In 2008, Wang was working at a mobile messaging company that he co-founded, but as the economy turned down, the venture became harder to pursue.
"I realized that it is difficult to continue on building high-tech companies because it was almost impossible to get funding," he says.
So Wang and two friends began to brainstorm other business ideas and noticed they all struggled to cook healthy dinners while balancing work and kids.
"We did lots of takeout, fast food, and we know that is not good enough for our children," he says. "So that is why we were thinking, 'What if there is a machine which is smart enough, which can automate the entire cooking process for us, so that we can fix dinner when we come back from work.'"
Enter, the Instant Pot.
In 2009, they founded the company and launched their first product in October of 2010 on Amazon. (Since then, Wang has brought on new partners.) During that time, the focus was inventing the best product possible.
"We have done lots of experiments, my partners and myself have done a lot of cooking," Wang says. "This is more that just eating our own dog food. It is like force-feeding dog food."
When they started selling their first version, "The first batch of customers were family and friends," he admits.
Then word spread. "So after the first generation of product, we gathered enough feedback to make modifications," says Wang.
The company added features like burn protection and the cooker started to take off. Wang cites the tipping point as January 2013, when the company's second-generation Instant Pot initially became the bestseller in the pressure cooker category on Amazon.
"I realized we had captured the imagination of the public," he says.
Today there are more than 10 versions of the Instant Pot on its website, and it can be found in at a slew of retailers like Williams Sonoma, Target and Best Buy. The expansion is largely due to word of mouth.
"To be honest with you, we haven't spent much money on advertising," Wang says. "In fact, that is not part of the business plan. We really spend money on product development and customer support."