Silicon Valley billionaire backs futuristic philanthropy

Silicon Valley billionaire Peter Thiel worries that people aren't thinking big enough about the future. So he convened an unusual philanthropic summit at which he introduced other wealthy tech figures to nonprofit groups exploring such futuristic -- some might say "far out" -- ideas as artificial intelligence, the use of "rejuvenation biotechnologies" to extend human life, and the creation of free-floating communities on the high seas.

While some of the nonprofits are outside the mainstream, Thiel is known for contrarian thinking. He recently made headlines by announcing that his foundation will offer fellowships of up to $100,000 for entrepreneurs younger than 20 who want to leave school, at least temporarily, to pursue scientific or technical breakthroughs. Critics accused Thiel of encouraging smart young people to drop out of school. Thiel notes that some of the tech industry's most successful companies, including Facebook, Apple and Microsoft, were started by visionaries who didn't wait to finish their formal education. Thiel, himself a Stanford Law School graduate, holds a master rating from the U.S. Chess Federation. He is often described as the "don" of the "PayPal mafia," an informal network of entrepreneurs who worked at PayPal before launching a host of other successful startups.