04/05/2012 07:07 pm ET

Heirs To Old Money Plunge Into Tech

Like many young scions, Mark Ghermezian joined the family business, an empire started by his grandfather that now includes banks, manufacturing companies and the largest mall in America. He spent two years leading an energy group, managing dozens of oil and gas drilling sites across Texas.

But last year, Mr. Ghermezian, 29, traded his plush Houston office and job security for a cramped work space in the meatpacking district of Manhattan and the uncertainty of a fledgling technology venture. Using his connections, he raised $3 million from his family and other investors to start Appboy, a service that helps businesses manage their mobile applications.

Read more on New York Times

Sign up for our email.
Find out how much you really know about the state of the nation.