Monday, October 30, 2017
Hedge Fund Billionaire: Thiel’s Skip-College Plan is ‘Dumbest Thing I’ve Ever Heard’
Pay Pal co-founder Peter Theil founded the Thiel Fellowship in 2011. The two-year program pays students $100,000 to skip college and pursue their entrepreneurial ideas with guidance.
“I think it’s the dumbest thing I ever heard. I mean, really, ‘We don’t need training, let’s just get out there and do it,’ ” billionaire hedge funder James Simons said at a breakfast hosted by the IESE Business School last Thursday, reports The New York Post.
“Maybe there’s one or two people a year who could benefit from that,” Simons said.
Simons holds a Ph.D. in mathematics and worked in acadamia prior to launching his $50 billion Renaissance Technologies fund in 1982.
Simons may have a point here, depending upon what courses a student takes in college. Politically correct nonsense is a waste. However, courses such as accounting or engineering, can make sense for many. Not everyone has the talent to become an entrepreneur. And those that are super talented from an entrepreneurial perspective often figure out a way on their own, see Bill Gates, Steve Jobs and Mark Zuckerberg.
As for Theil, he holds a bachelors degree and law degree from Stanford.
That said, Theil is using his own money so if he wants to fund such a project I don't have any problem with it. Much of college education is a wreck but the real solution would be to get government influence out of the education sector so we could see what free market alternatives would develop. If Theil started such a campaign that would be even more interesting.
at 2:30 AM