Press Esc to close
Tuesday 28 April 2015
News updated at 7:52 PM IST
Weather
Max: 33.4°C
Min : 21.6°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
Devotees at the Vadakkumnathan temple at the announcement of the beginning of the Thrissur Pooram...

Devotees at the Vadakkumnathan temple at the announcement of the beginning of the Thrissur Pooram...

RCB players Chris Gayle and AB De Villiers during a promotional event in Bengaluru on Tuesday...

RCB players Chris Gayle and AB De Villiers during a promotional event in Bengaluru on Tuesday...

Ranbir Kapoor with Anushka Sharma during the trailer launch of Anurag Kashyap`s much-awaited film...

Ranbir Kapoor with Anushka Sharma during the trailer launch of Anurag Kashyap`s much-awaited film...

Ranbir Kapoor with Anushka Sharma, Anurag Kashyap and Karan Johar during the trailer launch of...

Ranbir Kapoor with Anushka Sharma, Anurag Kashyap and Karan Johar during the trailer launch of...

A Kashmiri girl rows her boat through the floodwaters after heavy rains lashed in the valley, in...

A Kashmiri girl rows her boat through the floodwaters after heavy rains lashed in the valley, in...

Newly recruited Punjab Police jawans celebrate after their passing out parade in Jalandhar on...

Newly recruited Punjab Police jawans celebrate after their passing out parade in Jalandhar on...

Employees Provident Fund Pensioners Association members during their unique protest for various...

Employees Provident Fund Pensioners Association members during their unique protest for various...

Congress VP Rahul Gandhi interacts with passengers on-board Sachkhand Express on his way to...

Congress VP Rahul Gandhi interacts with passengers on-board Sachkhand Express on his way to...

Fire personnel tries to douse fire that broke out at a paper factory in Nagpur on Tuesday. PTI Photo

Fire personnel tries to douse fire that broke out at a paper factory in Nagpur on Tuesday. PTI Photo

Indians evacuated from earthquake hit Nepal arrive at Air Force Station Palam, New Delhi

Indians evacuated from earthquake hit Nepal arrive at Air Force Station Palam, New Delhi

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