Earlier this week a billionaire businessman, Peter Thiel, announced his selections for what he called his first group of prize winners in a unique and interesting fellowship award contest. Thiel is the billionaire founder responsible for Paypal and ever since he started the project he has been looking for other possible money making ideas; this is exactly where he got the inspiration for the fellowship.
Thiel’s idea was to select a group of 12 bright and motivated teenagers that had just graduated from high school and offer then $100,000 to invest in an idea they came up with rather than going to college. Thiel believed that simply working with a good business idea would likely be more successful for many of these individuals than wasting time in college.
So far none of the award recipients have spoken much about their planned ideas though Thiel and his team believe many of them could be incredibly successful. The purpose behind the fellowship was not only to help young bright entrepreneurs build a successful business but also to show people that a college degree is not necessarily important for many quick thinking potential business owners.
If within 2 years any of these entrepreneurs are successfully running their project Thiel will be giving them continued support and investments; regardless of success Thiel says he will be teaching all of these bright young entrepreneurs a very valuable lesson about entering a market and attempting to build a business out of just an idea.