Press Esc to close

Teen's app grabbed by Yahoo for millions

Brian Stelter, Mar 26, 2013, NYT: 17:37 IST

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

More from this section
Photo Gallery
Police personnel guard as Buddhist monks wait at the entrance gate to enter Mahabodhi temple...

Police personnel guard as Buddhist monks wait at the entrance gate to enter Mahabodhi temple...

Women browse through books at a stall at 41st Chennai Book Fair, organised by Booksellers...

Women browse through books at a stall at 41st Chennai Book Fair, organised by Booksellers...

Newly recruits of Jammu and Kashmir Police personnel take oath during Attestation Cum Passing...

Newly recruits of Jammu and Kashmir Police personnel take oath during Attestation Cum Passing...

Volunteers of the Hindu nationalist organisation Rashtriya Swayamsevak Sangh (RSS) perform yoga...

Volunteers of the Hindu nationalist organisation Rashtriya Swayamsevak Sangh (RSS) perform yoga...

Women show mortar shells at Suchetgarh after shelling from the Pakistani side ...

Women show mortar shells at Suchetgarh after shelling from the Pakistani side ...

Two peacocks in a mid-flight at the Rastrapati Bhawan in New Delhi...

Two peacocks in a mid-flight at the Rastrapati Bhawan in New Delhi...

Former Telecom Minister A Raja addresses the gathering at his book launch 'The 2G Saga...

Former Telecom Minister A Raja addresses the gathering at his book launch 'The 2G Saga...

Police personnel stand guard near the premises of Mahabodhi Temple in Bodh Gaya...

Police personnel stand guard near the premises of Mahabodhi Temple in Bodh Gaya...

STF personnel recover gold after a raid which resulted in arrest of most wanted criminal Subodh...

STF personnel recover gold after a raid which resulted in arrest of most wanted criminal Subodh...

Former Miss Earth Nicole Faria addresses the event for felicitation of 112 women achievers...

Former Miss Earth Nicole Faria addresses the event for felicitation of 112 women achievers...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.