Jamie Beaton

{{Infobox person

| name = Jamie Beaton

| birth_date = {{Birth based on age as of date|20|2016|02|04}}

| birth_place = Auckland, New Zealand

| alma_mater = {{plainlist}}

| occupation = Entrepreneur

| height = 5 foot 6 inches

| years_active = 2013–present

| title = Co-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. He attended King's College on an academic scholarship.{{Cite news |last=Nippert |first=Matt |date=4 February 2016 |title=Meet Jamie Beaton, the 20 year-old worth $40 million |url=https://www.nzherald.co.nz/business/meet-jamie-beaton-the-20-year-old-worth-40-million/TZII4UWXNJSYKPB6IDHBOTKIH4/ |url-status=live |archive-url=https://web.archive.org/web/20230109003840/https://www.nzherald.co.nz/business/meet-jamie-beaton-the-20-year-old-worth-40-million/TZII4UWXNJSYKPB6IDHBOTKIH4/ |archive-date=9 January 2023 |access-date=9 January 2023 |work=The New Zealand Herald}} Beaton joined a society, Young Mensa, and became its national coordinator.{{Cite web |last=Olds |first=Jeremy |date=4 February 2016 |title=Business boy wonder Jamie Beaton: Vision transcends age |url=https://www.stuff.co.nz/business/76608837/business-boy-wonder-jamie-beaton-vision-transcends-age |url-status=live |archive-url=https://web.archive.org/web/20230109002835/https://www.stuff.co.nz/business/76608837/business-boy-wonder-jamie-beaton-vision-transcends-age |archive-date=9 January 2023 |access-date=9 January 2023 |website=Stuff |language=en}}

According to Beaton, he then applied to 25 of the top universities in the world and received an offer from each.{{Cite news |last=Morgan |first=Edward |date=22 February 2022 |title=How to be accepted into a top US uni, by somebody who has done it |work=The Australian |url=https://www.theaustralian.com.au/higher-education/how-to-be-accepted-into-a-top-us-uni-by-somebody-who-has-done-it/news-story/982939f4fbffba6b4dafa2ca4ec65a9c#:~:text=When%20Jamie%20Beaton%20was%20finishing,secrets%20in%20a%20new%20book. |access-date=10 January 2023 |archive-date=10 January 2023 |archive-url=https://web.archive.org/web/20230110000223/https://www.theaustralian.com.au/higher-education/how-to-be-accepted-into-a-top-us-uni-by-somebody-who-has-done-it/news-story/982939f4fbffba6b4dafa2ca4ec65a9c#:~:text=When%20Jamie%20Beaton%20was%20finishing,secrets%20in%20a%20new%20book. |url-status=live }}{{cite news |last1=Stanton |first1=Kate |date=17 September 2018 |title='People thought we were interns but we were in charge' |url=https://www.bbc.com/news/business-45485254 |url-status=live |archive-url=https://web.archive.org/web/20230117032205/https://www.bbc.com/news/business-45485254 |archive-date=17 January 2023 |access-date=17 January 2023 |work=BBC}} 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.{{Cite web |last=Patten |first=Sally |date=2022-09-13 |title=Meet the 27-year-old with degrees from Harvard, Stanford and Oxford |url=https://www.afr.com/work-and-careers/leaders/meet-the-27-year-old-with-degrees-from-harvard-stanford-and-oxford-20220913-p5bhs3 |access-date=2024-03-09 |website=Australian Financial Review |language=en}} He also earned two degrees from Stanford University and received a master's degree in global affairs from Tsinghua University in Beijing. In 2023, he received his Juris Doctor from Yale Law School.{{cite news |last1=Nippert |first1=Matt |date=16 October 2022 |title=Billion-dollar growth: Jamie Beaton's Crimson claims unicorn status |url=https://www.nzherald.co.nz/business/jamie-beatons-crimson-claims-unicorn-status-with-latest-billion-dollar-valuation/JDI4ZC4EBPIKKEDPTFUNM7RXFA/ |url-access=subscription |url-status=live |archive-url=https://web.archive.org/web/20230115142021/https://www.nzherald.co.nz/business/jamie-beatons-crimson-claims-unicorn-status-with-latest-billion-dollar-valuation/JDI4ZC4EBPIKKEDPTFUNM7RXFA/ |archive-date=15 January 2023 |access-date=16 January 2023 |work=The New Zealand Herald }}https://www.wsj.com/us-news/education/ivy-league-college-venture-capital-23dc95fa?mod=hp_lead_pos9

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.{{Cite news |last=Patten |first=Sally |date=14 September 2022 |title=Meet the 27-year-old with degrees from Harvard, Stanford and Oxford |work=Australian Financial Review |url=https://www.afr.com/work-and-careers/leaders/meet-the-27-year-old-with-degrees-from-harvard-stanford-and-oxford-20220913-p5bhs3 |access-date=9 January 2023 |archive-date=9 January 2023 |archive-url=https://web.archive.org/web/20230109022557/https://www.afr.com/work-and-careers/leaders/meet-the-27-year-old-with-degrees-from-harvard-stanford-and-oxford-20220913-p5bhs3 |url-status=live }}{{Cite news |last=Skoric |first=Nikolina |date=24 October 2017 |title=Meet The 22-Year-Old CEO Who Used Facebook To Build A $200M Business |work=GQ |url=https://www.gq.com.au/success/career/meet-the-22yearold-ceo-who-used-facebook-to-build-a-200m-business/news-story/184d4bbfd18bbdc23be6e2885e1f1c88 |access-date=9 January 2023 |archive-date=20 April 2019 |archive-url=https://web.archive.org/web/20190420072000/https://www.gq.com.au/success/career/meet-the-22yearold-ceo-who-used-facebook-to-build-a-200m-business/news-story/184d4bbfd18bbdc23be6e2885e1f1c88 |url-status=live }}{{Cite news |last=Bolton |first=Robert |date=15 October 2019 |title=Meet the 24-year-old CEO who just raised $20m |work=Australian Financial Review |url=https://www.afr.com/policy/health-and-education/meet-the-24-year-old-ceo-who-just-raised-20m-20191014-p530la |access-date=9 January 2023 |archive-date=9 January 2023 |archive-url=https://web.archive.org/web/20230109031158/https://www.afr.com/policy/health-and-education/meet-the-24-year-old-ceo-who-just-raised-20m-20191014-p530la |url-status=live }} The business attracted investments of approximately {{NZ$}}1.4 million. Hedge fund managers Julian Robertson and Chase Coleman, as well as Alex Robertson and Soichiro Fukutake were the primary initial investors. As of 2016, the enterprise was valued at over {{NZ$}}75 million with Beaton being the largest shareholder. Crimson Education is mostly branded on Beaton, using him as a role model to prospective applicants to prestigious universities. Customers of Crimson Education have reported paying thousands of dollars for tutoring services when attempting to gain entry to an Ivy League school.

In 2021, former Australian Prime Minister Kevin Rudd joined the advisory board of the business.{{Cite news |last=Sier |first=Jessica |date=10 August 2021 |title=Rudd joins $622m education start-up board after big raising |work=Australian Financial Review |url=https://www.afr.com/technology/rudd-joins-622m-education-start-up-board-after-big-raising-20210805-p58g9c |access-date=9 January 2023 |archive-date=9 January 2023 |archive-url=https://web.archive.org/web/20230109031458/https://www.afr.com/technology/rudd-joins-622m-education-start-up-board-after-big-raising-20210805-p58g9c |url-status=live }} {{As of|2022}}, the business had 630 full-time staff and more than 3,000 tutors and mentors. In the same year a capital raise by a venture capital fund valued the company at {{US$}}550 million.{{Cite news |last=Andrew |first=Michael |date=1 May 2022 |title=Jamie Beaton's rules for life |work=The New Zealand Herald |url=https://businessdesk.co.nz/article/the-life/jamie-beatons-rules-for-life |access-date=9 January 2022 |archive-date=1 May 2022 |archive-url=https://web.archive.org/web/20220501194214/https://businessdesk.co.nz/article/the-life/jamie-beatons-rules-for-life |url-status=live }} In 2024, the company was valued at $1 billion after a Series D funding.{{Cite web |date=2024-08-31 |title=Newly minted unicorn: Jamie Beaton's Crimson raises $68m at $1b valuation |url=https://www.nzherald.co.nz/business/newly-minted-unicorn-jamie-beatons-crimson-raises-68-million-at-1-billion-valuation/OIZMZBWJIRAQXLKL3AFULGU3CA/ |access-date=2024-11-15 |website=The New Zealand Herald |language=en-NZ}}

= 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.{{Cite news |last=Dunkley |first=Daniel |date=3 January 2021 |title=Dark cloud looms over NZ's bright young thing |url=https://www.stuff.co.nz/business/300195179/dark-cloud-looms-over-nzs-bright-young-thing |url-status=live |archive-url=https://web.archive.org/web/20210103211416/https://www.stuff.co.nz/business/300195179/dark-cloud-looms-over-nzs-bright-young-thing |archive-date=3 January 2021 |access-date=9 January 2021 |work=Stuff }} In 2018, the University of Auckland filed a suit against a Crimson Education subsidiary, alleging breach of copyright. The suit was eventually settled.

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. Beaton had also filed a civil assault claim against the owner of that competitor. 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". In May 2022, media reported that the parties reached a confidential settlement.{{cite news |last1=Mace |first1=Will |title=Crimson and Eurekly settle legal claims |url=https://www.nbr.co.nz/law/crimson-and-eurekly-settle-legal-claims/ |url-access=subscription |access-date=1 February 2023 |work=National Business Review |date=2 May 2022 |archive-date=1 February 2023 |archive-url=https://web.archive.org/web/20230201004700/https://www.nbr.co.nz/law/crimson-and-eurekly-settle-legal-claims/ |url-status=live }}{{cite news |last1=Young |first1=Victoria |title=Inside Crimson's latest secret settlement |url=https://businessdesk.co.nz/article/law-regulation/inside-crimsons-latest-secret-settlement |access-date=1 February 2023 |url-access=subscription |work=Business Desk |date=9 May 2022 |language=en |archive-date=1 February 2023 |archive-url=https://web.archive.org/web/20230201004700/https://businessdesk.co.nz/article/law-regulation/inside-crimsons-latest-secret-settlement |url-status=live }}

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. Together, they went on to represent New Zealand's model United Nations youth delegation in The Hague. {{As of|2022}} they were no longer in a relationship.

Beaton sat on the review panel of the centre-right New Zealand National Party election campaign after the party lost the 2020 election.{{Cite news |last=Thomas |first=Dom |date=23 November 2020 |title=National Party announces terms of reference for election campaign review |work=RNZ |url=https://www.rnz.co.nz/news/political/431278/national-party-announces-terms-of-reference-for-election-campaign-review |access-date=9 January 2023}}

References

Category:1990s births

Category:Living people

Category:21st-century New Zealand businesspeople

Category:Harvard University alumni

Category:Stanford University alumni

Category:Alumni of the University of Oxford

Category:Tsinghua University alumni

Category:University of Auckland alumni

Category:Businesspeople from Auckland

Category:People educated at King's College, Auckland