On the surface, Nick D’Aloisio’s story is the kind tech lives for, and sometimes regrets. It’s the tale of a kid selling an obscure startup for an inflated price, and then it becomes as irrelevant as Netscape, and its buyer’s remorse is part of the company’s enduring legacy.
But the story of Summly, a startup whose app appeared in the Apple Store only five months ago and was purchased on Monday by Yahoo for a reported $30 million, isn’t part of this trite arc.
This isn’t a boilerplate tale about a youngster hitting the jackpot, a former Internet giant trying to buy a relevance makeover, or even about an intriguing programmatic way to summarize news. It is about the future of search.
D’Aloisio’s youth – he’s 17 – and windfall are interesting data points, even if all the work behind the magic algorithm isn’t the sole product of this high schooler’s brain. Like all really good ideas, Summly’s is simple: Anything can be summarized, but by having a computer do it, the number of things you can summarize — and the speed with which it can be done — are massively increased. As an app, it filtered news stories and — Presto Chango! — spit out the CliffsNotes version, optimized for a smartphone’s tiny screen (and our infinitesimal attention span).
If nothing else, D’Aloisio put together a company with serious backers — the first was when he was 15, and then some eyebrow-raising names like Yoko Ono and Stephen Fry and Ashton Kutcher followed. These investors were either captivated by this young man or captivated by his idea, despite him.