Teen Ditches College, Builds Towel Business to £750,000 Annual Revenue
Sixteen-year-old Harrison Nott's evaporative cooling towel business, CoolTowel, has seen significant growth, attracting investment from former footballer Rio Ferdinand.
A 16-year-old entrepreneur has revealed his success in building a towel business that generates £750,000 in annual revenue after he chose to forgo college. Harrison Nott, a squash player, launched CoolTowel in 2023 from his bedroom with the goal of creating towels that offer instant relief from heat.
The towels utilize a three-layer polyester fabric designed for evaporative cooling. Users wet the towel, wring it out, and snap it in the air to activate the cooling effect.
Business Breakthrough
Nott's venture gained significant traction last year when he won the Alibaba Concrete Pitch Event, securing a £150,000 prize against 15,000 international competitors. Among the judges was former England footballer Rio Ferdinand, who was impressed enough to invest in CoolTowel and become its head of partnerships.
"Having that name backing the business is quite a significant thing so it was a no-brainer when he offered to spend his time on it," Nott said of Ferdinand's involvement.
Educational Sacrifice
While managing his burgeoning business, Nott also completed his GCSEs. However, he made the decision, with his parents' support, not to pursue higher education, a path he described as "stepping away from the norm."
"I think it is frowned upon in the UK to not go into education and go full-time into entrepreneurship," Nott stated. "All of my friends are going to college and seeing each other, and I am on a different path which was a bit sad but it was a sacrifice that had to be made."
Rapid Growth and Challenges
Following his win, Nott met with Ferdinand in London, solidifying their partnership. Shortly after, Nott traveled to Los Angeles, where he met celebrities including James Corden. Upon his return, he discovered that all of his stock had sold out in just two days, generating £100,000 in revenue in a single night.
He then implemented a pre-order system to manage demand, which was further boosted by heatwaves in the UK. In one week, the company sold £600,000 worth of stock, pushing the year's revenue to over £750,000.
Despite the success, Nott has faced challenges. Issues with TikTok shop canceling orders resulted in lost sales during crucial heatwave periods. Additionally, scammers have used his image in fraudulent advertisements, with one campaign reportedly generating 20,000 orders. Nott also noted that while revenue is high, significant costs associated with advertising and affiliate commissions mean the business has not yet turned a profit.
"It was all a punch in the face at once. It has been very good, with a very terrible last few months," Nott said. "The future is looking a bit brighter. We have got big plans. It is not just a business in my bedroom anymore, it is a brand that is helping people properly."
He expressed optimism for the future, stating, "It isn't physical cash in bank yet but I have got a lot of stock and assets. If we keep going we should break even."
