London – Got a tech idea and want to make a fortune before you’re out of your teens? Just do it, is the advice of the London schoolboy who’s just sold his smartphone news app to Yahoo for a reported $30m.
The money is there, just waiting for clever new moves, said 17-year-old Nick D’Aloisio, who can point to a roster of early backers for his Summly app that includes Yoko Ono and Rupert Murdoch.
“If you have a good idea, or you think there’s a gap in the market, just go out and launch it because there are investors across the world right now looking for companies to invest in,” he told Reuters in a telephone interview late on Monday.
The terms of the sale, four months after Summly was launched for the iPhone, have not been disclosed and D’Aloisio, who is still studying for school exams while joining Yahoo as its youngest employee, was not saying. But technology blog AllThingsD said Yahoo paid roughly $30m.
D’Aloisio said he was the majority owner of Summly and would now invest the money from the sale, though his age imposes legal limits for now on his access to it.
“I’m happy with that and working with my parents to go through that whole process,” he said.
D’Aloisio, who lives in the prosperous London suburb of Wimbledon, highlights the support of family and school, which gave him time off, but also, critically, the ideas that came with enthusiastic financial backers.
He had first dreamt up the mobile software while revising for a history exam two years ago, going on to create a prototype of the app that distils news stories into chunks of text readable on small smartphone screens.
He was inspired, he said, by the frustrating experience of trawling through Google searches and separate websites to find information when revising for the test.
Trimit was an early version of the app, which is powered by an algorithm that automatically boils down articles to about 400 characters. It caught the eye of Horizons Ventures, a venture capital firm owned by Hong Kong billionaire Li Ka-shing, which put in $250 000.