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

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.

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.

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.”

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

Note: All descriptions are courtesy of the Thiel Foundation.