A 16 year old schoolboy rejected a whopping amount of £5 million for his website, claiming it is worth more. Mohammed Ali, from Dewsbury, West Yorkshire, was offered the ridiculous amount for his price comparison website by an American investor. He however, refused the amount and stated that he'll roll it out soon.
“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,” Ali said. “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,” he added. “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.”
A joint venture between Ali and his business partner Chris Thorpe, the website is designed to alert, both buyers and sellers of available products, anything from properties to electronic items, with constantly updated prices. Thorpe founded WeNeed1 in 2009, as a reverse marketing platform designed to introduce buyers to sellers of goods and services. It however, only took off after Ali developed an algorithm that provides real time quotes instead of normal pre-fixed quotes users find on insurance sites.
The teen lives with his parents and said he taught himself to code by watching YouTube videos and reading books. “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 to 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.” Ali said he has earned around £41,000 from his businesses, and his most extravagant purchase so far has been contributing £1400 to refurbish his parents' living room.