Press Esc to close
Monday 26 January 2015
News updated at 11:46 AM IST
Weather
Max: 26°C
Min : 18°C
In Bengaluru
Sunny day

Teen's app grabbed by Yahoo for millions

Brian Stelter, Mar 26, 2013, NYT:

Wunderkind

Nick D'Aloisio

One of Yahoo’s newest employees is a 17-year-old high school student in Britain. As of Monday, he is one of its richest, too.

That student, Nick D’Aloisio, a programming whiz who wasn’t even born when Yahoo was founded in 1994, sold his news-reading app, Summly, to Yahoo on Monday for a sum said to be in the tens of millions of dollars.

Yahoo said it would incorporate his algorithmic invention, which takes long-form stories and shortens them for readers using smartphones, in its own mobile apps, with D’Aloisio’s help.

“I’ve still got a year and a half left at my high school,” he said in a telephone interview on Monday. But he will make arrangements to test out of his classes and work from the Yahoo office in London, partly to abide by the company’s new and much-debated policy that prohibits working from home.

D’Aloisio, a cricket fan, who declined to comment on the price paid by Yahoo (the technology-oriented website AllThingsD pegged the purchase price at about $30 million), was Summly’s largest shareholder.

Summly’s other investors, improbably enough, included Wendi Murdoch, Ashton Kutcher and Yoko Ono. The most important one was Li Ka-shing, the Hong Kong billionaire. “They took a gamble on me when I was a 15-year-old,” D’Aloisio said, by providing seed financing that let him hire employees and lease office space.

For teen entrepreneurs—and their parents, too—the news of the sale conjured up some feelings of inadequacy, but also awe. For Brian Wong, the 21-year-old founder of Kiip, a mobile rewards company, the reaction was downright laughable, “I feel old!”

A few years ago, Wong was the youngest person ever to receive venture capital funding.


Go to Top

Photo Gallery
President Barack Obama is welcomed by  Narendra Modi and others during an arrival ceremony...

President Barack Obama is welcomed by Narendra Modi and others during an arrival ceremony...

Bollywood actor Shahwar Ali enjoying with the National Flag in a water scooter during Republic Day..

Bollywood actor Shahwar Ali enjoying with the National Flag in a water scooter during Republic Day..

Obama being presented a spinning wheel as a memento during his visit to Rajghat in New Delhi...

Obama being presented a spinning wheel as a memento during his visit to Rajghat in New Delhi...

Barack Obama participates in a tree planting ceremony at the Raj Ghat Mahatma Gandhi Memorial...

Barack Obama participates in a tree planting ceremony at the Raj Ghat Mahatma Gandhi Memorial...

Barack Obama throws rose petals as he participates in a wreath laying ceremony at the Raj Ghat...

Barack Obama throws rose petals as he participates in a wreath laying ceremony at the Raj Ghat...

Barack Obama and  Narendra Modi during their joint press conference at Hyderabad House in New Delhi.

Barack Obama and Narendra Modi during their joint press conference at Hyderabad House in New Delhi.

President Barack Obama is escorted during an arrival ceremony at Rashtrapati Bhavan...

President Barack Obama is escorted during an arrival ceremony at Rashtrapati Bhavan...

Narendra Modi and US President Barack Obama stroll in the gardens of Hyderabad House in New Delhi...

Narendra Modi and US President Barack Obama stroll in the gardens of Hyderabad House in New Delhi...

Young girls buying tricolour on the eve of Republic Day celebrations in Allahabad on Sunday...

Young girls buying tricolour on the eve of Republic Day celebrations in Allahabad on Sunday...

Barack Obama walks to inspect a guard of honour during his ceremonial reception...

Barack Obama walks to inspect a guard of honour during his ceremonial reception...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523