Peter Thiel Is Giving These 20 Teenagers $100,000 To Drop Out Of School And Start A Company

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2013 finalists group

The Thiel Foundation

Peter Thiel, famous for being Facebook's first investor and the co-founder and former CEO at PayPal, is giving 20 teenagers $100,000 to drop out of college.

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Here's the catch: They have to start a company.

During the two-year program, fellows cannot work or be enrolled in school. Instead, they receive mentorship from the Thiel Foundation's network of tech entrepreneurs, investors, scientists, futurists, and innovators.

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In the last two years, Thiel fellows have launched over 30 companies, and raised more than $34 million from outside investors.

“When we created the fellowship more than two years ago, our intention was to help a small number of creative people learn and accomplish more than they might have otherwise," Thiel said in a statement. "To their great credit, they have exceeded our expectations, and inspired people of all ages by reminding them that qualities like intellectual curiosity, grit, and determination are more important than a degree in determining success in life.”

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For some of these young entrepreneurs, it's not their first company.

Note: All descriptions are courtesy of the Thiel Foundation.