Ask HN: Peter Thiel's talk at MIT tonight Hi,
is anyone from HN going to Peter Thiel's talk at MIT tonight (http://www.mitforumcambridge.org/events/nov-innovation-series-peter-thiel-2/)? I wanted to go but unfortunately, it sold out before I knew about it. Would anyone who is attending be so kind and write a short summary afterwards for those who cannot attend? I think that I would not be the only one who would greatly appreciate it. |
Be warned that the audio isn't so wonderful and the running time is 1h41m.
Thiel had some verbal tics that were distracting at times, but the talk was totally fascinating. Off the top of my head, the most memorable points: * The rate of change of innovation peaked at the end of the 1960s and people's expectations/aspirations regarding major technological breakthroughs are far lower/more modest than during the era when men were landing on the moon. (Nixon said that the cure for cancer would take 5 years. We're not going to see a Jetsons robot that does all of your household chores in our lifetimes.) Thiel blames this state of affairs on a dearth of entrepreneurs willing to take the requisite risk. * His investments/mentoring is very Silicon Valley centric, but he did make a flattering comment about the high density of intelligent people in Boston. * If given the choice between investing in a team of engineers and a team of MBAs, it's a no-brainer. * He's steered clear of biotech and cleantech-- too capital intensive, not profitable. * He does not believe that there's a shortage of capital per se, but the sweet spot for game-changing technology companies is >$1M and <$1B. * Rationale for "20 under 20": student loan debt crushes innovation-- people are forced to take high-paying golden handcuffs jobs after graduation. [As a Ph.D. who is well over 20 and was fortunate enough to graduate debt-free, I hadn't considered this point of view. Although I'm still dubious about the whole concept, I can appreciate it.] * If you're in college, LEARN. Don't just go for the credential or the high-paying summer internship, take the hardest courses in a field you find interesting and go work for a startup during your breaks. He cited a recent visit to a business school where 100% of the people he asked admitted to being there to get an MBA and not an education. * Don't network for the sole purpose of starting a company, seek out people who are passionate about the same things you are and let business ventures form organically. * He's skeptical of programs like YC and TechStars because he thinks that they encourage a cookie cutter approach to building businesses that are not really going to change the world, since the barrier to entry for Web 2.0 startups is so low. * Indicators of startup success: 1) CEO pays him/herself <$120K/yr., 2) founding team are not homeowners (although not necessarily in their early 20's). * Best one-liner paraphrased: deciding to marry someone based solely on the mutual desire to get married is not the best idea (said in reference to founding a company with someone one barely knows). * In response to a question about failures, he stated that he doesn't think one learns too much from failure because there's always a scapegoat and it's often difficult to determine root cause.
Disclaimer: views are Peter Thiel's, not necessarily my own and this post is not a comprehensive summary by any means. Search for Twitter hashtags #mitforum and #mitef for 140 character snippets from other audience members and watch for the flurry of blog posts/coverage in the coming days on VentureFizz, BostInnovation, Greenhorn Connect, OnStartups, and Mass High Tech.
I heard about it because I signed up for the MITEF's mailing list (I was a member a few years ago). They often have some very good events. The events can be a little expensive for students since the organization is somewhat targeted at alums and faculty. But, I'd recommend following them.
If you don't want to be on their mailing list, they have a Twitter news feed: https://twitter.com/mitentforum