https://www.linkedin.com/pulse/ten-years-ago-we-created-thiel-fellowship-jim-o-neill/
A surge of regulations surely chilled innovation, but beyond that it was hard to blame pessimism or oil prices when the slowdown had lingered for decades. Stagnant wages were clearly an effect and not a cause. We decided that the hidden factor was talent. In the 1950s and 1960s, the smartest young people flocked to the frontiers of discovery. In the 1970s, though, they became doctors; in the 1980s they became lawyers; and in the 1990s they went to Wall Street. These were well-defined careers with brightly lit gates welcoming crowds down paths that were easy to follow.
What happened to the American archetype of quitting your job to invent something in your garage? Debt happened, we decided. I had previously lost a cofounder because of student debt payments, and we realized such debt made it hard to quit your job and start a company. Tuition had skyrocketed in the previous decades, and the burden of student debt had followed. Credential inflation had encouraged young Americans to earn more degrees than their parents just to keep the same standard of living.
At this point we realized we could make a difference. We could rescue a few people a year and give them permission to start companies before they took on the debt and career-tracking of college. We could also send a signal to their generation that college was a particular good with measurable costs and benefits and that postponing a career to make such a huge purchase should never be a default. We resolved to create a two-year fellowship, call it the 20 under 20 Thiel Fellowship, and give each fellow a grant of $100,000. Our plane landed at SFO and we announced it the next day.
Thiel Fellows went on to invent technologies, assemble teams, iterate, fail, and try again. You may know about Figma, Luminar, Upstart, Ethereum, Freenome, Fossa, Augur, Polkadot, or Workflow (which is now part of Siri). Overall, they founded companies worth about four hundred billion dollars, but that figure hardly captures the animations, computer languages, science journals, nonprofits, and venture funds; or the physics, biology, and software tools they devised