Peter Thiel Foundation Funds Early Stage Science and Technology Research

October 27 00:00 2011

New York, October 26 (RainbowNewsLine.com) – Small grants for early-stage science and technology research in order to fuel innovation is the latest on venture capitalist Peter Thiel’s cards. He announced the launch of “Breakout Labs” on Tuesday which will be run through his Thiel Foundation in San Francisco. This project of PayPal co-founder, entrepreneur, and creator of the “20 Under 20 Fellowship” for young entrepreneurs, will give independent scientists or small companies grants of about $50,000 to $350,000 to help get their projects off the ground.

Lindy Fishburne, executive director of Breakout Labs said that any type of scientific research will be considered by the foundation for the grants. She said, “Right now we are casting a wide net to really see what is out there and learn from what type of response we get. Maybe we will hone in over time, but right now we’d really like to not limit what the potential is… We’re looking for radical thinking, a big audacious idea.”

Projects that are entrepreneurial and fully separate from formal research institutions such as universities will be given the grants. Fishburne indicated that about 10 to 20 projects will receive the grants. A royalty stake in each project will be taken by the foundation for funding further research. This initiative has been taken because venture capital for the earliest-stage companies is drying up.

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