Home > Business, International, Money Matters > Facebook Executive Entices Businesses Through Grants

Facebook Executive Entices Businesses Through Grants

Businesses could soon get more out of Facebook than a platform which can broadcast information on their products to over 550 million users. Businesses may soon be able to obtain grants via the world’s largest social media website, thanks to a decision by one of its executives.

Peter Thiel is a prominent Facebook board member, and according to a report in Bloomberg News, he is prepared to distribute 20 grants that are worth at least $100,000 each to companies and entrepreneurs that use social media.

All of the grants will be awarded within the next 12 months and the project will be administered by the Thiel Foundation. The grants target young entrepreneurs, particularly those just finishing college or training courses, in the hopes of launching their small business.

Thiel told journalists that the problem with many young Americans today is that they are opposed to taking risks that have the potential of opening up possibilities. Facebook itself was founded by someone who was willing to take risks and this is what turned the company into a household brand within a matter of five years.

While all types of young entrepreneurs may apply for one of the grants, Thiel seems to have an affinity for companies that focus on aerospace engineering and biotechnology.

Thiel is no stranger to investing in entrepreneurs and companies that end up being major winners in their respective fields. In 2004, Thiel was among the first to fund 20 year old Mark Zuckerberg in his Facebook venture, by providing $500,000 in support. Facebook now has a current corporate value of over $30 billion.

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