Fourteen-year-old Taylor Rosenthal declined a $30 million offer for his startup company that makes computerized and robotic vending machines that dispense first-aid products.
“At the time, I felt the deal wasn’t right — I felt like I wanted to grow and develop the company from what it was, which drove me to turn it down,” Taylor told CNBC.
But Taylor admitted that he would part ways with his company — called RecMed — if someone would offer him $50 million.
The bright teenager from Opelika, Alabama only launched the company last year, which first began as part of a Young Entrepreneurs Academy class.
“We had to come up with a business idea,” Taylor told CNN.
“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.”
As you may have guessed from that, Taylor hopes to have his machines used in public spaces such as sports grounds and amusement parks where people could make use of his products such as band-aids, gauze pads, and prepackaged first aid kits for any minor mishaps.
Taylor has yet to sell any of his dispensing machines, which have the price tag of $5,500 each, but CCN says that Six Flags theme parks have put in an order for 100 of his machines.
Both of Taylor’s parents work in the medical industry. See the CNNMoney video featured at the top to learn more about Taylor and how he came up with the idea for the vending machine.