This 14-year-old rejected a $30M offer to buy his startup--and it's only the beginning
From May 9 to May 11, Brooklyn hosted its annual TechCrunch Disrupt, an event that showcases exceptional startups and technological breakthroughs.
Among the incredibly innovative guests invited this year was a 14-year-old boy from a small town in Alabama named Taylor Rosenthal.
In fact, Rosenthal is the youngest entrepreneur to ever attend the event, but that's not the only thing that has people talking, according to CNN Money.
His startup is called RecMed, a vending machine that sells first aid kits of varying prices and models.
The machines are intended for areas with high-volumes of children, presumably where they'll be outdoors and active, like sports fields and stadiums.
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Amusement parks and popular tourist attractions are also an intended market--Six Flags has already placed an order for 100 machines.
Given that each of Rosenthal's machines go for $5,500 a piece, that's a solid $550,000 deal (plus the constant cost of restocking the machines and any additional advertising deals on the machines that Rosenthal decides to make).
With this small deal as an example of how much success is potentially in store for the young entrepreneur, it's no surprise that he's denied a $30M offer for the rights to his idea.
Now that's dedication to your product.
RecMed began as a project in a Young Entrepreneurs Academy class, which snowballed in to a legitimate business plan and acquisition of a patent for Rosenthal.
SEE ALSO: This 11-year-old just scored a very sweet $11M deal with Whole Foods
His inspiration came from watching his baseball teammates and opponents get injured during games:
"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."
There was a clear demand a lack of solution, so Rosenthal invented one-- he seems to have the seasoned entrepreneur formula down pat.
Rosenthal's office space is set up at Round House, which asks for a 20 percent stake in RecMed in exchange for a $50,000 investment.
Rosenthal has raised over $100,000 from angel investments to date.
His anticipated (and current) success hasn't left the mini-businessman feeling overconfident, however.
His bag plans for the future? More education:
"I'd like to go to Notre Dame because they have a great business school -- and I'm a fan of their football."
He intends on pursuing a degree in business.
Watch this exclusive interview with Taylor:
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