10/07/2010 03:58 pm ET Updated May 25, 2011

PayPal Founder Offers Students $100,000 To 'Stop Out Of School'

Peter Thiel, co-founder of PayPal, announced in an interview for TechCrunch Disrupt that he is starting a grant program to encourage kids to "stop out of school" and instead start a new business, GOOD reported Wednesday.

Claiming that colleges "don't teach much about entrepreneurship," Thiel is offering up to 20 winners -- under the age of 20 -- $100,000 grants to fund new businesses.

About the contest's inception, Thiel said,

"We've been brainstorming a lot about what we can do to try to break the relative stasis we've been in as a encourage potential young entrepreneurs to get get involved in science technology and creating all this great value for the next generation."