• Home
  • Management
  • Startup/Entrepreneur
  • Gamechangers
  • Tech/E-Commerce
  • Career
  • Global Business
  • Women's Business

  • Breakout Labs Promoting “Breakthroughs”

    “Some of the world’s most important technologies were created by independent minds working in garage labs. But when their ideas are too new, these visionaries can find it difficult to obtain support.”

    Peter Thiel has not been known as an orthodox thinker. Now the cofounder of PayPal is planning to put money and resources behind those willing to think way out of the box.

    Thiel announced at a Stanford University talk Tuesday that he was launching a new program through the Thiel Foundation called Breakout Labs.

    “Some of the world’s most important technologies were created by independent minds working long nights in garage labs,” Thiel said in a release. “But when their ideas are too new, unproven, or unpopular, these visionaries can find it difficult to obtain support. Through Breakout Labs, we’re going to create opportunities for revolutionary science by cultivating an entrepreneurial research model that prizes extreme creativity and bold thinking.”

    The idea is that venture capital is shifting to more companies whose technology is already proven and who already have established business models. So the Thiel Foundation is trying to fill a gap where founders need funding.

    On its website, Breakout Labs calls for applicants who have a specific idea that pushes the boundaries of science and technology in ways that could “be an early step on the path toward something huge.”

    The foundation will put up $50,000 to $350,000 for winning ideas and teams.

    This isn’t the first time the billionaire PayPal founder, who was an early investor in Facebook, has used his foundation to fund unorthodox ideas.

    Good luck.

    Calvin Wilson
    Founder and CEO
    Upstart: Business and Management for 20-40 Year Old Professionals
    calvin.wilson1@verizon.net
    http://twitter.com/Upstart__Nation

    Filed Under: Tech/E-Commerce

    Tags:

    About the Author:

    RSSComments (0)

    Trackback URL

    Leave a Reply

    You must be logged in to post a comment.