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A year 8 student from Alabama has created a product that the world wants to see, yet he has turned down an incredible offer of $41 million for the idea.

14 year old Taylor Rosenthal created a vending machine which dispenses first aid kits, he has called his company RecMed and has launched a website to tell the world about the idea he developed in a Young Entrepreneurs class at school.

The idea is for a vending machine that dispenses first aid kit to customers, for a fee. These vending machines would be sold to sporting arena’s, parks and other area’s where accidents have the potential to occur. The business would hold the license to re-stock the vending machines, plus they have the potential to place advertising on the machines themselves – creating an even bigger revenue stream.

The RecMed website states:

Whether you’re at a local youth athletic event, a national park, or in line for a roller coaster, accidents and injuries happen. RecMed’s goal is to ensure first aid kits are always nearby – no matter where you are. Perfectly packaged for kids and adults alike, RecMed First Aid Kits offer a revolutionary new way to purchase critical emergency supplies when you need them the most!

 

Since receiving the patent for his idea, the young entrepreneur has received many offers, one of which was a takeover offer worth $41million AUD.

What an amazing teenager! We are very excited to watch his idea take off. SHARE your thoughts with us in the comments below.

Main image source: RecMed

  • At first – I thought why would you refuse that is so much money! However upon thinking about it, it could be a clever thing. There is obviously interest in the product therefore it could provide a steady income for the family for the future and he would still have control over the business. If he sells, his name will not necessarily be known for long.

    Well done!

    Does sound like a required invention!

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  • this is such a great invention, imagine being offered that amount of money and turning it down…what a strong boy

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  • Personally I wouldn’t have turned down all that money! :-)

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  • What a great idea. Good on him for coming up with this and resisting the temptation to make lots of money now as the business will likely deliver a good revenue stream for years to come.

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  • Good for him! Lets see him succeed! I bet he can do it himself!

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  • Wow, that’s amazing. Good on him

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  • Good on him, hope he has a patent for it, so no one can steal his idea. Maybe holding out for more money or wants more control of how it is produced. He would have had someone helping make the decision.

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  • Amazing that he turned down the money – but he probably thought ‘if that’s what I’m offered now, how much will this idea make for me and my family in the long run’. Do hope he continues with his entrepreneurial ideas and becomes another philanthropic Bill Gates.

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  • Maybe he doen’t want it taken over by an overseas owned company
    Also he can’t get a guarantee that they will run the business as they should.
    Although he would later have all that money he probably feels he needs to work, not so much for the money but not sit down and do nothing

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  • I hope he has a patent on this idea. I personally would have taken the money.

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  • Hmm….turning down that money sounds silly but considering it has the potential to be a world wide product, its probably a sensible move. Clever boy

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  • Wow, what a clever boy. At 14 i was begging my parents for new fashion fad ie shoes not on my way to be multi millionaire. Good on him!!

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  • I wonder why he refused? That’d give him total freedom for the rest of his life.

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  • I like when he thinks of other people besides himself.. pretty mature for his age too….I hope whatever he does, wish him all the best…im pretty sure he knows why he has put down that amount of money. would be interesting to know why.

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  • why did he refuse? Great idea!!

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