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?
Share us your thoughts in the comment box below. Thanks for dropping by and reading this post. For more updates, don’t hesitate and feel free to visit our website more often and please share this on your friends.