ARTICLE | Finance
Remodeling the model
How Thiel's Breakout Labs will modify grants for second year of funding
April 22, 2013 7:00 AM UTC
The Thiel Foundation's Breakout Labs program has emerged from its pilot year of awards with modified grant terms intended to create a revolving funding model.
The foundation, established and funded by Peter Thiel, a director of Facebook Inc. (NASDAQ:FB), launched Breakout Labs in November 2011. The program has an annual budget of $4-$5 million and expects to make 10-15 grants per year. The grants top out at $350,000 (see BioCentury, April 23, 2012)...