Thiel Foundation Announces a New Round of Under 20 Fellows

HackMIT has partnered with the Thiel Foundation to announce that it has begun accepting applications for the fourth round of applications for it’s 20 Under 20 Thiel Fellows.

“A radical re-thinking of what it takes to succeed, the Thiel Fellowship encourages lifelong learning and independent thought. With $100,000 and 2 years free to pursue their dreams, Thiel Fellows are changing the world one entrepreneurial venture at a time.”

In addition to the $100,ooo the Fellows are mentored by hundreds of highly accomplished entrepreneurs, scientists, investors, thinkers, and innovators from the Thiel Network. Only one requirement is expected of  a Thiel Fellow, ” that you learn by doing.”  Their projects are self-directed and they choose what they want to build, want to research and want to achieve. The possibilities are limitless.
Along with the announcement of the new round of Fellows, the Thiel Foundation will be hosting its “Under 20 Summit” in New York City on November 9 and 10, 2013. “Under 20 Summits are twice yearly events that foster creative spaces – online and off – for young entrepreneurs to collaborate, learn from and inspire one another. The event will feature speakers from the Thiel Fellowship mentor network, breakout sessions on topics important to young entrepreneurs (many led by summit attendees themselves), office hours, and special collaborative activities. Under 20 Summits are open to anyone 23 and younger working on a project to better the world. Admission is by invitation only.”
Read more about the The Fellowship, the Under 20 Summit and HackMIT below:

“Standing here I find hope in your inventiveness, hard work, and passion for technology, because you are proof that the most peaceful, effective way to change the world is by building wonderful things,” said Jonathan Cain, president of the Thiel Foundation during his address. “Hackathons are a powerful expression of this idea, and show us that the best way to learn isn’t by sitting in a classroom, but by doing. If this excites you, I hope you’ll apply for a 20 Under 20 Thiel Fellowship so that we can help you bring your most audacious ideas to life.”
Thiel Fellowships consist of separate grants of $100,000 to 20 people under 20 years old, so that they can leave the classroom and pursue innovation. In addition to the financial support, Thiel Fellows are mentored by hundreds of highly accomplished entrepreneurs, scientists, investors, thinkers, and innovators of the Thiel Network. In exchange, Thiel Fellows agree to take a two-year hiatus from the classroom and focus their energy and attention on creating innovative startups, technologies, and nonprofits.

“The world is made by those who do, and Thiel fellows have shown that true accomplishment needn’t wait on institutional credentials. In just over two years, Thiel fellows have started dozens of companies, created more than a hundred jobs, and raised more than $43 million in outside funding.  They’ve generated this funding by obtaining outside investment, earning grants and sponsorships, shipping products, generating revenue, and even by selling the companies they’ve created,” said Jim O’Neill, cofounder of the Thiel Fellowship and partner and chief operating officer at Mithril Capital Management. “The Thiel Fellowship has impacted the lives of many more people than just the fellows and their employees.  They have also developed products that help other people get better jobs, that empower students and teachers, and that energize the world. Whether a fellow starts or joins a company, researches ideas, enables social change, or does something entirely new, the common thread among all of them is how they improve not just the world, but the lives of others.”

“We’re constantly looking for ways to create additional value for the fellowship applicants, including those who are not awarded fellowships.  We have incorporated a few new elements into the screening process this year,” said Mike Gibson, VP of Grants for the Thiel Foundation. “For example, applicants will be able to indicate whether they’re interested in potential internship opportunities within the Thiel Fellowship mentor network. During the application review, our mentors will likewise be able to indicate whether they’d be interested in interviewing an applicant for an internship or job opportunity, whether that applicant gets a fellowship or not. Since we can only award around twenty fellowship spots each year, this will allow us to create real and lasting connections with a much broader pool of talented young people.”

At this weekend’s HackMIT event the Thiel Foundation also awarded a special HackMIT “Under 20 Prize” to Francis Hinson and Andrew Ng for their project “Silk Speak,” a realtime speech analysis application that helps people improve their speaking skills. Francis and Andrew will each receive priority review of their 2014 Thiel Fellowship applications, airfare and hotel accommodations to an upcoming Under 20 Summit, and a special meet-and-greet at the summit with members of the Thiel Fellowship leadership team.