An Australian toy designer and innovator, who started life in a refugee camp, has been named EY Entrepreneur of the Year for 2016.
Manny Stul, joint chief executive of Moose Toys, was chosen from 50 national finalists, which included Stripe, the payments start-up founded by Irish brothers Patrick and John Collison.
Mr Stul took over the Melbourne-based company in 2000 when it was on the brink of bankrupcy. In just 15 years, he increased sales by 7,200 per cent, transforming it into the sixth-largest toy company in the US, a feat no other firm from outside the US has ever managed with the exception of Lego.
The company’s new hit range Shopkins has out-sold top-selling brands Barbie, Lego and My Little Pony over the past 18 months.
Mr Stul’s rise to the top of the business world is all the more remarkable because of his humble beginnings.
He was born in a refugee camp in post-war Germany after his parents fled Communist rule in their native Poland.
The family was later given sanctuary in Australia and he arrived in the country when he was just seven months old.
After dropping out of university, Mr Stul worked in construction before starting his first business, a gift company called Skansen, which later went on to be listed on the Australian stock exchange.
At an awards ceremony in Monaco on Saturday night, Mr Stul said he was honoured to receive the accolade for the company and his employees.
“I was up against an amazing group of entrepreneurs and have been inspired by their stories. We are a company that succeeds by focusing on innovation with integrity and a clear purpose to make children happy.”
His success with Moose Toys nearly turned to disaster in 2007 after its popular Bindeez craft toys were found to be contaminated with an unauthorised chemical, prompting a global recall. The company later found the chemical had been substituted without its knowledge by a Chinese manufacturer, but the reputational damage was considerable.
“Everyone said it was impossible to survive the recall, yet we pulled through,” Mr Stul said.
Moose now sells its toys, including the popular Shopkins characters and Little Live Pets, in more than 80 countries.
“I had no guidance from mentors and entered the business space with no experience,” he recalled. “Every decision and opportunity helped shape my skills and showed me in practical terms how to run a successful business.”
Rebecca MacDonald, founder of the Just Energy group and chairwoman of the EY judging panel, said: “Our unanimous decision was reached after long and tough deliberations. Manny was our choice, not only due to his impressive growth, but also because the business he has nurtured has shown sustained global success.”
She said: “His mettle was tested when Moose faced a product recall that would have overcome less resilient and well-managed businesses.”
