Friday, May 10, 2013

$100,000 to drop out of College.

Thiel Foundation
Finalists for the 2013 Thiel Fellowship stand together. Twenty of these students were selected to be fellows, the foundation announced on May 9, 2013. 

Thiel Foundation Gives 20 More Students Money To Drop Out Of College

Peter Thiel has lured yet another group of young kids out of college into the startup world.
On Thursday the billionaire venture capitalist's Thiel Foundation announced its third class of fellows.

These 20 college students will receive $100,000 each to start a business. As part of the program, the students cannot work or be enrolled in school, but instead will receive mentoring with other young entrepreneurs, scientists and experts to help them develop their ideas over a two-year period.

This year's group of fellows includes a former fashion blogger, several video game designers, a Harvard dropout and a researcher in virology. Fellows also come from a number of countries around the world, including the United States, China, Germany, India and Canada.

Facebook's first investor and the co-founder and former CEO at PayPal, Thiel has been criticized for taking students out of school with the promise of startup riches. But students are already forgoing college to launch companies: Earlier this year, Stanford's computer science program saw an unprecedented number of students leave to build a stealth startup called Clinkle.

Thiel has countered that a college education doesn't mean success either. “You increasingly have people who are graduating from college, not being able to get good jobs, moving back home with their parents,” Thiel told the New York Times in an interview last year. “I think there’s a surprising openness to the idea that something’s gone badly wrong and needs to be fixed.”
While the Thiel Fellowship has launched some success stories since it was launched -- fellows have created 30 companies, and raised more than $34 million from outside investors -- not all attendees have made it, at least financially.
Last year, Inc. Magazine reported that only one in five of the fellows earned an income during program while several have bounced around from project to project.




1 comment:

Anonymous said...

Some people go to college to get a degree as a prove and to qualify to get a good job or certain profession. All my years of studying, sacrifying & (some hard) time spent in colleges have proven to myself about who I am. All I have learned and the degrees that I've earned will stay with me in my head, in my heart and soul until I died. I've accumulated so much money, stocks, investment, properties etc. Those money, job titles, and the prestiges can be taken away, lost, spent, & gone anytime. I hope those drop outs SAVE some of the $100K in CASH somewhere safe for those some day....