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News Link • Intellectual Property

The 17-Year-Old Whom Yahoo Paid $30 Million Was Licensing His Startup's Core Technology

• Business Insider

Yahoo made big news this week when it bought Summly, a startup with a 17-year-old CEO named Nick D'Aloisio, for $30 million.

The acquisition was led by Yahoo HR boss Jackie Reeses.

Before Yahoo shut it down, Summly was an app that skimmed the world's sources of news, edited it all down to fewer words, and distributed it to readers in a personalized way.

Yesterday, we pointed out that the deal was odd for several reasons:

Summly never had many users or any revenues. Yahoo is shutting the app down. Yahoo is saying the point of the deal is to have Summly's CEO help lead the company in mobile.

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