This 14-Year-old CEO Turned Down $30 Million Offer for His Start Up

This 14-Year-old CEO Turned Down $30 Million Offer for His Start Up

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Taylor RecMed First Aid Vending screenshot CNN

This teenager came up with a $30-million idea that seems so simple, big companies are kicking themselves for not thinking of it first.

Taylor Rosenthal created a company that sells vending machines for public venues like sports stadiums and amusement parks to allow people to buy first aid kits on the spot. He thinks the machines will be a money maker for himself and a godsend to parents when their kids suffer a scrap, bruise or bee sting.

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“Instead of having to wait in that long EMT (Emergency Medical Technician) line for an hour, wasting possible fun time,” he told CNN, “you could go to our machine and get quick and easy access.”

When he started pitching RecMed to investors, it was so impressive the 14-year-old was able to quickly raise $100,000 in start-up capital for building the machines.

A large, but unnamed, health care company got wind of his business and offered him $30 million for the company outright, but Taylor turned them down seeing even more return on his idea in the future.

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The Alabama teen came up with the idea while playing baseball and watching parents scramble to find Band-Aids for their kids when they skinned their elbows and knees.

He first tried setting up a stand and selling basic first aid kits, but it proved too expensive to turn a profit. So the young entrepreneur “pivoted,” as he put it, to creating a vending machine that would do the work without having to pay a salesperson.

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The machines dispense prepackaged kits designed for different needs. Selling for $5 to $25, the kits will contain anything from simple bandages and ointments for cuts or sunburns to protective gloves and gauze pads.

The Six-Flags theme park chain has already put in a soft order for 100 of Taylor’s RecMed machines.

(WATCH the video below from CNN) — Photos: CNN

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