Teenagers millionaires overnight.

[domaingenius]

Two Irish teenagers sell software company for £2.5million

DUBLIN (Agencies)
Two Irish teenage brothers, one of them still at secondary school, have become overnight millionaires after selling their fledgling software company.
John Collison, 17, and his brother Patrick, 19, are two of the four main shareholders in Auctomatic, a US-registered firm thought to be worth $5m (£2.5m). Patrick Collison, a former winner of Ireland’s BT Young Scientist of the Year 2005, confirmed that he and his brother had become millionaires after their company was bought by the Canadian firm Live Current Media. Two large US internet companies are understood to have bid against Live Current Media, which drove up the price of the Limerick-based business. The Collisons’ firm, Auctomatic, provides web-based software for heavy users of the eBay auction site, enabling them to manage inventory more efficiently. The service was only started last summer.
The brothers set up Auctomatic in early 2007 but were unable to find funding from either Enterprise Ireland, the state investment body, or any private Irish investors. Instead, they won backing from Y Combinator in California’s Silicon Valley. Patrick Collison will work with Live Current in Vancouver, while his brother sits his school-leaving exams in Limerick. Live Current had a turnover of $8.4bn in 2006 and a market capitalisation of $57.69m. It owns internet addresses such as perfume.com, cricket.com and brazil.com.

 

[domain newbie]

why no post the link :?:

 

[ArjunDhawan]

WOW!

An inspirational story

...Yes, the link would be a good idea

 

[Warrior]

Sounds like they put a lot of hard work in it. These two were millionares before they sold it.

 

[H2FC]

sounds like they sold too cheap

 

[copper]

why no post the link :?:

Why not try simplest thing.
Auctomatic + .com
Isn't that why .com is THE king?

They are whiz kids.
Patrick Collison wrote his own programming language when he was 15

 

[Ehsan]

checkout there blog http://blog.auctomatic.com/?p=129 , in the blog guy named Harjeet is mentioned as the cofounder ? http://auctomatic.com/about

 

[Warrior]

Here's another link to the story;

http://www.enn.ie/article/10124115.html

 

[tonyfloyd]

Bored.com went for $4.5 mil...and this company for only $5 mil?...sold out way too cheap indeed!

 

[hugegrowth]

Great story. At least they had some competitive bidding to reach their price. That's a lot of money to anyone, how could they not sell? A support program for ebay can only be worth so much, it wasn't the next facebook or anything.

 

[Mahouni]

Sold cheap, maybe, maybe not.. What ever the case that's big money for guys in teen age still.

Hopefully they will spend some of it for something useful, like impressing women

 

[acronym007]

too cheap, who cares? Do you know what can be done with a million plus dollars?

 

[PRED]

too cheap, who cares? Do you know what can be done with a million plus dollars?

exactly

bird in the hand and all that

 

[PeterMan]

That kind of money to a couple of teenagers is worth way more than it would be to us "older" folks... They have so much time ahead of them to do so many things with that much cash...

I bet they have some really big plans and this money will probably get them to where they really want to be...

or they live it up and party like I would ;-)

 

[copper]

I hope $ don't ruin them.
I personally seen young kid ruined his life with sudden wealth.

 

[Warrior]

Hopefully they will spend some of it for something useful, like impressing women

You only attract Gold diggers that way. It's best to keep a low profile and pay for a hot looking hooker when your lonely. You don't have to worry about commitment, pregnancy or taking her out to dinner. And your guaranteed to get laid!.

Not that I ever did that :uhoh:

 

[dolansco]

Funny part is that Irish Enterprise Board effectivly told the 2 lads to P*ss off .
Now they are "rethinking" the way young entreprenuers are facilitated.(lol)
The boys had to go to USA for funding ....

So they wre not only a business/financial success while still spotty , but they may have also changed the way a Government looks at funding smalll business ( which is also a hugh accolade IMO )

 

[mediawizard]

Wow, just goes to show where the money's at.

Time to get back to development methinks

Find a need, fill the hole Not along Warrior's thought process though

 

[godolphin]

Good to know that someone has achieved success. Hope they create many more useful softwares to solve issues, save time and money!

 

[zuriko]

Funny part is that Irish Enterprise Board effectivly told the 2 lads to P*ss off .
Now they are "rethinking" the way young entreprenuers are facilitated.(lol)
The boys had to go to USA for funding ....

So they wre not only a business/financial success while still spotty , but they may have also changed the way a Government looks at funding smalll business ( which is also a hugh accolade IMO )

Definitely!!!)))