17-year-old Sells App to Yahoo! for $30 Million

March 27, 2013 Updated Mar 27, 2013 at 9:11 PM EDT

By Mitch Simon

March 27, 2013 Updated Mar 27, 2013 at 9:11 PM EDT

LONDON (WKBW) - 17-year-old Nick D'Aloisio has been developing apps since he was 12, and came up with an app at his home in London two years ago, which he just sold to Yahoo! for a huge price tag.

D'Aloisio created Summly, a mobile app that searches for snippets of news and makes them better suited for smartphones. The app is full of summarized versions of news articles optimized for smartphones.

D'Aloisio started developing Summly at 15-years-old and recently sold it to Yahoo! for $30 million.

Yahoo! purchased the app in their recent string of acquisitions intended to bolster their mobile sources.

In an interview Tuesday with Bloomberg, D'Aloisio spoke about his role models, including Apple's former CEO, the late Steve Jobs. Jobs' words struck a nerve with the young millionaire.

"I think he said something brilliant, like loads of people just don't ask," said D'aloisio. "And if you ask, and you really do try and get yourself out there and get the product out there, people do tend to help. So that, I think is the most important thing: tinacity to keep persevering."

D'aloisio did have help with his venture. He works closely with NewsCorp and was backed by Chinese investor Li Ka-Shing and some Hollywood investors including actor Ashton Kutcher and artist Yoko Ono.

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