15 year old rejects £5m bid for website

[yhfam]

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British schoolboy, 16, is offered £5 MILLION by investors for money-saving website he created in his bedroom in his parents' house... but REJECTS it 

• American investors offered Mohammed Ali more than £5m for his business idea
• The 16-year-old created groundbreaking money-saving website in his bedroom
• Launched first company aged 12 and created own video game and financial app
• Said he rejected offer because idea 'is worth millions' and thinks value will rise 

By Sam Tonkin For Mailonline

Published: 10:30, 23 January 2017 | Updated: 11:41, 23 January 2017

 

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A British schoolboy was offered £5million by American investors for a money-saving website he created in his bedroom at his parents' house – but decided to reject it.

Mohammed Ali, 16, who launched his first company aged 12, has earned more than £40,000 after creating his own video game and a financial app for the stock market.

The teenager, from Dewsbury, Yorkshire, is now set to launch a price comparison site with 60-year-old business partner Chris Thorpe and claims it is unrivalled by competitors.

 

 

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Savvy teenager: Mohammed Ali, 16, was offered more than £5million by American investors for a groundbreaking money-saving website he created in his bedroom – but rejected it

Mr Ali said that when the pair met a group of Americans in London to discuss an investment, they instead offered to buy the company for a sum of 'more than £5million'.

The sixth-form student would not disclose the exact figure but said: 'We met the investors in London, they were a global data driven company, and they didn't realise I created all the technology involved.

'The offer was rejected in December, just before Christmas.

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'The main reason we rejected the offer was because, if the technology and concept is worth millions already, just think how much it will be worth once people use it.

'I understand this is a big risk for me but I want to create this as a household name, and at the same time make something for myself.

'The big thing about what we're doing is that there are no competitors - this is a real time money saving expert - it's like a Bloomberg for the general public.'

For his latest venture, weneed1.com, Mr Ali said he has 'developed an algorithm which provides real time quotes instead of the normal pre-fixed quotes you find on insurance sites.'

 

 

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The student, who still lives with his parents (pictured) and siblings, said he became interested in computers from a young age and taught himself how to code by watching YouTube videos

 

 

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Multi-million pound idea: The money-saving website created by Mohammed Ali is shown here

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The teenager (pictured playing on a PC as a four-year-old) launched his first company aged 12. He has earned more than £40,000 after creating his own video game and a financial app

The site is designed to alert both buyers and sellers of available products, everything from properties to electronic items, with constantly updated prices.

Set to be launched on January 28, the young entrepreneur said he now hopes to inspire other teenagers to get involved in the business world.

Mr Ali previously hit the headlines when he created Project 2006, a video game which had a £5.99 per month subscription cost and made £30,000.

 

 

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For his latest venture, Mr Ali said he has 'developed an algorithm which provides real time quotes instead of the normal pre-fixed quotes you find on insurance sites'

The teenager, who still lives with his parents and siblings, said he became interested in computers from a young age and taught himself how to code by watching YouTube videos and reading books.

Mr Ali said: 'Right now I work from the bedroom day and night but we're launching this globally so we will need to travel more.

'My mum used to hate me going on the computer all the time but I think she's proud of what I'm doing now and my brother has been inspired by what I'm doing.

'I have learned everything from watching videos and books - there's not much being done in schools and the education system is a bit messed up.

'Anyone can revise for exams but I don't think enough is being done to prepare people for getting out in the real world.

'I want other people to be inspired and I want to inspire young people to develop a work ethic - it disgusts me when you see young people just getting drunk on a Friday night.'

The teenager, who is studying for English, geography and law A-levels, said his most extravagant purchase so far has been contributing £1,400 towards refurbishing his parents' living room.

The student said that the majority of his fortune is placed in savings accounts to help fund his business ventures.

Mr Ali, who estimates that he has earned around £41,000 from his businesses, said: 'If I see some clothes or trainers I like I'll buy them but most of my money is saved.

'I look at the things I make as inventions and I like to be proud of building them up.

'People think you need to have a massive investment or to take out loans but you don't - you can start small and build it up.'

Read more: http://www.dailymail.co.uk/news/article-4147428/Student-16-offered-5m-money-saving-website.html#ixzz4WaIsRVyy
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mad

[Bobby Reds]

2 minutes ago, yhfam said:

mad

They offered him nigga pennies.

[Heero Yuy]

He sounds like he's got his head screwed on.

[yhfam]

2 minutes ago, Bobby Reds said:

They offered him nigga pennies.

there is no certainty that his website will be worth more

could have taken those "nigga pennies" and be set for life and thought of something else

[Mame Biram Diouf]

Idiot

 

Take the money and run

[Mr. Martinez]

Guy ain't worried about money with that kind of brain. He might as well see how far he can take his baby. Either way he's bless. 

[MGEEZ]

Take the money approach is shirt sighted imo 

[Mame Biram Diouf]

19 minutes ago, MGEEZ said:

Take the money approach is shirt sighted imo 

Why?

[Greens]

Snapchat turned down 3 billion from Facebook couple years ago and now it's valued at 20.

If you believe your product is worth more then go for it, fair play to him.

[Heero Yuy]

When George Lucas pitched Star Wars to Fox, he could've took a higher salary than the one that was on offer. He declined and instead asked for the full rights to any sequels, and all merchandise lol.

[Wavant]

8 hours ago, Bobby Reds said:

They offered him nigga pennies.

 

8 hours ago, Heero Yuy said:

He sounds like he's got his head screwed on.

 

2 hours ago, MGEEZ said:

Take the money approach is shirt sighted imo 

 

[Mame Biram Diouf]

4 hours ago, Mr. Martinez said:

Guy ain't worried about money with that kind of brain. He might as well see how far he can take his baby. Either way he's bless. 

Im for all innovation and entrepreneurship. But for every 1 success below there are millions of other failures in the start up industry 

 

If that's the case take the 5 mill and invest in the other ideas he has

 

These type of guys are no doubt sick at the tech part, but usually not so savvy when it comes to business.

[SLEAZE BALL]

A lot of irrelevant examples being thrown around 

What you lot don't understand is that essentially hes been offered 5 mil for an algorithm

How long before someone else manages to create some similar coding?

How much will his "product" be worth then?

[Seydou]

I would've took less and keep some shares tbh if it came down to that or taking 5 mill straight 

Win win,nah?

[QPR Dee]

16 minutes ago, Trap God said:

A lot of irrelevant examples being thrown around 

What you lot don't understand is that essentially hes been offered 5 mil for an algorithm

How long before someone else manages to create some similar coding?

How much will his "product" be worth then?

not even that. an established company could establish a department and have something out in 12 months, with a bigger more trusted name, more marketing money and a wider reach.

although i get his point about not selling, they could have done whatever they wanted and ruined his vision

 

[Supermalt]

39 minutes ago, Seydou said:

I would've took less and keep some shares tbh if it came down to that or taking 5 mill straight 

Win win,nah?

Basically this but kid will be fine even if it flops 

Website needs big time polish, there's out the box sites that look better. 

Edit: I ain't browsed something this unuser friendly in ages, 5 mil..

[Mr. Martinez]

46 minutes ago, Mame Biram Diouf said:

Im for all innovation and entrepreneurship. But for every 1 success below there are millions of other failures in the start up industry 

 

If that's the case take the 5 mill and invest in the other ideas he has

 

These type of guys are no doubt sick at the tech part, but usually not so savvy when it comes to business.

 

If you built something that had a chance, ANY chance of being REALLY succesfull. Why would you give up on it, at the first opportunity? 

He's clearly not driven by money. He wants to see how far he can take it. If it fails, he'll prob start a next thing. If he's had enough of starting companies, he could go work anywhere and earn £200 -£250k calm. 

 

35 minutes ago, Trap God said:

A lot of irrelevant examples being thrown around 

What you lot don't understand is that essentially hes been offered 5 mil for an algorithm

How long before someone else manages to create some similar coding?

How much will his "product" be worth then?

 

I could build a youtube, snapchat, instagram clone in a week. 

Product worth is determined by how many people use it. Like Dave said, If you're first to market, you already have an edge.

Don't you man watch Silicon Valley?  

 

[Heero Yuy]

 

39 minutes ago, Trap God said:

A lot of irrelevant examples being thrown around 

What you lot don't understand is that essentially hes been offered 5 mil for an algorithm

How long before someone else manages to create some similar coding?

How much will his "product" be worth then?

 

The same logic could be applied to Facebook, especially in the early days when they had multi million dollar offers left, right and centre.

[Platinum50]

4 hours ago, MGEEZ said:

 

[Platinum50]

4 hours ago, MGEEZ said:

Take the money approach is shirt sighted imo 

 

[Greens]

1 hour ago, Heero Yuy said:

 

 

The same logic could be applied to Facebook, especially in the early days when they had multi million dollar offers left, right and centre.

And facebook have been trying there hardest to create a snapchat competitor ever since they got turned down and have failed with each one. 

[DRC]

1 hour ago, Supermalt said:

Basically this but kid will be fine even if it flops 

Website needs big time polish, there's out the box sites that look better. 

Edit: I ain't browsed something this unuser friendly in ages, 5 mil..

Plot twist, 5mil was all talk and he just wanted the free publicity 

Good luck to him in all seriousness though

[SLEAZE BALL]

3 hours ago, Mr. Martinez said:

I could build a youtube, snapchat, instagram clone in a week. 

Product worth is determined by how many people use it. Like Dave said, If you're first to market, you already have an edge.

Don't you man watch Silicon Valley?  

 

The offer he got had nothing to do with users cos he has none

What he has is a concept and a code that brings the concept to life

That is what has been values at 5m+

3 hours ago, Heero Yuy said:

The same logic could be applied to Facebook, especially in the early days when they had multi million dollar offers left, right and centre.

Noone was trying to buy Facebook for millions before it actually had users. Poor example as I said

Comparing apples with oranges.

[Heero Yuy]

6 hours ago, Trap God said:

 

Noone was trying to buy Facebook for millions before it actually had users. Poor example as I said

Comparing apples with oranges.

 

That wasn't my point tbh.

It's not always as easy to replicate something as you're making out. My point being that facebook had a ton of offers when it was still a startup, from companies that had the finances and resources to build their own versions or better, and never did/could.

I'm sure when Google and Microsoft came sniffing around, people thought they were mad for turning them down too.

If you have a look at why facebook is/was so highly valued, their algorithms are right up there.