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Money Why a 26-Year-Old Turned Down $100 Million Offer for His Startup

18:36  05 june  2018
18:36  05 june  2018 Source:   msn.com

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Taylor Rosenthal is making waves in the tech space and for a good reason! The 14- year - old entrepreneur recently turned down a million offer to buy his startup RecMed.

Foursquare, for example, turned down over $ 100 million early in its lifecycle, and its exit opportunities now look somewhat grim. You can't fault a passionate entrepreneur like Morin for turning down a lot of money to see his startup through.

a person standing in front of a sign: Carousell CEO Quek Siu Rui Interview © Bloomberg Carousell CEO Quek Siu Rui Interview

Above: Quek Siu Rui

A few years ago, Quek Siu Rui huddled with the board of his Singapore startup to consider whether to sell. Quek was only 26 and the $100 million offer would have made him wealthy beyond his dreams. But he said no: He wanted to keep building the business.

Good call. Quek’s company, an app for selling used goods called Carousell, is now valued at about $500 million, according to a person familiar with the matter. The CEO doesn’t regret his choice. “This is a once-in-a-lifetime opportunity,’’ Quek said in an interview. “We want to build an enduring company.’’

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Three months later, Morin turned down a $ 100 million buyout offer plus a million earn out over four years from Google. At TechCrunch Disrupt, Moskovitz admitted his role in Morin's decision to decline Google's offer .

Six-year-old Carousell operates in seven markets including Singapore, Hong Kong and Australia and is one of the region’s most popular virtual flea markets. People use it to sell everything from second-hand cars and couches to game consoles and, as of this week, purple wigs.

After raising $85 million in a recent funding round, Carousell plans to build out its existing markets, which also include Indonesia, the Philippines and Taiwan, before expanding to more countries. It’s part of a league of classified marketplaces, including Seattle-based OfferUp Inc. and Japan’s Mercari Inc., that are aiming to challenge Ebay Inc. and Craigslist Inc.

“Carousell started in a fresh market with a new product offering that was tailored for Southeast Asia,’’ said Vinnie Lauria, founding partner at Singapore-based Golden Gate Ventures, a long-time Carousell backer.

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This 14- Year - Old turned down a Million offer for his First-Aid vending machine startup . A 7- Year - Old Tricked Her School Into Letting Her Go Home With A Note ft.

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Quek and his partners, Lucas Ngoo and Marcus Tan, got to know each other as students at the National University of Singapore. The self-described geeks bonded over their hobby of buying and selling gadgets online. As part of a university program, they spent a year in Silicon Valley and attended talks by entrepreneurs, including Facebook Inc. founder Mark Zuckerberg.

Carousell CEO Quek Siu Rui Interview © Bloomberg Carousell CEO Quek Siu Rui Interview

Carousell headquarters in Singapore.

They founded Carousell in 2012, naming it after the Kodak Carousel projector featured as the cutting edge of technology on the TV drama "Mad Men.” They won over millennial fans by making the shopping experience as simple to use on a mobile phone as Instagram or WhatsApp.

Quek, now 30, drew inspiration from Zuckerberg, who also turned down buyout offers in his early years. Facebook has since become something of a rival with the debut in Singapore this year of Marketplace, its platform for consumers to sell used items. Quek isn’t too worried. “The launch of Facebook Marketplace is a validation that the problem we are solving is massive,’’ he said.

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Remember that 14- year - old entrepreneur who made headlines for turning down a million buyout opportunity? Well, he has a magic number for selling his vending machine company, RecMed, and it's a cool million . Taylor Rosenthal, a ninth grader from Opelika, Alabama, launched RecMed last year.

This 14- Year - Old Just Turned Down Million . Here’s Why . How to Start a Business When You’re 14. His startup , RecMed, began as a project in a Young Entrepreneurs Academy class.

Carousell CEO Quek Siu Rui Interview © Bloomberg Carousell CEO Quek Siu Rui Interview

The Carousell app.

The three founders have turned to machine learning and artificial intelligence as they try to shorten the listing process from few minutes to a few seconds. When a user takes a photo of an item, its app can recognize a pair of sneakers or a bag and suggest a category and title. That’s helped Carousell grow to more than 144 million listings. The company is now working to suggest optimal pricing.

There are local touches too. Its popular in-app chat recommends a response based on the conversation. They include Singaporean-English (or Singlish) phrases like “Can or not?,’’ a way of asking if something is possible, or “Wait ah,’’ which means wait a moment.’’

This month, the company will roll out CarouPay, which allows users to complete transactions without leaving the app. It’s already unveiled premium services for sellers, paid ads and subscription services for car dealers and property agents in Singapore.

“The rise and evolution of Siu Rui has been phenomenal,” said Kuo-Yi Lim, managing partner at Monk’s Hill Ventures in Singapore, which is not a Carousell investor. “Without question, they are going to be attractive to a lot of people. The question for Siu Rui and his team is, ‘Is this the right company to sell out to? Is this the right time to give up control or should we continue to shoot for the moon?”’

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This 14- year - old created a vending machine for first-aid kits 3:07 PM ET Wed, 20 July 2016 | 00:41. Taylor Rosenthal can't even legally drive but has already turned down a million offer to buy his start - up RecMed, CNN Money reported on Tuesday.

Rosenthal’s idea for a first-aid dispensing vending machine has already raised $ 100 ,000 from private investors and received an order of 100 machines from Six Flags. Rosenthal was also reportedly offered million from a “large national healthcare company” for his idea

Quek acknowledges he continues to get deal inquiries -- but the company is still not for sale. “We want to be in the driver’s seat,’’ he said. “We are less than 1 percent done.’’

NOW SEE: Self-made billionaires - how they got started (Photos)

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Source: http://uk.pressfrom.com/news/money/-262139-why-a-26-year-old-turned-down-100-million-offer-for-his-startup/

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