

Ask HN: Peter Thiel's talk at MIT tonight - anemecek

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.
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bsykora
The live stream starts at 6:15 EST. <http://www.justin.tv/mitef>

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pjscott
Will there be a recording?

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mctavjb9
Yes, it was recorded: <http://justin.tv/mitef/b/273997550>

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.

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munchybunch
I'm here at MIT, and we didn't even hear about it. ):

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anemecek
Yeah I go to the "other" school and there were no announcements about it
either. I read about it yesterday in an email from Boston startup digest.

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vabmit
I'm going. I'll make a blog post about it and provide a link.

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>

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Qigglers
He's just going to say you should drop out. Skip it.

