Ty Snapshot
Take some fabric, shape it like an animal, fill it with plastic pellets, and you've got a big business that later funds the purchase of luxury hotels. That's the lesson taught by Ty Warner, sole owner of Ty Inc., the company behind Beanie Babies and their worldwide cult following. Since 1993 Ty has produced more than 370 different Beanie Babies with colorful names such as Feder Bear (current) and Cheeks the baboon (retired). Other products include Beanie Buddies (bigger versions of traditional Beanies), Ty Classics (stuffed animals), Ty Girlz (cloth dolls), and Bow Wow Beanies (pet toys). Beanie money enabled Warner to buy a half-dozen luxury hotels (mostly in New York and California).