ALOHA This is an absolute no brainer 1st you MUST know / remember who we are talking about here these are NOT your typical high school students these are the brightest of the bright plus they think outside the box these are the type of kids who you will find tinkering in their garage or basement whether it's something to make a car go faster , or their computer work faster / better , even some as simple as a kitchen appliance some how work better etc. NOT your typical high school graduate remember he selects 20 high school graduates from around the country , for these kids it's a NO BRAINER he gives they $1000,000 to try to develop their idea / their product , their invention etc. WHAT DO THEY HAVE TO LOSE they take the $100,000 they use it as seed money to get other people to maybe give them MORE money , then they have to rant an office space ? ? ? / warehouse space ? ? ? they may even have to hire some people to work for them / with them this is all real world knowledge , this is the kind of knowledge you can never learn in any college , just something as simple as renting an office / warehouse space their learning how to talk to someone in the business world , hiring people again their learning how to interview people , what can YOU do for ME Mr. Jones Mrs. Jones what can YOU BRING TO THE TABLE /what do YOU have to offer ME .
So even IF they fail they are 10 times 50 times head of any other college student so IF after 2- years -3-5 -7 years they fail BIG DEAL all they have to do is go to college as they originally planed LOOK what they have gain , a wealth of real world knowledge NOTE to mention they are a lot more mature , older and wiser so these kids have nothing to lose and everything to gain
The very rich can sure afford the luxury of sending their kids to school. As someone already said here: "Not everyone is wired to be an entrepreneur. Not everyone is wired for college." In addition, is what they are teaching in college have a payback? When I Graduated school in 1982 my father spent a total of $20,000 to get me a degree. My first job out of college paid a little over $20,000 a year. My youngest son is about to go to the same school I did, it will cost me between $200,000 and $250,000 for his 4 years of education. He will be lucky to make $50,000 a year in his first job, more likely less than that. Today a well trained auto mechanic is likely to make more than a Dr. if they have no specialty. The cost for the education between the two professions is light-years apart in time and money. As we think about how to guide our kids into the future, we need to think about the natural skills they have as stated in the above quote, and the skills they can be taught so they will be able to take care of themselves one day. Otherwise we will have them as bounce back kids for the rest of our lives and then what will they do when we die to make a living for themselves?
Richard Morris Co-Author of Kids, Wealth, and Consequences: Ensuring a Responsible Financial Future for the Next Generation
Cost is not the only problem with our universities. Colleges are not focused on any ROI for their students and/or parents that have invested tens of thousands of dollars. Careers Services departments are the least funded and are grossly under staffed, and although career services counselors' hearts are in the right place, they do not typically possess the requisite experience needed to guide students through to their careers. There are of course exceptions. Most colleges also tend to neglect freshman and sophomores from a career direction standpoint and before they know it, a student is in their senior year and sweating the fact that they are no closer to finding employment and are now desperate.
Not everyone is an entrepreneur and a traditional 4 year college experience is not for everyone. I am in the process of starting my own business after more than 20 years in Senior HR management positions that will provide college students with an actual road-map to finding and starting a career, beginning in their freshman year, and also providing students and employers a vehicle for engaging and connecting with each other throughout the college experience.
Peter Thiel is not wrong, but he is also not right! Each of us must define and chart our own path, but again, most colleges are doing a terrible job of helping students get there.
Not everyone is wired to be an entrepreneur. Not everyone is wired for college. In that regard, Thiel is spot on. Education as an ends is false god. With that said, Thiel offering just $100k is as insulting and opportunistic as the college admission boards and the banks shoveling out loans for higher education. Regardless, one thing is for certain, the current status quo of higher education is sitting at the front of the line for who's next for an internet / technology enabled disruption.Thiel, like his ideas or not, is a canary in the higher education coal mine (coal mind?). If you're going to shoot Thiel do so for being a scrooge, not for being the messenger.
With that said, a couple Sundays ago, the New York Times had a featured piece on the cost of a college education. One of the key quotes was a student saying, "No one told me the loans were going to add up like that." Pardon me but if you can't multiply eight semesters by the amount of your loans...well, perhaps you don't belong in college in the first place? Or perhaps it wasn't a math problem? Perhaps she didn't understand the definition of loan?
As I said, college isn't for everyone. Those who believe otherwise are just sitting ducks to be sucked into the machine.
I do have one question for 60 Minutes to explore: If this bubble bursts as well, then what?
I think CBS missed the point of the story and i'll tell you why.......
When i was 22, lying in my bed, in my 2nd year of bachelors in molecular biology, I had an idea, a hypothesis about ''curing AIDS'', more precisely about rendering a HIV+ individual into HIV- using the patients own cells ( i will spare you the details).... I wrote the 16 page hypothesis with a mentor university director..... but when came the time to do something about it, maybe apply it, no one encouraged the idea.... So i went into medical school thinking i would find something there.... This decision was the worse one of my life...... I now find myself stuck in a system which does not allow for success and innovation, a system where you have to wait in line, wait for your turn before someone listens to your idea, even if your idea is great, wait simply because everyone before you also had to wait......
Last time i checked (3 years ago), the hypothesis i wrote (and i am taking no credit in that), this hypothesis had made its way independently i believe, and was now one of the 2 major promising avenues to cure HIV infection, the other being a vaccine.
Every day i regret going into medical school, into this system where i feel enchained and where i have had many problems with my superiors since i find there whole culture as being dreadfully inefficient. I also owe about 250 000$ in loans. I still have 36 months to do to complete my residency, Then i will begin making a million dollars a year working 4 days a week. I hope i will then be able to restart doing research, but what i deeply hope, is that my brain will somehow still be able to create original ideas and concepts. If not, my loss will be invaluable.
All of that to say, that 60 minutes missed the point of the story...... This billionaire is trying to make sure innovative ideas are not lost, crushed or muted by the bureaucracy and priorities of universities which are to make money and to do things in the way they have always been done.... the inefficient way.
wow, that was a really amazing story, and a sad one. I'm just going into college and I can already feel what you're saying and easily put my self in your shoes. Thanks for sharing I'll take into account what you mention. I wish you luck.
I agree with koala_boy007 that CBS missed the point and others that were interviewed. Unfortunately, there isn't currently a process in place in our educational system that separates students and individuals who are naturally creative and innovative. Our linear educational processes work for many but not all. Students like koala_boy007 who are inspired by their intuitive ideas need to be separated from the maddening educational crowd and treated with an entirely different educational and entrepreneurial program that encourages this level of intelligence. This isn't to make the others wrong who follow the maddening crowd it just separates those who are thinking differently and thinking ahead with ideals and intelligence that makes future sense. Can you imagine if we had a centre for students like koala_boy007 whose sole/soul purpose was to innovate. No idea is a bad idea but opportunities to grow and discover what is possible. If the world does not separate this level of intelligence and caters to the ideas that are naturally and intuitively birthed through individuals that are excited, brilliant, passionate and driven to make a difference with their innovative ideas we are sabotaging the ideals educational institutions promote. Peter Thiel is on to something brilliant and exciting for the future innovative growth of this planet that will eventually result in creating jobs, profit and a movement that allows individuals how are naturally innovative another choice. Peter isn't killing the American and Canadian Dream for those whose skills is not that of innovation or creation. Education is big business, trust me there isn't one educational institution that will reject a student with money based on age. koala_boy007 I have built a career working with individuals like yourself and helped them master their ideas and innovation into profitable results either through building a business or transferring their ideas into products that can be trademarked and leveraged through licencing. My professional advice to you is do not stop creating what comes naturally to you. See your unique innovative abilities as a muscle that needs to be stimulated and strengthened. Your innovative genius is needed more than ever before. Regardless, of what choices you will make I am confident you will excel at whatever you chose to undertake.
Your story is a common conundrum here in Silicon Valley - which path do I take? What risks will I encounter?
One has to take calculated risks to pursue a vision which is both compelling and inspires passion. There should be no question that one has to be irrational to pursue something with a 1 in 100, or perhaps 1 in 1,000 chance of success.
But if the success is saving the lives of 1 million people a year isn't that compelling?
I suggest that if you really explored your choices you could take 1-2 years break to pursue your HIV idea or something similar. You might find you gain unexpected insights into the mechanism of action of a wide range of viruses and infectious diseases.
I fully acknowledge that our student loan system has literally connected a ball and chain preventing such an exploration. Perhaps there are other related alternatives, grants or fellowships that would provide compensation.
Many years ago I pursued my goals after several years of university. Without credentials I had to rely upon my entrepreneurial skills, identifying compelling problems, building teams, inventing new technologies and growing companies. Rarely did a lack of an undergraduate degree restrict me - although an inability to pursue an MBA after successfully building and selling a VC funded startup ranks as my pinnacle of irony.
There is no question that today's firefighters and police offices took many physical risks and have much better pensions at a far earlier age than most entrepreneurs. But there is also no question that my life and that of my friends and associates is very exciting and fulfilling.
It's not the money, it's your opportunity to change the world. Carpe diem.
Realizing you made your comment some 6 weeks ago and probably will never see my response just in case may I suggest you read Dr. Peter Duesberg's book 'Creating the Aids Virus'. His story is the epitome of what Thiel is objecting too. Too many viral experts competing for research grants in a subject that was more or less totally explored and nothing new to look at until the so called Aids appeared. The golden standard of microbiology Koch Postulates was thrown away because HIV did not pass its scrutiny. So much for higher education.
60 Minutes just ran a piece making fun of innovators and trying new things. Our education system is completely broken, this specific organization and person are trying a new approach, and the spin of the segment is rolling your eyes at that. This show used to be so open minded and now it's a crotchety old man that shrieks at disruption and breaking the rules of old America.
The previous comments insinuating Mr. Thiel does not think education is important did not listen. He said a college degree was not the end all for everyone but that technical/vocational education can be more beneficial than a vanilla, mindless degree that will not lead to a job.
The Tennessee Technology Centers (public technical education, accredited through the Council on Occupatonal Education), part of the Tennessee Board of Regents, is successfully training people for jobs that will actually allow them to work and support their families. Many of our students are college degreed but cannot find a job and came to us for real life training that incorporates theory, practical hands on experience, and soft skills like getting to work on time, dressing decently, and manners. All of our classes require math, writing, and computer skills.
Now for the best part of the Tennessee Technology Centers: we do not offer student loans. Our students graduate without being indebted for their education.
BTW: Approximately 80% of our graduates are employed at graduation. How many colleges can say that.
Getting to work on time, dressing decently, manners? Eighty percent of the battle is won right there. Good for TTC! How refreshing! I am a former business owner and I am pleased that someone is doing it right. Those college graduates who begin their working life strapped with large debts simply aren't as smart as they think. Maybe they weren't really college material to begin with. My other complaint: remedial classes in college. When you're ready for college you shouldn't need remedial classes.
If you agree that there is a HUGE problem in college yet also believe that young adults need more development and learning opportunities, check out E[nstitute]: http://www.enstituteu.com/.
Its a new two-year apprenticeship based higher education model where students learn by doing under the top entrepreneurs in NY Tech. We believe not everyone was meant to be an entrepreneur, but everyone can learn from one. If you're interested in learning more, you can email us at hello [at] enstituteu [dot] com.
I won't comment on Peter Thiel's life. I don't care what his political views are or how he became wealthy. What I will share with you is my experience.
I went to Stevens Institute of Technology in 1987; a great small Northeastern engineering school that has produced man greats. I dropped out for financial reasons (back then it was over $20K with all expenses). I struggled back and forth trying to complete my degree over the next who knows how many years. I started a manufacturing business when I was 24. By the time I was 30 I had 20 employees, a large commercial lease and thought I was something. Things went bad in mid 2000 and I lost almost everything. I spent the next 10 years struggling to get a "good" job. Going to school at night with a family and expenses was a challenge. I finally ended up where I am now, an English company (who do not put as much credence into the degree as other cultures). They are paying for me to finish my degree, so I am still slogging through college coursework in my spare time (I am almost done).
What I will say is the following:
1) Current college costs are too high; we need to address that 2) College does not make you smarter than those who have not gone; it's just a different sort of education (I am not inferior technically or business-wise than any of my counterparts even with advanced degrees) 3) Industry does not accept those outside the "norm' of at least a Bachelor's. ONLY entrepreneurs don't care, but if you decide you want to go to industry later in life you will find no one respects or even understands your period of self-employment. 4) When you are young college will allow you to have fun, network, explore your options for the future like no other experience. I missed out on that. You will learn things; college is not a barren wasteland of trivial information. Let's face it, it will be your only opportunity to be a pseudo adult and not me saddled with the trappings of adult life.
Just my advice and two cents. Go to school; 4 or 5 years of polishing you idea AND getting the education won't hurt. It's like the pro-athlete that drops out; an injury cant permanently sideline you. With no plan B, you will struggle!
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So even IF they fail they are 10 times 50 times head of any other college student so IF after 2- years -3-5 -7 years they fail BIG DEAL all they have to do is go to college as they originally planed LOOK what they have gain , a wealth of real world knowledge NOTE to mention they are a lot more mature , older and wiser so these kids have nothing to lose and everything to gain
Richard Morris Co-Author of Kids, Wealth, and Consequences: Ensuring a Responsible Financial Future for the Next Generation
Not everyone is an entrepreneur and a traditional 4 year college experience is not for everyone. I am in the process of starting my own business after more than 20 years in Senior HR management positions that will provide college students with an actual road-map to finding and starting a career, beginning in their freshman year, and also providing students and employers a vehicle for engaging and connecting with each other throughout the college experience.
Peter Thiel is not wrong, but he is also not right! Each of us must define and chart our own path, but again, most colleges are doing a terrible job of helping students get there.
With that said, a couple Sundays ago, the New York Times had a featured piece on the cost of a college education. One of the key quotes was a student saying, "No one told me the loans were going to add up like that." Pardon me but if you can't multiply eight semesters by the amount of your loans...well, perhaps you don't belong in college in the first place? Or perhaps it wasn't a math problem? Perhaps she didn't understand the definition of loan?
As I said, college isn't for everyone. Those who believe otherwise are just sitting ducks to be sucked into the machine.
I do have one question for 60 Minutes to explore: If this bubble bursts as well, then what?
When i was 22, lying in my bed, in my 2nd year of bachelors in molecular biology, I had an idea, a hypothesis about ''curing AIDS'', more precisely about rendering a HIV+ individual into HIV- using the patients own cells ( i will spare you the details)....
I wrote the 16 page hypothesis with a mentor university director..... but when came the time to do something about it, maybe apply it, no one encouraged the idea....
So i went into medical school thinking i would find something there.... This decision was the worse one of my life...... I now find myself stuck in a system which does not allow for success and innovation, a system where you have to wait in line, wait for your turn before someone listens to your idea, even if your idea is great, wait simply because everyone before you also had to wait......
Last time i checked (3 years ago), the hypothesis i wrote (and i am taking no credit in that), this hypothesis had made its way independently i believe, and was now one of the 2 major promising avenues to cure HIV infection, the other being a vaccine.
Every day i regret going into medical school, into this system where i feel enchained and where i have had many problems with my superiors since i find there whole culture as being dreadfully inefficient. I also owe about 250 000$ in loans. I still have 36 months to do to complete my residency, Then i will begin making a million dollars a year working 4 days a week. I hope i will then be able to restart doing research, but what i deeply hope, is that my brain will somehow still be able to create original ideas and concepts. If not, my loss will be invaluable.
All of that to say, that 60 minutes missed the point of the story...... This billionaire is trying to make sure innovative ideas are not lost, crushed or muted by the bureaucracy and priorities of universities which are to make money and to do things in the way they have always been done.... the inefficient way.
One has to take calculated risks to pursue a vision which is both compelling and inspires passion. There should be no question that one has to be irrational to pursue something with a 1 in 100, or perhaps 1 in 1,000 chance of success.
But if the success is saving the lives of 1 million people a year isn't that compelling?
I suggest that if you really explored your choices you could take 1-2 years break to pursue your HIV idea or something similar. You might find you gain unexpected insights into the mechanism of action of a wide range of viruses and infectious diseases.
I fully acknowledge that our student loan system has literally connected a ball and chain preventing such an exploration. Perhaps there are other related alternatives, grants or fellowships that would provide compensation.
Many years ago I pursued my goals after several years of university. Without credentials I had to rely upon my entrepreneurial skills, identifying compelling problems, building teams, inventing new technologies and growing companies. Rarely did a lack of an undergraduate degree restrict me - although an inability to pursue an MBA after successfully building and selling a VC funded startup ranks as my pinnacle of irony.
There is no question that today's firefighters and police offices took many physical risks and have much better pensions at a far earlier age than most entrepreneurs. But there is also no question that my life and that of my friends and associates is very exciting and fulfilling.
It's not the money, it's your opportunity to change the world. Carpe diem.
The Tennessee Technology Centers (public technical education, accredited through the Council on Occupatonal Education), part of the Tennessee Board of Regents, is successfully training people for jobs that will actually allow them to work and support their families. Many of our students are college degreed but cannot find a job and came to us for real life training that incorporates theory, practical hands on experience, and soft skills like getting to work on time, dressing decently, and manners. All of our classes require math, writing, and computer skills.
Now for the best part of the Tennessee Technology Centers: we do not offer student loans. Our students graduate without being indebted for their education.
BTW: Approximately 80% of our graduates are employed at graduation. How many colleges can say that.
Those college graduates who begin their working life strapped with large debts simply aren't as smart as they think. Maybe they weren't really college material to begin with.
My other complaint: remedial classes in college. When you're ready for college you shouldn't need remedial classes.
Its a new two-year apprenticeship based higher education model where students learn by doing under the top entrepreneurs in NY Tech. We believe not everyone was meant to be an entrepreneur, but everyone can learn from one. If you're interested in learning more, you can email us at hello [at] enstituteu [dot] com.
I went to Stevens Institute of Technology in 1987; a great small Northeastern engineering school that has produced man greats. I dropped out for financial reasons (back then it was over $20K with all expenses). I struggled back and forth trying to complete my degree over the next who knows how many years. I started a manufacturing business when I was 24. By the time I was 30 I had 20 employees, a large commercial lease and thought I was something. Things went bad in mid 2000 and I lost almost everything. I spent the next 10 years struggling to get a "good" job. Going to school at night with a family and expenses was a challenge. I finally ended up where I am now, an English company (who do not put as much credence into the degree as other cultures). They are paying for me to finish my degree, so I am still slogging through college coursework in my spare time (I am almost done).
What I will say is the following:
1) Current college costs are too high; we need to address that
2) College does not make you smarter than those who have not gone; it's just a different sort of education (I am not inferior technically or business-wise than any of my counterparts even with advanced degrees)
3) Industry does not accept those outside the "norm' of at least a Bachelor's. ONLY entrepreneurs don't care, but if you decide you want to go to industry later in life you will find no one respects or even understands your period of self-employment.
4) When you are young college will allow you to have fun, network, explore your options for the future like no other experience. I missed out on that. You will learn things; college is not a barren wasteland of trivial information. Let's face it, it will be your only opportunity to be a pseudo adult and not me saddled with the trappings of adult life.
Just my advice and two cents. Go to school; 4 or 5 years of polishing you idea AND getting the education won't hurt. It's like the pro-athlete that drops out; an injury cant permanently sideline you. With no plan B, you will struggle!