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Sound system

28 October 2009

Ryan Lee

He started his business juggling credit cards to pay staff wages. Now Monash Master of Applied Economics graduate and self-confessed gadget nut Ryan Lee is a multi-millionaire selling tiny speakers to the world.

Sitting in his office in Singapore's Chinatown, Ryan smiles as a distorted song (turned up full-volume) blasts from the inbuilt speaker of his portable media player.

His smile widens as he connects his invention – a small but high-quality portable speaker dubbed the X-mini – to the digital player. The tune becomes progressively clearer and louder with each speaker he connects, until sound from the tiny device fills the room.

At 32, Ryan is the CEO of XMI, the company he founded in 2006. At first he survived on savings and juggling bank credit. This year the company has more than a dozen staff and is expected to turn over $SG12 million.

The key to his success is the speaker's design, which features a patented vacuum tube that expands like an accordion, providing greater low-end bass response. It can be collapsed for storage and travel.

With an estimated one billion portable devices across the world, Ryan has tapped a massive market.

The speakers sell for about A$50 and are available in 58 countries. They have been sold to companies like Nokia, Google, Apple, Vodafone, O2, RIM and Canon.

Multiple speakers can be connected together like a daisy chain. Ryan is considering a Guinness book of World Records attempt after successfully connecting 200 speakers to one digital player.

Ryan says he enjoyed his masters study at Monash University in 2001, particularly its strong focus on practical learning.

"I think the degree has definitely helped in running the business and understanding the economics of that side of things,” he said.

Ryan's blend of business sense and creativity means he is already working on a number of ideas to capture new niche markets and hoping to bring a smile to the face of the next generation of gadget lovers.

Ryan's story features in the October edition of Monash Magazine.