A 14-year-old entrepreneur rejected a $30 million offer for his first-aid vending machine idea.
Taylor Rosenthal, 14, created RecMed, a vending machine that dispenses first aid products, and the young CEO spoke to Fox Business‘ Varney & Co about his business path.
Rosenthal came up with the idea in eighth grade when enrolled in the Young Entrepreneurs Academy class. Having played baseball for 10 years, he recalled difficulty in finding an adhesive bandage whenever a player got hurt.
Stuart Varney commended Rosenthal for how “the vending machine gets around the minimum wage cost and the cost of labor.”
The $30 million offer came from a major healthcare company, Rosenthal said. “It took a while to think about it, but it felt like the time wasn’t right. We kind of wanted to grow and develop the company a little bit more and maybe later in the run it will be worth a little bit more,” he explained.
Rosenthal assured Varney he would take an offer for $50 million, however.
The product is not on the market yet, but Rosenthal hopes to release it by fall. He showed off the idea at the TechCrunch Disrupt conference in New York City.
