Facebook billionaire Peter Thiel gave a talk at Berkeley on his Thiel Fellowship that pays 20 young people under 20 to stop out of school and pursue entrepreneurial projects. He also spoke about Facebook.
He made the two following interesting points:
- He’s not against college and would do it again, but he thinks people don’t think about it enough. It’s not that college is wrong, it’s the assumption that everyone should go to college that is wrong. Furthermore, he argues, it’s the crushing debt load of college that is awful.
- Facebook was not an accident. Talking about the importance of planning for the future, he took the example of Facebook. He said when Yahoo offered to buy Facebook for a billion dollars in 2006, the company had $30 million in revenues, no profits, only 5 million members in the US and a handful of countries, almost all of them in college. If Faceboook hadn’t had a big plan for the future, they would have sold. It’s that long term vision that kept Facebook alive.
Here’s the video:
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