$100,000 Cash Grants -- for Dropouts Only

We've all been told that a requirement of success now is a four-year college degree, at the very minimum. But Peter Thiel disagrees. That idea, says the PayPal co-founder, is so 20th century, that the self-made billionaire plans to award cash grants of $100,000 to college students -- if they'll drop out of school.

At a tech conference in October, Thiel announced a two-year program called "20 Under 20" that will grant $100,000 to 20 aspiring entrepreneurs under the age of 20. In addition to the cash, the two-year program offers mentoring, training and employment opportunities with Thiel's personal network of tech entrepreneurs, venture capitalists and philanthropists. Deadline to apply is Dec. 31, and fellows will be announced in early 2011.