A teenage tech prodigy has turned an eye-watering £5 million for a website that he set up in his bedroom. Mohammed Ali, 16, created the price comparison website, weneed1.com, in his bedroom but estimates that it will be worth far more than £5 million in the future.
The website uses Ali’s specially made algorithm to provide users with ‘real time quotes instead of the normal pre-fixed quotes you find on insurance sites.’
He said, “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.’
Weneed1.com was set up in partnership with his 60-year-old business partner Chris Thorpe and is set to go live on January 28th.
Ali, an A-Level student from Yorkshire, explains, “The offer was rejected in December, just before Christmas. 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 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.’
It’s not as though Ali is struggling for money however. The shrewd up-and-coming business man sold his Project 2006 video game back in 2012 for £30,000.