This is always the case when these young and wealthy prodigies are being covered by the media. They always invent a toy that the industry already tried or keep trying to make practical. Practical as in not just performance, but cost too.
A kid stumbles into the idea though and has the gumption to actually carry it all the ways to a "working" prototype, which inevitably wows everyone who isn't in the field (pretty much everybody).
Most likely this is an already existing design, which is rarely used because of something that makes it impracticable on a bigger scale.
But because some smart kid happened to toy around with it, it's suddenly the new technology that will revolutionize the car business.
Even though the probability is low that he is founding a revolution in magnetodynamics, I personally found this story more inspiring than a blog post about the latest front-end Javascript framework.
Probably a $300-400 setup, which is not nothing, but well within reach of most families.
Here is Robert, 17, currently working on his Private Pilot Certificate. His hobby is dicking around with 3D printers and drones.
https://linkedin.com/in/robert-sansone-62116b1b7
I don't even want to link the second winner, but he is very connected in Saudi Arabia. Let's just leave it there.
I would point out that most kids with Robert’s access to resources would be smoking pot and playing Xbox, just like their poorer brethren. As someone without his resources competing at a science fair like him I feel absolutely no disadvantage and am impressed with his achievements. I ended up borrowing equipment from school rather than owning it but still had it. But I also wasn’t cool enough to find any pot.
In Robert's case there are highly motivated parents and a motivated student, but it's really about the starting point. Motivation is something that can be fostered.