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How Jon Oringer became Silicon Alley's first billionaire

12 August 2013 Last updated at 17:25 BST

Jon Oringer, 39, founded 10 companies before he hit on the idea for Shutterstock, the successful stock-photo website that has made him Silicon Alley's first billionaire.

"I'd failed a whole bunch of times before that and I was willing to fail again," says Mr Oringer of his decision to go into the photography business, something he knew nothing about.

Now, after a successful stock market debut in October 2012 and with more than 28 million photos, videos and illustrations in its vast database, shares in Mr Oringer's Shutterstock are soaring.

With an ownership stake estimated at more than 55% of the company, Mr Oringer has become the first billionaire to come out of Silicon Alley - New York's thriving tech sector - with an estimated net wealth of $1.05bn (£682m).

BBC business reporter, Kim Gittleson, spoke with Mr Oringer about his success.

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