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Sixteen-year-old turns down £5 Million offer for his up and coming business

By Ben Hardicre on 9th Feb 2017

Mohammed Ali, a 16-year-old from Dewsbury, West Yorkshire may have a famous name to live up to, but he’s already creating his own incredible successes after starting his own company at the age of 12.

He has so far earned over £40,000 creating his own video game, as well as a financial app for the stock market, but it’s his price-comparison site that is really catching everyone’s eye.

The schoolboy, who launched the site with his 60-year-old business partner, has just turned down a whopping £5million offer from American investors.

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.

Picture from Mercury Press

“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 buyers and sellers of various products with constantly updated prices. Ali claims he’s come up with an algorithm that ‘provides real-time quotes instead of the normal pre-fixed quotes you find on insurance sites.’

PIC BY BEN FURST/MERCURY PRESS

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 Ali has spent in one hit so far was £1,400 towards refurbishing his parents’ house. The rest of his £40,000 is currently tucked away in savings accounts to help his business ventures.

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