Rainbow Loom was created by Cheong Choon Ng, a Malaysian immigrant of Chinese descent who came to the United States in 1991 to attend Wichita State University, where he earned a graduate degree in mechanical engineering. He was employed as a crash-test engineer for Nissan Motor Company in 2010 when he conceived the idea of a toy loom for rubber-band crafting while watching his young daughters make rubber-band jewelry.
As of September 2013, Rainbow Loom had sold over 1.2 million units. It was named one of the three most popular toys of 2013 by Cyber Monday Awards and was the most-searched toy on Google that same year, and was described in a 2014 BBC News article as "one of the most popular toys in the world". (Information from Wikipedia)