The Thiel Fellowship is one of the most unique and most desirable scholarship at present among young entrepreneurs. Created by the second contract millionaire entrepreneur and venture capitalist Peter Thiel, this program pays participants $100,000 towards his or her education if in ordinary teaching they cannot make a total of ordinariness but would rather start developing new companies or new technologies. Because the scholarship was designed to be outside the formalized education system, one can understand why it claims to assist grant recipients pursue unconventional ideas.
In this article, we will elaborate more on the primary aspects of the Thiel fellowship, its benefits, who is eligible, where and how to apply for it, the possible scholarship amounts, and its differences to other scholarship types.
What is the Thiel Fellowship?
Launched in 2011, the Thiel Fellowship is an alternative scholarship awarding young individuals under 22 an amount of $100,000 payable in two years. Unlike most educational bursaries that are meant to further studies, this award, given to the members known as Thiel Fellows, aims at getting the participants out of education, or out of completing any form of education to work hitherto-their-fantasized start-ups, projects or innovations. Thiel Fellows also gain access to guidance and opportunities to meet and learn from experienced entrepreneurs, investors and intellectuals in the startup industry.
Thiel wants to fuel the next generation of entrepreneurs with the resources they would need to create potential game changers without going through formal education. It is a well-known fact that Thiel usually states that the traditional education system is inefficient and has to be reconsidered, as it is in many instances the case that the greatest changes in the world come from the people who ignore school.
Initiatives put in place by the Thiel Fellowship
The Thiel Fellowship is useful for young people who would like to make a break from traditional avenues for educating themselves:
$100,000 Grant: For two years a fellow receives 100,000, which is disbursed in installments, and the amount may be used for the development of the startup or project. There is no obligation to return this amount.
Mentorship: Under program support, the fellows are continuously provided with a pool of successful entrepreneurs, wise investors, and expert mentors whose insights have a transformative effect. This includes mentor sessions and memberships with like-minded individuals.
Networking Opportunities: There are many accolades associated with being a Thiel Fellow including many public speaking engagements, opportunities to meet investors and be incubated by startup ventures. This network can benefit fellows in the future by helping them get more finance, partnership or even publicity for their projects.
Focus on Innovation: The Thiel Fellowship is the stark opposite of those traditional scholarships that pay for education since this funding allows its beneficiaries to devote themselves entirely to love, building up companies or projects focused on biodevices, artificial intelligence, robotics, etc.
Independence: In the case of Thiel Fellows, they are able to develop their ideas and focus on creating the disabilities that have been imposed by the education system.
Eligibility Criteria for the Thiel Fellowship
There are several applicants to the Thiel Fellowship from other countries and from the nation itself and so the Fellowship is competitive. Here are the main eligibility criteria for the Fellowship:
Age: The applicants should not reach the age of twenty-two years during the time of their application.
No Degree: The fellowship is made for people who do not have any bachelor’s degree or those who are ready to leave their bachelor’s study. However students who are in college can apply but they have to quit school if they get selected.
Innovative Ideas: Applicants who are looking forward to incorporating new ideas towards the establishment of a startup or launching a project that will transform an industry and help solve major threats that the world is facing are encouraged to apply.
Commitment: They must be prepared to commit themselves exclusively to the realisation of an idea or starting a company for a period of not less than two years.
From the above it is clear that academic performance is not a necessity, however qualities such as imagination, determination and having had practical experience in the pursuit of new ideas are highly appreciated.
How to Apply for the Thiel Fellowship
The process of applying for the Thiel Fellowship is quite involved and requires careful consideration. Here are the steps you may take in order to complete the task:
Application Form: First of all, you will see an option for application form on the Thiel Fellowship web portal. The form consists of whatever relevant you have previously done, if you are an entrepreneur and ideas or a start-up you have.
Personal Statement: You will be required to prepare a personal statement which basically says why you want to be a Thiel Fellow, what is your project, and how the fellowship will support you in achieving your objectives.
Business Plan: You will be required to make a comprehensive plan for your business/venture or project. This should include what you are doing, the need addressed, its scope, and what makes one the best person to do it.
Interviews: Shortlisted candidates may go through one or more rounds of interviews with the Thiel Foundation staff and mentors. This is your chance to present your great idea, respond to questions, and show how much you want to do this.
Final Selection: Those who make it through and win the place will be contacted and upon agreeing to the fellowship, candidates will be required to develop their project on a full timebasе within the period of the program.
Case Studies of Thiel Fellows Achievements
A number of Thiel Fellows have gone ahead to create successful businesses and exploit leadership positions in different sectors. For instance, it spawns Thiel Fellowship some of its noteworthy alumni such as:
Buterin: Co-founder of Ethereum the second largest cryptocurrency by market cap.
Austin: Founder of Luminar, which designs radar systems for self-driving cars and went public February 2020.
Dylan Field: Co-founded Figma, a browser-based design application that has grown up to be a popular tool for UI/UX designers.
More importantly, this particular case highlights the contributions to be made by the Thiel Fellowship and how young people engaging in expenses of this Fellowship can come up with billion worth of companies.
Unlike ordinary academic scholarships which can be used for paying school fees as well as other academic expenses, Thiel Fellowship works differently in the sense that it is money used directly in undertaking business. As much as these conventional scholarships have an academic performance criteria, in the case of the Thiel Fellowship, there is no such rigidity but rather a focus on creativity. No applications made are to learning institutions or guided learning programs which limits them in any way from working on their ventures.
While conventional scholarships fund students to further their education, the Thiel Fellowship is directed towards assisting the young innovators who want to pursue the business or technology without having to attain the particulars of an educational journey.
About the Thiel Fellowship
What is Thiel Fellowship?
Thiel Fellowship is a grant of $100,000 granted to the young adults below 22 years who want to quit school in order to turn their startups into a reality or to develop their projects.
Who is eligible to apply for the Thiel Fellowship?
Applicants who do so are not above the age of twenty-two years and are willing to abstain from attending any college or university and instead concentrate on economic enterprises, stand the chance of being funded. Apart from this, they should enhance innovative ideas or projects that could create significant changes in the world.
What is offered by the Thiel Fellowship?
The fellowship includes $100,000 distributed over the course of two years as well as guidance from entrepreneurs and investors in addition to other influential people in the startup ecosystem.
How can I submit a Thiel Fellowship application?
There is a Thiel Fellowship website that accepts applications online in form of a project proposal, personal essay and the application form. Interviews will be conducted for the applicants who will pass the first selection stage.
Is there a possibility that I will apply if I are already in college?
Yes, but even if you pay the price, you will have to leave college if chosen for the fellowship.
What is the nature of the initiatives funded by the Thiel Fellowship?
The Thiel Fellowship funds a myriad of projects in varying areas such as technology, biotechnology, robotics, artificial intelligence among others. A project is important in as much as it is able to transform an industry or address a significant problem in the world.
Conclusion
There is no doubt that the Thiel Fellowship gives a rare chance to those young people who wish to be entrepreneurs rather than sticking to being intellectuals in school and who want to build companies that would be transformational. Utilizing the experience that features financial assistance, practical know-how, and a wide range of connectivity, the Thiel Fellowship aims to enhance the idea of global innovative entrepreneurs to fight against big challenges with great creative solutions. For driven and focused entrepreneurs below the age of 22 years old, the Fellowship is likely what they have been looking for to convert innovative concepts into business opportunities.