British Pakistani boy rejects £5 million offer for his website
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A British-Pakistani schoolboy has rejected a massive £5 million offer for his website as he claims it’s worth a lot more.
Mohammed Ali from Dewsbury, West Yorkshire created the price comparison website in his bedroom in six months. He was offered an exorbitant sum of money for it by an American investor. However, rejecting the offer, the teenager revealed he’s set to roll out his website which he claims is unrivaled by competitors. “We met the investors in London, they were a global data driven company, and they didn’t realise I created all the technology involved,” said Ali. “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,” said the 16-year-old. “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,” he added.
The price comparison website is a joint venture of Ali and his business partner Chris Thorpe, an entrepreneur from Scarborough. Thorpe founded WeNeed1 in 2009 as a reverse marketing platform designed to introduce buyers to sellers of goods and services in the UK, but it wasn’t until he arranged a meeting with Ali that the idea took off.
The 16-year-old then developed an algorithm which provides real time quotes instead of normal pre-fixed quotes users find on insurance sites. The website is designed to alert both buyers and sellers of available products, everything from properties to electronic items, with constantly updated prices.
