Sixteen-Year-Old Lad Offered £5 Million For His Business But Refuses To Take It

A 16-year-old lad who started his own company at the age of 12 apparently turned down a £5 million offer from American investors.

Mohammed Ali, from Dewsbury, West Yorkshire, has so far earned more than £40,000 after creating his own video game and a financial app for the stock market. He's now looking at launching a price-comparison site with his business partner who, at 60-years-old, is a mere 44 years older than him.

The schoolboy said that when the pair met a group of Americans in London to discuss an investment, they offered to buy the company for a sum of 'more than £5million'.

He explained: "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 project, weneed1.com, is designed to alert both buyers and sellers of available products, everything from properties to electronic items, with constantly updated prices. Mohammed says that he's come up with an algorithm that 'provides real-time quotes instead of the normal pre-fixed quotes you find on insurance sites'.

He lives with his parents and siblings, and his interest in computers developed from a young age. He taught himself how to code by watching YouTube videos and reading books.

He added: "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 most money he's spent in one go so far was £1,400 towards refurbishing the home of his parents.

Most of the £41,000 he's made so far has been put in savings accounts to help fund his business ventures.

Remember though, lads. You don't have to be a super genius to be a young entrepreneur.

Do you remember this girl?

She seriously cashed in.

According to this post on Imgur, this little girl realised that there was a Pokéstop outside her house. Rather than using the app and becoming the best there ever was, she decided to buy loads of crisps and drinks and sell them.

Let us know about your own business ventures in the comments below.

Topics: app

Mel Ramsay

Mel Ramsay has been a Senior Journalist for Tyla and LADbible since 2015. She started her career writing obituaries and funeral guides online. Since then, her work has been published in a wide variety of national and local news sites. She is part of the BBC's Generation project and has spoken about young people, politics and mental health on television, radio and online. Contact her - [email protected]

@melramsay_