Peter Thiel on why all trends are overrated and one-of-a-kind companies are underrated
Peter Thiel is asked what students should study in college. He thinks this is similar to the question “what are future trends in technology?”
“What I will say about trends in technology and areas of study is that they’re probably all overrated,” Thiel explains. “When you have something that can be reduced to a buzzword, it means that a lot of people are doing it and they’re somehow inadequately differentiated in that field.”
On the other hand, Thiel believes that one-of-a-kind companies that don’t easily fit into an existing narrative or trend are underrated. He gives Airbnb as an example—any existing category would miss the uniqueness of the business.
“Great companies always have this one-of-a-kind attribute,” Thiel observes. And he suspects that areas of study are similar:
“If you’re in a big area of study, where everyone’s studying the same thing, you’re not adequately differentiating yourself from other people… I think people are spending too much time studying the things everybody else is studying, and they’re spending too little time studying more particular things that they’re really passionate about.”
Video source: @NorthwesternEng (2014)
Palmer Luckey: “It doesn’t take that much bravery when you’re young to start a company”
“Everyone talks about how scary it is to start a company, but it really depends on where you are in your life. If you are someone with a family and with kids and with a stable job, then that totally makes sense. What I don’t buy - and I always push back on - is this idea that starting a company as a recent college graduate or someone taking a break from college is some kind of crazy, incredible sacrifice…. You don’t have a family to take care of. You don’t have a mortgage. You don’t have a career. You have nothing.”
Palmer continues:
“I guess dropping out of school, maybe. But if you can get your head past that, then it’s actually pretty easy. Usually what I tell people is - if you’re going to start a company, realize the stakes are lower when you’re young than they will ever be… I don’t think it takes that much bravery when you’re young to start a company. And I think more people should do that and recognize that really they’re a coward for not … You have nowhere to go but up and nothing to waste but time.”
Video source: @IMA_Network (2021)