Wednesday, 22 January 2020

Millionaire At 17!!!

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One interesting bit of news that really got my attention this week was that of Nick D’Aloisio, the 17-year-old millionaire (yes, millionaire at 17!), who sold his smartphone app called Summly to Yahoo for a cool $30 million!

(See our book of the month)

It’s quite an interesting story actually: D’Aloisio started using the computer at 9, and began writing apps for smartphones (particular the iPhone and the iOS) in 2008 when he was 12 – back when the Apple SDK was made released to public.

D’Aloisio’s first ‘success’ with app development was an app called Trimit – an iOS app that would condense long text (such as articles) into a 1000, 500 or 140-character summary. The app was quite popular – so much so that Apple featured Trimit as one of the Features Apps on the App Store in July 2011 – and it helped put D’Aloisio’s name on the radar.

D’Aloisio was offered $300,000 in venture capital funding from a Hong Kong-based billionaire for Trimit. He used this money, along with the feedback and criticism, to redesign and essentially rebuild the app from the ground-up, and eventually re-launched it at the end of December 2011 as Summly – the app that has now made D’Aloisio one of the youngest millionaires in the world!

The Globe and Mail from Canada ran a cool story on the 17 year old’s rise in fame, as well as some startup advice offered by the young entrepreneur/ teenage millionaire. Worth a read!

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