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Jim O’Neill of the Thiel Foundation discusses why he is willing to give $100K to young adults to start a business.
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-- -- -- The -- foundation is paying the country's most enterprising young minds 100000.
Dollars to drop out of college not even go up.
24 young students -- usenet chosen every yeah they're -- on the twenty years old they'll get the cash to start a business instead of going to school.
So I pose this question is college worth it.
That's your foundation Jim O'Neil joins the company right here -- -- you'll -- welcome program thank you for having me I gotta say look I'm the father of six.
-- I tend to think that on occasion.
College is a lousy deal you say.
It can be very valuable for some people at some price but for other people -- other prices and may not be the best use of their time and money is that what you'll Foundation's sign that colleges is just not what it for some people on some occasions it's not worth it.
Yes and you give them a 100000.
Dollars apiece to go out it's not a business exactly the -- -- -- -- -- with a business plan -- Not a business plan we're remorse in the person and the idea in fact since we've chosen on some of change their ideas about where we're really we focused on finding really bright people with great technological potential -- The business plan is kind of up to them how you've been doing -- how many years have you done -- as the First Act.
There just announced the winners last week I will have one of the winners I believe on this program that -- that would be great on Friday actually crap what kind of businesses all -- proposing is it isn't all entrepreneurial stocked up on tech stuff.
It pretty much -- so it ranges from robotics Biotech space computers.
The whole range of science -- technological fields.
I just have to tell -- that there's a lot of young friends of my kids who come to the house that graduated college.
That -- coupled with 8980000.
Dollars worth of student debt.
The right from the get go these kids saw with this massive debt around -- -- percent of their bankruptcy -- kind of controversy -- -- pay off that debt.
I think you've got a great idea yeah thank you we did have.
Again I asked the question.
Not what that some people exactly what you could get heavily criticized I mean the American dream is you go to college or by the -- rest of it you'll discouraging people.
We we think people should make smart financial decisions think about them ahead of time that applies to houses that applies to.
Going into debt for an education you should think about what your opportunity costs are what your alternatives are.
And you know if you if you feel motivated to start a business is seventeen maybe give it a try if it doesn't work out a couple years.
You're not paying -- they're not paying where there is manslaughter and go to college later you how about politics of it along these colleges also -- skewed to the left that teach him socialism you -- implement.
I think we're more focused on the economic.
Problems with college as opposed the political -- Plenty of people have concerns about politics or focus on economics you're teaching them -- well -- we're we're we're having them actually.
-- companies which is the best education and economics -- and also Jim -- we -- that thanks for joining went up what are you what is on Friday on this program great thanks for having me -- remember.
