Peter Thiel, co-founder of PayPal and prolific angel investor, sparked controversy last fall when he announced a fellowship giving 24 young adults $100,000 over two years to leave college and pursue entrepreneurship full-time.
The mission behind the program: Rattle the default assumption that every young adult needs a college education. Rather than spend four (or more) years acquiring a crushing debt load, Thiel has said he thinks creative talents should instead go directly into enterprise: "An inquisitive mind, rigorously applied to a deep-rooted problem can change the world as readily as the plushest academic lab."
The Thiel Foundation deemed the fellowship's first year enough of a success that Thiel has announced a second class of fellows.
Meanwhile, the inaugural class of young entrepreneurs has just about reached its halfway point.
"So far, they've really surpassed our expectations," said Thiel Fellowship co-founder Jonathan Cain. "It's been so rewarding getting to know the fellows over the last year, working with them, seeing them develop and grow."
Cain said that all 24 of the originally selected 2011 fellows remain active in the program. Neither Peter nor the Foundation has an ownership stake in any of the companies that the grants help create (although several are revenue-generating).
We asked five of the young founders to tell us about their experiences trading school days for the start-up lifestyle.
Sujay Tyle, 18, launched his mobile social gaming company Scopely last year
Progress report: Tyle is the VP of business development at a mobile social gaming company called Scopely.
Any revenue yet? None.
Best takeaway: Grow yourself, not just your company. "I've matured significantly through the fellowship. I've learned how to build and manage a team, and handle relationships in a business."
College thing he doesn't miss: "The structure. I think that structure can pigeon-hole creative minds, and put a limit on your ambition."
Dale Stephens received a six-figure advance for a book based on his startup UnCollege.org
Progress report: Stephens founded an alternative education site, UnCollege.org, and has written a book called "Hacking Your Education," that Penguin will publish in 2013.
Any revenue yet? Sort of: Stephens says he has brought in money (in the "mid-five figure range") from speaking and consulting, and received an advance of nearly six figures from Penguin for his book.
Best takeaway: Take action. "You must know how to transition quickly from a learning-focused mode to a doing-focused mode. There's a much faster cycle to conform to."
College thing he doesn't miss: "The expectation that I have to do certain things 'just because.' I like to learn things because I see value in them."
Gary Kurek, 17, has moved on from his first startup, GET Mobility Solutions, and is about to launch another one
Progress report: After initially working on his pre-existing wheelchair company, GET Mobility Solutions, Kurek realized he was overly bogged down with regulatory issues. He says his new company, which will involve hardware, software systems, and robotics, will launch soon.
Any revenue yet? None
Best takeaway: Pick your battles. "I realized that I wanted to be spending 90% of my time building technology and great products, and then 10% of my time with more bureaucratic issues, vs. the other way around."
College thing he doesn't miss: "The routine. I prefer to take the responsibility to plan my own schedule, and take full control of my own life."
See the rest of the story at Business Insider