Yesterday we told you a little bit about Taylor Rosenthal and his company, RecMed. Rosenthal, currently a high school freshman, came up with his idea during an eighth grade class, the Young Entrepreneurs Academy (YEA). Throughout the course of the semester-long class, students in YEA go through the stages of building a company: come up with an idea, perform research to determine the viability of a company/product, create and refine a business plan, and finally the class concludes with the students pitching a panel of investors for seed money. Rosenthal’s idea, though it has changes a bit since the class, was good enough to land him at the regional finals for YEA.
Initially, Rosenthal was going to operate pop-up shops at various sporting events, family events like fairs, and other different family-oriented events and shows that would sell first aid supplies. The idea being, anytime there is a large gathering of people, especially when kids are present, there are bound to be injuries. Rather than relying on the first aid staff at these events, if they are even present, Rosenthal wanted to offer people the chance to provide first aid themselves.
Again, this idea was good enough to get Rosenthal and RecMed all the way to the regional finals of YEA. However, RecMed soon ran into a logistical problem. The cost of paying someone minimum wage to operate one of these pop-up shops would just about eliminate any shot at profitability. So, like any great entrepreneur, Rosenthal pivoted RecMed away from the pop-up shop medium, to a computerized and robotic vending machine. This move has already proven successful.
Early in 2015, Rosenthal turned down $30 million offer for his company, and with good reason. The company now has a soft purchase order for 100 of its computerized and robotic vending machines, and is growing rapidly.
Rosenthal, a native of Opelika, Alabama, has already been offered a full ride to college as a result of his entrepreneurial success.
The young man, just came in second place at the 2016 CES Techstars Lifestyle and Digital Health startup pitch competition. Below is his pitch and Q&A session with the judges. Pay careful attention around the 2:00 mark of this great Q&A: