and raised in Auckland, where his parents were property managers. Beaton's mother separated from his father during her pregnancy, and, subsequently, Beaton was raised without his father's involvement; later, both parents remarried.[2] He attended King's College on an academic scholarship.[2][1] Beaton joined a society, Young Mensa, and became its national coordinator.[2]

According to Beaton, he then applied to 25 of the top universities in the world and received an offer from each.[3][4] Beaton went on to study and complete six degrees, including a bachelor's degree and master's degree from Harvard University.[5]

Beaton went on to study and complete six degrees, including a bachelor's degree and master's degree in applied mathematics from Harvard University, which took three years rather than the customary five years, and graduated in 2016.[2] He also earned two degrees from Stanford University and received a master's degree in global affairs from Tsinghua University in Beijing.[6] As of 2022, he is completing a seventh degree at Yale Law School.[7][6]

Business

In 2013, Beaton founded Crimson Education, a company that helps to prepare students for admission to prestigious universities, with Fangzhou Jiang and Sharndre Kushor.[7][6][8][9] The business attracted investments of approximately NZ$1.4 million. Hedge fund managers Julian Robertson and Chase Coleman, as well as Alex Robertson and Soichiro Fukutake were the primary initial investors.[1] As of 2016, the enterprise was valued at over NZ$75 million with Beaton being the largest shareholder.[1] Crimson Education is mostly branded on Beaton, using him as a role model to prospective applicants to prestigious universities.[1] Customers of Crimson Education have reported paying thousands of dollars for tutoring services when attempting to gain entry to an Ivy League school.[1]

In 2021, former Australian Prime Minister Kevin Rudd joined the advisory board of the business.[10] As of 2022, the business had 630 full-time staff and more than 3,000 tutors and mentors.[6] In the same year a capital raise by a venture capital fund valued the company at US$550 million.[7][11]

Lawsuits

In 2017, Crimson Education was involved in a breach of contract litigation with a former employee. The matter was eventually subject to a confidential settlement.[12] In 2018, the University of Auckland filed a suit against a Crimson Education subsidiary, alleging breach of copyright. The suit was eventually settled.[12]

In January 2021 it was reported that a $10-million High Court lawsuit had been filed by a competitor of Crimson involving allegations of employee poaching.[12] Beaton had also filed a civil assault claim against the owner of that competitor.[12] Crimson Education chose not to comment on the assault claim filed by Beaton. Crimson stated it was not unusual for companies like Crimson to "experience some commercial litigation".[12] In May 2022, media reported that the parties reached a confidential settlement.[13][14]

Personal life and politics

Beaton was in a relationship with Crimson Education co-founder Sharndre Kushor. Beaton and Kushor met during their secondary education at a Model United Nations conference.[2] Together, they went on to represent New Zealand's model United Nations youth delegation in The Hague.[2][4] As of 2022 they were no longer in a relationship.[7]

Beaton sat on the review panel of the centre-right New Zealand National Party election campaign after the party lost the 2020 election.[15][12]

References

  1. ^ a b c d e f Nippert, Matt (4 February 2016). "Meet Jamie Beaton, the 20 year-old worth $40 million". The New Zealand Herald. Archived from the original on 9 January 2023. Retrieved 9 January 2023.
  2. ^ a b c d e f Olds, Jeremy (4 February 2016). "Business boy wonder Jamie Beaton: Vision transcends age". Stuff. Archived from the original on 9 January 2023. Retrieved 9 January 2023.
  3. ^ Morgan, Edward (22 February 2022). "How to be accepted into a top US uni, by somebody who has done it". The Australian. Archived from the original on 10 January 2023. Retrieved 10 January 2023.
  4. ^ a b Stanton, Kate (17 September 2018). "'People thought we were interns but we were in charge'". BBC. Archived from the original on 17 January 2023. Retrieved 17 January 2023.
  5. ^ Patten, Sally (13 September 2022). "Meet the 27-year-old with degrees from Harvard, Stanford and Oxford". Australian Financial Review. Retrieved 9 March 2024.
  6. ^ a b c d Patten, Sally (14 September 2022). "Meet the 27-year-old with degrees from Harvard, Stanford and Oxford". Australian Financial Review. Archived from the original on 9 January 2023. Retrieved 9 January 2023.
  7. ^ a b c d Nippert, Matt (16 October 2022). "Billion-dollar growth: Jamie Beaton's Crimson claims unicorn status". The New Zealand Herald. Archived from the original on 15 January 2023. Retrieved 16 January 2023.
  8. ^ Skoric, Nikolina (24 October 2017). "Meet The 22-Year-Old CEO Who Used Facebook To Build A $200M Business". GQ. Archived from the original on 20 April 2019. Retrieved 9 January 2023.
  9. ^ Bolton, Robert (15 October 2019). "Meet the 24-year-old CEO who just raised $20m". Australian Financial Review. Archived from the original on 9 January 2023. Retrieved 9 January 2023.
  10. ^ Sier, Jessica (10 August 2021). "Rudd joins $622m education start-up board after big raising". Australian Financial Review. Archived from the original on 9 January 2023. Retrieved 9 January 2023.
  11. ^ Andrew, Michael (1 May 2022). "Jamie Beaton's rules for life". The New Zealand Herald. Archived from the original on 1 May 2022. Retrieved 9 January 2022.
  12. ^ a b c d e f Dunkley, Daniel (3 January 2021). "Dark cloud looms over NZ's bright young thing". Stuff. Archived from the original on 3 January 2021. Retrieved 9 January 2021.
  13. ^ Mace, Will (2 May 2022). "Crimson and Eurekly settle legal claims". National Business Review. Archived from the original on 1 February 2023. Retrieved 1 February 2023.
  14. ^ Young, Victoria (9 May 2022). "Inside Crimson's latest secret settlement". Business Desk. Archived from the original on 1 February 2023. Retrieved 1 February 2023.
  15. ^ Thomas, Dom (23 November 2020). "National Party announces terms of reference for election campaign review". RNZ. Retrieved 9 January 2023.
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