A young brilliant teenager has rejected offers from US investors who are interested in buying his money-saving website for a whopping 5 million pounds.
A 16-year-old whizz kid has rejected a whopping £5million from US investors who offered to buy his money-saving website.
According to Sun UK, Mohammed Ali, 16, from Dewsbury, Yorkshire, has earned more than £40,000 after creating his own financial app for the stock market and a popular video game.
And now the teenager is set to launch a price comparison site with 60-year-old business partner Chris Thorpe. While there are many price comparison websites out there, Mohammed claims their site will be unrivalled – something investors may agree with him on.
The pair recently met a group of Americans in London to discuss an investment, who then offered “more than £5million” for the company.
Mohammed said: “We met the investors in London, they were a global data driven company, and they didn’t realise I created all the technology involved.
“The offer was rejected in December, just before Christmas.
“The main reason we rejected the offer was because, if the technology and concept is worth millions already, just think how much it will be worth once people use it.
“I understand this is a big risk for me but I want to create this as a household name, and at the same time make something for myself.
“The big thing about what we’re doing is that there are no competitors – this is a real time money saving expert – it’s like a Bloomberg for the general public.”
His latest venture – weneed1. om – has seen the tech-mad teen develop an algorithm “which provides real time quotes instead of the normal pre-fixed quotes you find on insurance sites”.
It is designed to alert both buyers and sellers of available products.
This can include properties and electronic items with prices being constantly updated.
The website is set to be launched on January 28 and he hopes its success will inspire more young people to get involved in tech ventures at a young age.
Mohammed has previously seen success with Project 2006, a video game which had a £5.99 per month subscription cost and made £30,000.
Mohammed, who still lives with his parents and siblings, said he became interested in computers from a young age.
He even taught himself how to code just by reading books and watching YouTube videos.
Mohammed said: “Right now I work from the bedroom day and night but we’re launching this globally so we will need to travel more.
“My mum used to hate me going on the computer all the time but I think she’s proud of what I’m doing now and my brother has been inspired by what I’m doing.
“I have learned everything from watching videos and books – there’s not much being done in schools and the education system is a bit messed up.
“Anyone can revise for exams but I don’t think enough is being done to prepare people for getting out in the real world.
“I want other people to be inspired and I want to inspire young people to develop a work ethic – it disgusts me when you see young people just getting drunk on a Friday night.”
The teenager is still keeping up with school work however.
As a sixth form student he is studying for English, geography and law A-levels.
He says his most extravagant purchase so far has been contributing £1,400 towards refurbishing his parents living room and tries to act wisely with his cash.
Ali estimates he has earned around £41,000 from his businesses.
He said: “If I see some clothes or trainers I like I’ll buy them but most of my money is saved.
“I look at the things I make as inventions and I like to be proud of building them up.
“People think you need to have a massive investment or to take out loans but you don’t – you can start small and build it up.”