Startup guru Peter Thiel is spreading the love, announcing Tuesday that his foundation will offer $50,000 to $350,000 grants to help science and technology entrepreneurs blocked from traditional fund-raising paths.
Thiel, a co-founder of PayPal and early Facebook investor, unveiled the concept — called Breakout Labs — at a speech Tuesday to the Business Association of Stanford Entrepreneurial Students. The fund will have a website where advanced technology entrepreneurs can apply.
Ten or 20 high-tech, biotech, nanotech or other types of "convergence" projects could be funded next year, said Lindy Fishburne, executive director of Breakout Labs. In return, the Thiel Foundation will take a “modest” royalty on the startups’ products and a “small percentage” in warrants, Fishburne said, to fund fresh rounds of grants.