It is the story that became irresistible to investors, journalists and, ultimately, Yahoo: the wunderkind with the killer app who became an “overnight” millionaire. In London, where 17-year-old Nick D’Aloisio lives, works and goes to school, his rise has also been seen as a sign that the city can rival Silicon Valley as a centre for tech and innovation.

Of course, the tale of the teenager and Summly, his iPhone newsreader for which Yahoo paid almost $30m this week, is more complicated than that. It illustrates that a catchy idea and a strong, global network are just as important as the underlying technology – if not more so. And it shows that while London is right to be excited about Silicon Roundabout, it remains the precocious adolescent to the Valley’s sophisticated adult.

Despite Summly’s origins in a south London bedroom, Mr D’Aloisio became a millionaire by using the classic Valley playbook. Armed with the right idea at the right time – a newsreader for the TL; DR or “too long; didn’t read” generation – he also realised the importance of showmanship and of a lucrative network of global contacts.