Young CEO gave up $10 million dollar bonus to launch technology company: 'Wouldn't trade it for the world'
While money is often top of mind for business owners, one CEO was more drawn to climbing the ladder of entrepreneurial success — so much so, he turned down a $10 million bonus to launch his own company.
Alex Merutka, founder and CEO of Craftsman+, an innovative technology company which offers brands an opportunity to increase engagement with consumers, left AppLovin, a Silicon Valley-based startup worth over $100 billion, to be his own boss.
"There was a certain point where money didn't really matter to me," Merutka told FOX Business during a video interview.
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Craftsman+ markets a personalized design platform for companies. Businesses can drag and drop mechanics into a branded gaming environment and launch to gamers for an interactive experience between brand and consumer.
In college, it was Merutka’s goal to surpass a six-figure salary. He says, at that point, he would have been satisfied enough as he could pay his rent and help his mom.
"I kinda could do everything in my life with that six-figure salary," Merutka said. "When I accomplished that pretty quickly, basically right when I turned 21, money wasn't so much on my mind."
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"How could I ever be the boss that I looked up to so much, which was my old boss at AppLovin, if I was working for him?" he asked.
Despite acknowledging "a ton of money" and a superior package he left on the table, Merutka says he "wouldn’t trade" his decision for the world.
Today, Merutka dialed in from Egypt, where he rode a horse on a beach 20 minutes before the scheduled call. Prior to that, he was meeting connections in India and visiting an orphanage in Nepal.
"If you're not having fun with what you're doing, it's really hard to stay motivated," Merutka said.
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And while the 33-year-old CEO takes calls from everywhere in the world, he allows his employees the same luxury, so long as they get their job done and meet expectations, even if that means at 4 o’clock in the morning.
The interactive content platform, originally heavily in the travel space, pivoted strategies when COVID-19 severely impacted the business, and Merutka dove headfirst into the gaming category.
"Those tough moments make you stronger," he said.
Merutka sold his personal investment portfolio to fund the company amid challenging times, which included his Tesla holdings.
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"I lost tons of value on that," he said.
"I gained even exponentially more value by investing in my team," Merutka told FOX Business. "My whole company knows that I sold all my personal stock to fund the company for those three months to get us over the hump."
Mertuka learned early in his career to hit the phones, try harder and approach marketing and sales differently than what was customary when he was told "no."
"I think that’s what makes you really creative and ultimately sets you up for success long-term," he said.
His best advice for newcomers looking to grow themselves professionally or invest in their business: "Invest in yourself," he said.