Peter Thiel, cofounder of PayPal, is launching a grant program to get young adults to conceive of new businesses.
Is it just me or are entrepreneurs always remarking on how schools aren't good at preparing students to start businesses? Well, Peter Thiel, cofounder of PayPal, an early investor in Facebook, and the president of Clarium Capital, is putting his money where his and all his peers' mouths are: He's starting a grant program to fund new businesses run by young people under the age of 20.
No, he's not encouraging them to drop out of school. He calls it "stopping out of school"—or, even more charitably, giving them the opportunity to avoid the insanely high cost of college these days.
The contest is open to young adults from anywhere in the world, and submissions will be accepted until the end of the year. Up to 20 winners (solo entrepreneurs or teams of up to four) will receive $100,000 as a part of the two-year grant. Thiel announced the program during an interview with journalist Sarah Lacy at last week's TechCrunch Disrupt conference in San Francisco. (Scan to about 15:20, if you just want to see the announcement.)