Muslim schoolboy, 16, rejects £5 million offer from US investors for his money-saving website
LONDON - A Muslim schoolboy in Britain has rejected a multi-million pound offer from American investors for his latest business venture before it has even launched.
Mohammed Ali, 16, from Dewsbury, West Yorkshire, is set to unveil a money-saving website with his 60-year-old business partner, Chris Thorpe, and insists its value will soon outstrip the £5million the pair were offered.
The techno-smart teenager has already made more than £40,000 by creating his own video game and a financial app for the stock market after teaching himself how to code.
Ali claims the price comparison site is unmatched by competitors and can become a “household name”.
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 realize 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 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 28 January 2017, the young entrepreneur said he now hopes to inspire other teens to get involved in the business world, the Mirror reports.
The teenager, who is studying Law, Geography and English A-levels, said he tried to act responsibly with his money. Majority of his hard-earned cash is placed in a savings accounts to help fund his business ventures, he added.
Previously, Ali 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.
“Right now I work from the bedroom day and night but we're launching this globally so we will need to travel more.
“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.”
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