PayPal co-founder and Facbook investor Peter Thiel is encouraging students to drop out of college to launch start-ups.
Thiel has started a $2 million investment fund which will give $100,000 to students under the age of 20, for dropping out of college and starting their own businesses.
“So we were basically brainstorming a few months ago, talking about what we needed to do to encourage more innovation and entrepreneurship, so we targeted it at 20 people aged 20 or younger. We ended up picking 24. There were so many phenomenal applicants,” Thiel said in an interview with NPR.
He believes that people with great ideas should not waste time attending college, which will not only result in a enormous debt but will also result in critical delays for their business ideas to form.
A recent study revealed that an average college student is in $24,000 in debt by the time college is over. The debt for college loans is expected to surpass the trillion dollar mark soon.
Thiel believes that if founders of Facebook had decided to wait for college to finish before they started their venture, the whole thing would never have happened. The social networking giant is valued at over $70 billion.