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What Happens When You Give Whiz Kids $100K To Quit College, Start Business?
They’re all getting two years of mentoring from a network of tech and entrepreneurial experts and $100,000 to start a business. The benefactor? PayPal founder, early Facebook investor, and Stanford’s least favorite alumnus, Peter Thiel. Least favorite because Thiel has been making waves by arguing that college is an overhyped, overpriced bubble, and that the world needs better ways to recognize young talent. It’s all been great fodder for debate, but little more.
Until today. Thiel just put a bit of his money where his active mouth is.
He’s requiring his “20 under 20” entrepreneurs (24 including some teams) to stop out of college while they pursue their dreams. Fittingly, a fourth of the proposals are in the fields of education or career development, while the others encompass a range of trendy fields.
Photo by AMagill.
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Angela Shupe on May 26th, 2011 11:35 am
That is not always a bad approach. There is a lot to gain through a college education, but sometimes the hands-on approach offers just as many lessons. $100k to help start that business is also motivating!
I recently completed my Foundations of Business base course for my degree, and 95% of the information we covered I learned first-hand or by reading about it long before I even started school. I think that says a lot about what can be absorbed through regular experience. Those entrepreneurs who put school on hold may find they have a base understanding to work with when they return.
Cindy Hawkins on May 28th, 2011 10:16 am
Well said, Angie. And I want to add- I went back to college after 9/11 (and a 30 year break!) at the tender age of 55. Though I did not finish this time around, and while I would not have missed that time in class, I did (scholarships and awards notwithstanding) rack up a nice student loan debt. So, looking back – rolling up your sleeves and getting into the real world ALSO educates you, without that huge expense…and does it in a hands on, practical fashion. Furthermore, I think a business mentor is also, every bit as good as any tenured professor, right? Except that they make tenure in life experience!
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