Following in the footsteps of their father, who put himself through college working as a carpenter—much like his father before him—Reed and Riley Stephens were eager to start making money of their own while they were still in high school.
As detailed in Business Report’s latest Entrepreneur feature, the brothers began brainstorming business concepts in the summer of 2014; a time when they were collecting watches.
“It made sense to combine our family background in woodwork with our love for the mechanical and artistic aspect of wearable timepieces,” says Riley.
After conducting some market research and identifying a manufacturer, they launched a 30-day Kickstarter campaign in December 2014, far exceeding their $12,500 crowdfunding goal.
When the brothers launched Ambici, which is Albanian for “ambition,” the market for wooden watches was small but they sensed it was ripe for growth. In 2015, they began selling their first four models on Etsy and other online marketplaces.
“A wooden watch is really a conversation starting piece,” Riley says of the appeal of their timepieces, which sell for about $129. Despite having no formal business training, the brothers won first place at LSU’s Venture Challenge in 2016 and used the $8,250 prize to enhance and optimize their website, allowing them to expand their reach.
Heading into their fourth year in business, the brothers will continue their studies at LSU—Reed is a senior and Riley is a sophomore—as they work to expand Ambici into a full line of men’s wooden accessories. They’re also prototyping wooden sunglasses and hope to start selling them this summer.
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