Nick D’Aloisio: Summly App
There are people in this world that are Game Changers, and Nick D’Aloisio is one of those people. D’Aloisio founded Summly at the age of old. He never imagined at the time that one day actually overnight his app would be worth millions. In 2013 he sold the Summly App to yahoo for a cool 30million dollars.
The summly app, D’Aloisio designed, condenses long pieces of text into a few representative texts. A simple app providing a simpler way to browse and search the web by automatically summarizing search results, webpages and news articles.
The idea is you find a webpage you want (or rather, it helps you find the page you want) and then, rather than wasting your precious time reading the whole content on that webpage, summly would summarise the key points using a patent summarising technology.
Before summly, D’Aloisio had created an app called “Trimit,” in March 2011 for iOS. Apple described Trimit as a new and noteworthy application. Trimit’s potential also caught the attention of Hong Kong billionaire and serial investor Li Ka-shing, he gave D’Aloisio $300,000 in venture capital funding. D’Aloisio, a young man at the time, but very smart and wise used the feedback he got from consumers of Trimit, as well as the financial investment to completely re-design the application and prepare for its re-launch as Summly. He also used the investment to acquire a patent to protect his innovation. The patent is titled a “Method and apparatus for automatically summarizing the contents of electronic documents,” WO/2013/066497.
D’Aloisio now armored with a patent protection was able to raise more money, He raised another round of investement $one million dollars$ from a number of investors including Ashton Kutcher. The extra funding allowed him to acquire new staff and collaborators and D’Aloisio began commercial negotiations with a number of news organisations.
March 2013, after about one million downloads, 90 million summaries read, an Award form Apple in 2012 for ‘Intuitive Touch,” it was announced that summly was going to be acquired by Yahoo for a cool $30 million dollars. D’Aloisio became one fo the youngest ever self-made millionaires at just 17 years old.
Now that the app has been purchased by Yahoo, it has been taken off the App Store, it may return later among Yahoo’s multiple products.
Things we learned from D’Aloisio:
- Believe in your idea
- Invest in protecting and developing it
- Devote the hours, days and years required to achieve your objective
So dont stop believing, work hard, work smart, put in the necessary time, and one day maybe You and i will be among the “Game Changers” of the world.