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Drop Out and Innovate, Urges VC Peter Thiel
An anonymous reader writes "The San Francisco-based founder of PayPal and co-founder of Facebook is offering two-year fellowships of up to $100,000 (£63,800) to 20 entrepreneurs or teams of entrepreneurs aged under 20 in a worldwide competition that closes this week. With the money, the recipients are expected to drop out of university — Thiel calls it 'stopping out' — and work full time on their ideas. 'Some of the world's most transformational technologies were created by people who stopped out of school because they had ideas that couldn't wait until graduation,' Thiel says. 'This fellowship will encourage the most brilliant and promising young people not to wait on their ideas either.' Thiel says the huge cost of higher education, and the resulting burden of debt, makes students less willing to take risks. 'And we think you're going to have to take a lot of risks to build the next generation of companies.'"
they'll understand why university comes in handy.
I'm a student. I write iPhone apps.
Here's what happens:
1) they take the money
2) they work hard for 3 months
3) the money runs out
4) their idea is worthless
5) they have no education
6) next 30 years they have no job
Great plan.
If the almighty buck is the only thing that motivates all humans, then I can see how executives think. In that case, a deep education is unnecessary. You can get rich with an idea and lots of elbow grease. But not everything is achievable this way. Some things need learning. Like finding the structure of the DNA, develop self-assembled structures, optimize carbon nanotube growth, develop drugs that can cross the BBB, design multicore CPUs, discover the inner workings of mitochondria etc. I expect to be flamed for the following statement: some of the stuff that needs lots of education is also more valuable than Facebook... or money.
"The agriculture ministry is not in charge of Gundam" - Japanese ministry official.
Even if this is true for many talented developers, it's still irresponsible. Actually "urging" kids to stop their collage/university education mid-way is a zeitgeist decision, it only *may* be the right move *now*, but who's saying the tech sector isn't facing another blow 6 months from now (whatever the reason, like a larger economical problem or a large shift in priorities for the major tech companies). They've already put in the money and time into getting a formal education, and he's urging them to gamble it away? Selfish.
For the record, I word in programming, embedded, and some EE, and I don't have a degree. But then, I didn't *start* one either -- I didn't invest time or money getting half-way there and then drop out mid-way.
Entomologically speaking, the spider is not a bug, it's a feature.
Here's the problem: we remember the success of dropouts like Gates and Zuckerberg, and forget that for each Zuckerberg there are hundreds of dropouts that are desperately seeking jobs at Burger King. And finishing college isn't necessarily a barrier to innovation: Larry and Sergei both finished their undergraduate degrees, and things turned out just fine for them.
I am officially gone from
A good foundation is always going to be handy. The best (one of the best, at least) way to get a solid foundation in math/physics is in a formal learning environment. Sure, you're gonna learn things that you'll never use, but that's going to be true no matter what path of education you take. This way, you have a degree with which to get your first job -- the thing that *leads* to "Experience and provable capability". It also depends on the field. Many large, old-school companies won't look at you if you don't have the right piece of paper from the right kind of institution.
Entomologically speaking, the spider is not a bug, it's a feature.
Under 20 means you might not have caught on to what companies do to employees (oh sorry it's a entrepreneur on a fellowship) that they have no use for after two years.
So. Lemme get this straight.
Instead of coming out of college with a...DEGREE and a five-to-six digit debt, you're going to pay these people $100k to come out of college with just the debt?
The drugs really that good eh?
Chas - The one, the only.
THANK GOD!!!
Looking through the examples of drop-outs in the article, I am not really seeing people who invented anything transformational, so much as riding on top of the successful of transformational technologies. Bill Gates and Paul Allen? Mark Zuckerberg? Shawn Fanning is about as close as the list gets, although Napster really rides on top of the Internet's existing peer-to-peer architecture.
Maybe I am too much of a skeptic or believe too strongly in the value of education, but the way I see things, famous drop-outs were good at capitalizing on the successful research or work of people who stayed in school.
Palm trees and 8
Unless your teachers/college are awful, college is a pretty decent way to get at least a decent grasp of a wide range of subjects that relate to your field. You won't become expert in any area - you need to specialize by yourself - but you get a good foundation that helps you whatever you choose to specialize in and generally when you need to work with other professionals in your field. Four years of college and two years of work tends to be a better base for just about anything than six years of work. There is also a lot more that one can learn from college: If you spend four years there and don't gain useful contacts, friends, self-confidence, project management skills, etc. a lot faster than you do at work and generally the way you see your life isn't altered in any way, you're probably doing something wrong.
Also, if you truly have an awesome project and can't spare yourself time to do it - perhaps not full time, but a couple of hours a day - you are certainly doing something wrong. Perhaps you failed to convince the administrative staff that your project is important (and that they should thus support you)? Perhaps you didn't even try? If you just stated "I don't have time for this really important project" and gave up, either you didn't believe in the project anyways or your personality type might not be suitable for entrepeneurship. In either case, dropping out might be a really bad choice for you...
One last thing: Usually when a project can't wait for you to graduate first, it is because you think "This is so obvious that if I don't do it, someone else will".
He's a VC - he only needs one of his horses to come in to make money. Who cares if all the others crash and burn - he'll still own their ideas anyway...
That solid foundation is great for personal growth, but not all that useful in business. The value of education should not be discounted, but if you goal is to make money, college is not the right place to be. This program recognizes that fact, and allows those who's goal is to make money to get on to the right track. Those who are in college for the right reasons will not be interested anyway.
Right, because that cert and degree don't establish that you meet a certain knowledge baseline. It doesn't show that you've completed programs and courses of study that show you should be able to perform the job. It will likely get you the interview. THEN you get to demonstrate that you know something, and if you were diligent in your studies, you will.
I've seen self-taught guys that were very good at some things in their field, but utterly fucking SUCKED at others because they only focused on certain things and failed pretty hard when they tried to branch out. Get a formal education and you get a much broader foundation. Granted, this isn't always the case. Some self-taught guys are phenomenal and some idiots coasted through college, but quite frankly, saying that the degree isn't worth anything is just laughably fucking stupid on your part. I sense bitterness. Did you rack up tons of debt with a liberal arts degree and then get pissed when it didn't catapult you to the top?