14 year old Taylor Rosenthal, the CEO of RecMed, turned down a $30 million buyout for his company which makes first aid vending machines to be used at theme parks and stadiums. Either he is absolutely crazy or this product is going to be the next Red Box!
He came up with the idea in his 8th grade class called the Young Entrepreneurs Academy, where he took his experience playing baseball and transformed it into an innovative and lucrative business idea. He realized most parents didn’t have access to basic first aid kits when their kids got injured playing baseball. To solve the problem, he began sitting at tournaments selling pre-packaged first aid kits.
However, he also realized there would be prohibitive costs if he were to employ someone under the minimum wage to sit at the tournament all day. In order to solve this new challenge, he decided to automate the process with vending machines. Watch Taylor’s pitch to the Young Entrepreneurs Academy:
Taylor believes this product is perfect for amusement parks, hotels, fitness centers, campgrounds, RV Parks, music venues, stadiums, and schools. He even has four possible revenue streams already mapped out selling opt-out data, and the wholesale, advertising, and refilling of the machines.
Rosenthal claims to have already gotten a soft purchase order for 100 units from a national amusement park. Watch Taylor’s story here:
One thing is for sure; Rosenthal has some big ideas and is willing to take a risk on them. The future definitely has some innovative and entrepreneurial minds that are willing to fully embrace capitalism.
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