How MIT and Stanford reject Frank Wang became Asia's youngest tech billionaire

Wang, also known as Wang Tao, was turned down by the Massachusetts Institute of Technology (MIT) and Stanford University before enrolling at the Hong Kong University of Science and Technology (HKUST), where he began developing the technology that would eventually power his business.

In 2006, he founded DJI in Shenzhen while studying at HKUST, initially focusing on flight-control systems that enabled unmanned aircraft to remain stable in the air.

What started as a small venture eventually became the world's largest consumer drone manufacturer, transforming aerial photography from a specialized activity into something accessible to everyday users.

Two decades after its founding, DJI held 73% of the global smart camera market in the second quarter of 2026, the Financial Times reported, citing research firm IDC. The company has also grown to more than 14,000 employees worldwide, with operations spanning the Americas, Europe and Asia.

His fortune has since grown to an estimated US$6.2 billion as of Oct. 15, according to Forbes. He ranked 92nd among China's richest people on the publication's 2025 list.

Frank Wang, founder and chairman of the world's largest manufacturer of commercial drones DJI. Photo from DJI's Weibo

Rejected by MIT and Stanford

Born in 1980 in Hangzhou, eastern China, Wang developed a fascination with flying machines as a child, spending much of his time reading books about model aircraft. At 16, he received a remote-controlled helicopter as a reward for performing well in an examination, but crashed it shortly afterward and had to wait months for replacement parts.

Despite his passion for engineering, he struggled academically and failed to gain admission to his preferred universities, MIT and Stanford, according to a 2015 Forbes profile. Instead, he enrolled at HKUST in 2003 to study electronic and computer engineering. During his final year, he devoted much of his time to developing a helicopter flight-control system, often skipping classes and working until early morning. Although the system failed shortly before his final presentation, his determination impressed robotics professor Li Zexiang, who later became his mentor and an early investor in DJI.

Wang graduated in 2006 and earned a master's degree from HKUST in 2011. In January 2026, HKUST honored Wang with a distinguished engineering alumni award.

Reflecting on his university experience, he told Hong Kong government investment agency InvestHK in 2015: "I would not have achieved what I achieve today if I had not come to Hong Kong. And I would not have set up DJI if I had stayed in the Mainland, or had gone to the U.S."

From a Shenzhen apartment to global drone dominance

In 2006, Wang founded DJI with two classmates in a three-bedroom apartment in Shenzhen, southern China. Using money left from his university scholarship, he began developing flight-control systems that helped unmanned aircraft maintain stable flight.

DJI initially sold these systems for around $6,000 each to customers including universities and power companies in China. "I didn’t know how big the market could be," Wang recounted to Forbes. "Our idea was to just make the product, feed 10 to 20 people and have a team."

The company struggled in its early years, with disagreements over management and compensation leading to frequent employee departures. Nearly all members of the founding team left within two years. He acknowledged that his demanding management style contributed to the problems, describing himself as an "abrasive perfectionist".

DJI's breakthrough came in January 2013 with the launch of the Phantom, a ready-to-fly drone that made aerial photography easier for ordinary consumers. Priced at $679, the Phantom offered a more accessible alternative to drones that users had to assemble themselves, which could cost more than $1,000. Its success helped DJI's revenue grow fivefold that year.

As competitors sought to catch up, DJI continued improving the Phantom, extending flight time from around 10 minutes for the original model to 28 minutes in later versions. It also introduced built-in cameras and remote controllers with screens, according to the South China Morning Post.

By 2015, DJI controlled an estimated 70% of the consumer drone market and was on track to generate around $1 billion in annual revenue. It had also established a substantial international business, with about 70% of its sales coming from outside Asia.

Over the following decade, it expanded beyond recreational drones into agriculture, industrial inspection and professional filmmaking, while introducing compact models that made aerial photography more accessible. Its agricultural business grew to more than 600,000 farming drones deployed across over 100 countries and regions by the end of 2025, according to the company.

DJI also diversified into handheld cameras, audio equipment and home robotics.

From drone pioneer to billionaire

DJI's rapid expansion made Wang the world's first drone billionaire and established him among China's wealthiest technology entrepreneurs. In 2017, Wang, then 36, became Asia's youngest tech billionaire on Forbes' list of the world's 100 richest people in technology, ranking 76th with an estimated fortune of $3.2 billion.

He was named one of China's top 10 innovators by Forbes in 2014 and received the IEEE Robotics and Automation Award alongside his former professor Li Zexiang in 2019. In 2021, Time magazine named DJI among the world's 100 most influential companies, recognizing its role in making advanced drone technology accessible to consumers.

However, the company's global dominance has also brought regulatory challenges, particularly in the U.S., where authorities have raised national security concerns about Chinese-made drones. In 2022, DJI was included on a U.S. Department of Defense list of Chinese military companies, a designation it has disputed.

The company has continued developing new products and expanding into other technology markets despite these challenges. In a rare interview with Chinese business publication LatePost in April this year, Wang reflected on his two decades leading DJI, discussing his management mistakes, the company's development and how his understanding of entrepreneurship had evolved.

The interview lasted approximately 19 hours and was among his first extensive public discussions in about a decade. He recalled an email he sent to employees in 2009, when DJI had fewer than 30 staff members, expressing ambitions that extended beyond building a profitable business.

"We must not just make money, but do something big."