The Thiel Foundation recently formally announced the “20 Under 20″ initiative:
SAN FRANCISCO, Sept. 29 /PRNewswire/ — Warning that America’s long-term economic prospects are uncertain without radical innovation in technology, Peter Thiel this week launched the Thiel Fellowship to foster the next generation of tech visionaries.
“Our world needs more breakthrough technologies,” said Thiel. “From Facebook to SpaceX to Halcyon Molecular, 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. This fellowship will encourage the most brilliant and promising young people not to wait on their ideas, either. The Thiel Fellows will change the world and call it a senior thesis.”
The Thiel Foundation will award 20 people under 20 years old cash grants of $100,000 to further their innovative scientific and technical ideas. In addition, over a two year period, Peter Thiel’s network of tech entrepreneurs and philanthropistsâ€”drawn from PayPal, Facebook, Palantir Technologies, Founders Fund, the Singularity Institute, and othersâ€”will teach the recipients about creating disruptive technologies and offer mentorship, employment …