Taylor Rosenthal, a 14-year-old inventor from Opelika, Alabama, turned down a $30-million-dollar offer for his first-aid vending machine idea (video below).
The teen launched his startup, RecMed, in 2015 and raised $100,000 in investment money.
Rosenthal told CNN that he came up with RecMed as an eighth-grade project while attending the Young Entrepreneurs Academy.
Rosenthal started out going to sporting events and selling pre-packaged first-aid kits, but he realized how much it would cost to pay people to do it. So, he came up with the vending machine idea.
Rosenthal drew out a sketch for his vending machine, consulted with his parents (who work in the medical business), created a working prototype and secured the patent by December 2015.
The first aid machine will sell first-aid kits for sunburns, cuts, blisters and bee stings, along with supplies such as bandages, rubber gloves, hydrocortisone wipes and gauze pads, according to CNN.
Rosenthal is planning to roll out his first-aid machines in the fall, and already has an order for 100 machines from Six Flags amusement parks.
In a video pitch released on May 11, Rosenthal says the devices could also be set up at “hotels, fitness centers, campgrounds, RV parks, music venues, stadiums and schools.”
RecMed will charge $5,500 per machine and make more money with supply restocking fees; selling advertising on the machines and opt-out data are other money-making options.
“It has been amazing watching Taylor grow over the past year into this confident and amazing business man,” Clarinda Jones, Rosenthal’s former teacher, told CNN. “Even with all of his success, he remains humble and ready to help others. He’s just 14. Bill Gates should be worried.”
In the future, Rosenthal is planning to go to Notre Dame “because they have a great business school — and I’m a fan of their football.”
He also has another business idea, but isn’t spilling the beans, yet.
Well done to this little legend. I hope he makes billions. If you would like to book into a first aid course in Canberra and learn the skills to save a life or two contact us at www.canberrafirstaid.com .