Muslim Schoolboy Rejects £5mn from American Investors for Money-Saving Website*
Mohammed launched his first business at the age of 12 (Photo: Ben Furst/Mercury Press)
A Muslim schoolboy 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 said:
“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.
“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 the latest venture, weneed1.com , Ali said he “developed an algorithm which provides real-time quotes instead of the normal 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 teenager, who is studying Law, Geography and English A-levels, said he tried to act responsibly with his money.
The student said the majority of his hard-earned cash is placed in a savings accounts to help fund his business ventures.