The 14 Year-Old Businessman Refusing $30 Million

Taylor Rosenthal was ready for his own big game, when he will exhibit his first aid kit vending machines at the TechCrunch Disrupt event in Brooklyn this week.

Being not worried, even a little bit, the boy is extremely excited about the trip from his home town in the city of Opelika, Alabama. "They say that I am the youngest person ever to be accepted to participate in this amazing event. I think that is very great," Rosenthal said.

Rosenthal’s company – RecMed, was born in 2015 and quickly became popular. He raised a venture capital of over $100,000 and he also rejected a takeover suggestion worth nearly $30 million.

RecMed was derived from a project of Rosenthal when he was one of the 19 students of the youth entrepreneurship academy. "We all must think of a business idea," Rosenthal said, "Every time joining the baseball tournament in Alabama, I see my friends getting hurt and their parents do not have any necessary medical instrument. That is the reason I want to solve this problem." He is currently playing for the baseball team of his high school.

Rosenthal's original idea was to open a store in leagues in order to sell first aid kits. So he tried and quickly realized that this was not the best idea.

"We do realize that paying for a person to stand there for 6 hours and sell our products is way too expensive," he said. Therefore, the idea of a vending machine came out.

Rosenthal then sketched a design of this vending machine and consult with his parents - both are working in the health sector. Until December last year, he finally had a prototype and that was also granted a patent.

Buyers can choose the first aid kit depending on their problem, like sunburn, cuts, burns, or stings (which costs about 6 – 16 USD for each). They can also purchase individual products, such as a medical tape, rubber gloves, or a gauze for 6 - 20 USD.

Rosenthal hopes that he can begin the installation of these machines in the fall. He said it will be located in places gathering many children, such as parks, beaches, and stadiums. Until now, he received an order of 100 machines.

RecMed makes money from the sales of the machines, with a price of $5,500 for each, and from charging the first aid product’s providers. Rosenthal will also allow placing advertisements on the machines.

Clarinda Jones - his teachers at the young entrepreneur’s academy, commented: "Taylor has grown a lot over the past few years, and now he seems like a real businessman. But even so, he remains being very humble, and he is always willing to help other people. This year, Taylor will turn to 14 years old, and Bill Gates is the one who should be worried."

Rosenthal is currently the youngest CEO in Round House - an organization supporting small businesses in Opelika. Here, you have a private office as well access the counseling team and receive $50,000. In return, he had to cede a 20% stake.

"Taylor takes advantage of every minute after school to study. Christmas last year, we had to use all means to make him celebrating Christmas. Taylor is an extremely focused person," Kyle Sandler – the founder of Round House, said.

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