17 year old Nick D’Aloisio is Yahoo’s youngest millonaire

“If you have a good idea, or you think there’s a gap in the market, just go out and launch it because there are investors across the world right now looking for companies to invest in,”  17 year old Nick D’Aloisio told Reuters in a telephone interview late on Monday.

Yahoo reportedly paid him roughly $30 million for an app he created called Summly that basically summarises information you need on the web. This way, you can have a glance rather than having to open each page and be faced with the task of looking through the entire hing per page.  He had first dreamt up the mobile software while revising for a history exam two years ago, going on to create a prototype of the app that distils news stories into chunks of text readable on small smartphone screens.

He was inspired, he said, by the frustrating experience of trawling through Google searches and separate websites to find information when revising for the test.

The app caught the eyes of investors when it launched in November 2012 such as Hong Kong billionaire Li Ka-shing, who put in $250,000, Ashton Kutcher, British broadcaster Stephen Fry, artist Ono, the widow of Beatle John Lennon, and News Corp media mogul Murdoch. That all added up to maximum publicity when Summly launched.

His business has worked with around 250 content publishers, he said, such as News Corp’s Wall Street Journal. People reading the summaries can easily click through to the full article, driving traffic to newspaper websites.

Now, he works with Yahoo, has a large sum sitting in his account and is yet to graduate school. “The great deal about joining Yahoo is that they have a lot of publishers, they have deals with who we can work with now,” D’Aloisio said.Image

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