A British schoolboy was offered £5million by American investors for a money-saving website he created in his bedroom at his parents’ house – but rejected it in the hope of making more money.
Mohammed Ali, 16, who launched his first company aged 12, has earned more than £40,000 after creating his own video game and a financial app for the stock market.
The teenager, from Dewsbury, Yorkshire, is now set to launch a price comparison site with 60-year-old business partner Chris Thorpe and claims it is unrivalled by competitors.
Savvy teenager: Mohammed Ali, 16, was offered more than £5million by American investors for a groundbreaking money-saving website he created in his bedroom – but rejected it
Savvy teenager: Mohammed Ali, 16, was offered more than £5million by American investors for a groundbreaking money-saving website he created in his bedroom – but rejected it
Mr Ali said that when the pair met a group of Americans in London to discuss an investment, they instead offered to buy the company for a sum of ‘more than £5million’.
The sixth-form student would not disclose the exact figure but 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.’
For his latest venture, weneed1.com, Mr Ali said he has ‘developed an algorithm which provides real time quotes instead of the normal pre-fixed quotes you find on insurance sites.’
The idea for the money-saving website came from Mr Thorpe, an entrepreneur who lives in Scarborough with his family.
He founded WeNeed1 in 2009 as a reverse marketing platform designed to introduce buyers to sellers of goods and services in the UK, but it wasn’t until he arranged a meeting with Mr Ali that the idea really took off.
The student, who still lives with his parents (pictured) and siblings, said he became interested in computers from a young age and taught himself how to code by watching YouTube videos
The student, who still lives with his parents (pictured) and siblings, said he became interested in computers from a young age and taught himself how to code by watching YouTube videos
Multi-million pound idea: The money-saving website created by Mohammed Ali is shown here
Multi-million pound idea: The money-saving website created by Mohammed Ali is shown here
The teenager, who came to Mr Thorpe’s attention on BBC News in Yorkshire, coded the WeNeed1 platform in his bedroom while studying for his A-levels.
The site is designed to alert both buyers and sellers of available products, everything from properties to electronic items, with constantly updated prices.
Set to be launched on January 28, the young entrepreneur said he now hopes to inspire other teenagers to get involved in the business world.
HOW THE £5MILLION WEB IDEA WAS BORN
The idea for the money-saving website came from Yorkshire entrepreneur Chris Thorpe. He founded WeNeed1 in 2009 as a reverse marketing platform designed to introduce buyers to sellers of goods and services in the UK.
One evening while having a meal with his daughter Candice, 27, and son Jared, 24, the trio began discussing business ideas and came up with it.
Mr Thorpe then heard about Mohammed Ali after watching a segment on the teenager on BBC News in Yorkshire. He arranged a meeting and the 16-year-old then coded the WeNeed1 platform in his bedroom while studying for his A-levels.
Mr Ali previously hit the headlines when he created Project 2006, a video game which had a £5.99 per month subscription cost and made £30,000.
The teenager, who still lives with his parents and siblings, said he became interested in computers from a young age and taught himself how to code by watching YouTube videos and reading books.
Mr Ali 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, who is studying for English, geography and law A-levels, said his most extravagant purchase so far has been contributing £1,400 towards refurbishing his parents’ living room.
The student said that the majority of his fortune is placed in savings accounts to help fund his business ventures.
Mr Ali, who estimates that he has earned around £41,000 from his businesses, 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.’ Mailonline
