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Teen Ditches College for £750K Towel Empire
12 Oct
Summary
- A 16-year-old entrepreneur skipped college to grow his towel business.
- His company, CoolTowel, achieved over £750,000 in revenue this year.
- Rio Ferdinand invested in the successful venture after a competition win.
Harrison Nott, a 16-year-old entrepreneur from Essex, has opted out of attending college to dedicate his time to CoolTowel, a business he launched in 2023. This year, CoolTowel has achieved a remarkable revenue of over £750,000, fueled by increased demand during the UK's summer heatwaves.
Nott's entrepreneurial journey received a significant endorsement when he won the Alibaba.com CoCreate Pitch competition, surpassing 15,000 global participants to secure a £150,000 prize. Impressed by the young businessman, former England footballer Rio Ferdinand subsequently invested in CoolTowel.
The reusable cooling towels are activated by evaporation; users wet, wring, and snap the towel for a cooling effect. Demand surged during recent heatwaves, with Nott reporting sales of around 80,000 units via TikTok Shop and Shopify, contributing to the impressive annual revenue.
Despite achieving substantial revenue, CoolTowel has not yet turned a profit due to expenses such as advertising and affiliate commissions. Harrison has also navigated challenges including stock shortages and issues with platform pre-order handling. He remains optimistic about the business's future, aiming to break even as it continues to expand.
Rio Ferdinand's involvement extended beyond investment, offering mentorship and helping Harrison build industry connections. The teenager also visited Los Angeles, meeting Ferdinand and other notable figures like James Corden and Javier Hernandez, further broadening his network and opportunities.
