Health

14-Year-Old CEO Turns Down $30 Million Offer For Health Startup [Watch]

This teen had a brilliant idea and followed through with it. Now other corporations are berating themselves for not coming up with it first.

Most fourteen-year-olds can’t wait to toss aside their books and play video games after school – and Taylor Rosenthal is no exception, but this teen is different from others in the way that he’s already founded a profitable business.

According to CNN, the teen created a company that sells vending machines for public venues – such as amusement parks and stadiums – that allow people to buy first aid kids in case of an emergency. The idea is brilliant, considering that people may not want to wait in EMT lines for a simple band aid or alcohol wipe for their kid.

He told the press:

“Instead of having to wait in that long EMT (Emergency Medical Technician) line for an hour, wasting possible fun time, you could go to our machine and get quick and easy access.”

Most entrepreneurs have to work hard for their ideas to gain traction, but Rosenthal had no problem securing $100,000 in start-up capital when he pitched the RecMed to investors. He knew he had a solid business plan, and so did other companies.

Not long after the 14-year-old made news, an unnamed health company contacted him and offered $30 million of the company outright. Rosenthal, however, knows his business will be big in the future, so he turned them down.

Credit: CNN

Credit: CNN

Reportedly, the Alabama resident came up with the idea while playing baseball. When other kids scraped their elbows and knees, their parents had a tough time finding Band-Aids and antibiotic ointment.

He said:

“Every time I’d travel for a baseball tournament in Alabama, I’d notice that kids would get hurt and parents couldn’t find a band-aid. I wanted to solve that.”

This propelled the teen to take action. At first, he set up stands to sell first aid kits, but that proved too costly. So, he learned from other successful entrepreneurs and developed a system in which he doesn’t have to play salesman.

The efforts have paid off. Soon, RecMed machines will available for purchase and will sell a variety of First Aid kits. Some will include basic items and sell for $5, while bigger, more intensive kits will go for $25.

RecMed

Credit: CNN

Rosenthal was the youngest person ever to exhibit his invention at TechCrunch Disrupt in Brooklyn which took place in May 2016. And, NextShark reveals, SixFlags has already put in an order for 100 of the teen’s machines.

What are your thoughts? Please comment below and share this news!


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