Press Esc to close
Tuesday 27 September 2016
News updated at 2:28 AM IST
Weather
Max: 27.3°C
Min : 19.8°C
In Bengaluru
Generally cloudy

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
A girl and her father kick a pinata representing Donald Trump...

A girl and her father kick a pinata representing Donald Trump...

Children pay tribute to Indian soldiers killed in Uri strike, during an event...

Children pay tribute to Indian soldiers killed in Uri strike, during an event...

Tourists celebrating World Tourism Day in Pushkar on Monday...

Tourists celebrating World Tourism Day in Pushkar on Monday...

Sushma Swaraj, Minister of External Affairs for India, speaks during the 71st session...

Sushma Swaraj, Minister of External Affairs for India, speaks during the 71st session...

College students paying tribute to Uri attack martyrs in Mumbai...

College students paying tribute to Uri attack martyrs in Mumbai...

Indian team players celebrate their victory over New Zealand on the final day...

Indian team players celebrate their victory over New Zealand on the final day...

Sudarsan Pattnaik creates a sand sculpture with message 'Keep It Clean: Happy World Tourism Day'....

Sudarsan Pattnaik creates a sand sculpture with message 'Keep It Clean: Happy World Tourism Day'....

Bollywood actor Juhi Chawla during the inauguration of a cancer initiative...

Bollywood actor Juhi Chawla during the inauguration of a cancer initiative...

Indian Space Research Organisation (ISRO)'s PSLV C35 carrying SCATSAT-1...

Indian Space Research Organisation (ISRO)'s PSLV C35 carrying SCATSAT-1...

'Thousands Hands' Goddess Durga being prepared at a community puja pandal ahead of the Durga Puja...

'Thousands Hands' Goddess Durga being prepared at a community puja pandal ahead of the Durga Puja...

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