14-Year-Old CEO, Taylor Rosenthal Turns Down $30 Million Offer To Buy His Invention
Taylor Rosenthal, a 14-year-old CEO from Opelika, Alabama came up with a brilliant idea of developing a vending machine for first aid kits said ‘no’ to a $30 million offer to buy his invention.
According to CNN Money, this idea came out from a school project from his Young Entrepreneurs Academy class where he first thought of having first-aid pop-ups.
“Every time I’d travel for a baseball tournament in Alabama, I’d notice that kids would get hurt and parents couldn’t find a Band-Aid. I wanted to solve that,” said the 14-year-old CEO of the RecMed.
Rosenthal worked for it and got his first patent after only a month.
Then, a large national healthcare company offered him the huge $30 million which he turned down.
The young CEO then started an idea called RecMed which already raised $100,000 in Angel investments. Now, he plans to sell his vending machines for $5,500 each. He added that he’s open for advertisements.
According to the teacher of Rosenthal, Clarinda Jones, she’s really proud of him.
“It has been amazing watching Taylor grow over the past year into this confident and amazing business man,” she said as quoted in the article.
“Even with all of his success, he remains humble and ready to help others. He’s just 14. Bill Gates should be worried,” she added.
The vending machines dispense pre-packed first aid kits that cost between $5.99 and $15.95. While individual supplies cost about $6 to $20.
A firm called Six Flags already ordered 100 machines from RecMed.
What do you think of the move of Taylor Rosenthal of turning down $30 million purchase of his invention?
Do you think it is a bright idea?
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Pls explain why Taylor Rosenthal declined the lucrative offer. DI’d he have his adviser or guardian making the decision? The money could bank roll mote of his other bright ideas!
In my own opinion, Taylor was just right in his decision of turning down that offer. He knew pretty well that his invention would only be used for making money by that company and not to help people as he originally intended for it. Great decision making, Taylor! A great salute to you and I hope that other youths all over the world will take you as one of their inspirations in helping others! God bless you always!
wow in the first place that boy did not invent the bending machine
If I am the one who owns the patent of the bending machine I would charge him (TAYLOR) 50% of his income