Press Esc to close
Wednesday 23 July 2014
News updated at 12:56 PM IST
Weather
Max: 28°C
Min : 21.3°C
In Bangalore
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
Telangana chief minister K.Chandrashekhar Rao presenting a letter of appointment...

Telangana chief minister K.Chandrashekhar Rao presenting a letter of appointment...

Sand artist Sudarsan Pattnaik created a sand sculpture on sexual assault of a 6 year old girl...

Sand artist Sudarsan Pattnaik created a sand sculpture on sexual assault of a 6 year old girl...

Prime Minister Narendra Modi receives Swami Vishvesha Tirtha of Pejawar Mutt, in New Delhi...

Prime Minister Narendra Modi receives Swami Vishvesha Tirtha of Pejawar Mutt, in New Delhi...

Mercedes Benz MD aand CEO Eberhard Kern at the launch of Mercedes CLA 45 AMG...

Mercedes Benz MD aand CEO Eberhard Kern at the launch of Mercedes CLA 45 AMG...

Children playing football in a waterlogged field after heavy rains at a village in Balurghat...

Children playing football in a waterlogged field after heavy rains at a village in Balurghat...

People enjoy a dip in temperatures at the Rajpath amid heavy shower in New Delhi...

People enjoy a dip in temperatures at the Rajpath amid heavy shower in New Delhi...

Abhishek Bachchan, owner of Pink Panther Kabaddi team, pose for a group photo...

Abhishek Bachchan, owner of Pink Panther Kabaddi team, pose for a group photo...

Women labourers cover themselves as rain showers lash at Ghatanji on the outskirts of Yavatmal...

Women labourers cover themselves as rain showers lash at Ghatanji on the outskirts of Yavatmal...

The Gaganachukki and Bharachukki Falls in full splendour following the of release of water...

The Gaganachukki and Bharachukki Falls in full splendour following the of release of water...

UNICEF Goodwill Ambassador, Roger Moore addressing at the UNICEF and Commonwealth Games...

UNICEF Goodwill Ambassador, Roger Moore addressing at the UNICEF and Commonwealth Games...

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