Tomahawk, WI 3/26/2013 (BasicsMedia) - The 17-year old founder of mobile news app Summly plans to finish school and start more companies, not resting on his laurels after Internet giant Yahoo! (NASDAQ: YHOO) purchased his product and made him a multi-millionaire.
Nick D’Aloisio’s Summly summarizes and aggregates whole news stories into snippets regardless of who publishes them. The app was snapped up on Monday for an undisclosed fee. Media reports suggest the deal is worth around $30 million.
“We see Summly as being really valuable for consumers on their phone in Starbucks (NASDAQ: SBUX) when you have five minutes and want to know what’s happening in the world. These summaries are a lot easier to digest and consume than full length content,” he told CNBC Tuesday.
D’Aloisio was just 15 years old when he created the app and started programming at the age of 12. Despite his tender years, he told CNBC that his new-found wealth hasn’t gone to his head.
“I don’t have anything I want to buy immediately. Over the next few months while I get this money it will be invested appropriately and kept safely in trust funds. It’s there for when I’m older and want to start another company and can use my own money instead of raising VC (venture capital) money. That’s where it could be really useful. I do want to start another company somewhere in the future,” he said.
“I started this as a hobby. I didn’t even know about venture capital funding, I fell into that. So going forward as long as I remain focused developing production, applications. If I branch out of technology into business. If I keep a clear head on what I want to achieve working at companies, I think that will keep me grounded.”
D’Aloisio said he still has plans to complete his school exams although he is now officially a Yahoo employee. His work now teams up with Yahoo’s growing mobile expansion under the leadership of new CEO Marissa Meyer.
Since her arrival last year Yahoo’s stock price has risen by nearly 50 percent as the Internet search giant battles rival Google (NASDAQ: GOOG) over market share.
“They have all these assets they’ve had since the 1990s and all they need to do is package it up into a beautiful user experience on the mobile device,” D’Aloisio said.
“There’s a real opportunity there and we see Summly fitting perfectly into that model.”
Disclaimer: We have no position in any of the companies mentioned in this article.