Peter Thiel, founder of PayPal and one of the early investors in Facebook has named 24 winners of his first annual fellowship program that awards $100,000 to young people under 20 who are willing to drop out of college and dedicate their time to developing entrepreneurial ideas.

As the first members of the 20 Under 20 Thiel Fellowship, the Fellows will pursue innovative scientific and technical projects, learn entrepreneurship, and begin to build the technology companies of tomorrow. During their two-year tenure, each Fellow will receive $100,000 from the Thiel Foundation as well as mentorship from the Foundation’s network of tech entrepreneurs and innovators.

More than four hundred people younger than twenty applied to be Fellows. Applications arrived from nearly two dozen countries, and from nearly two hundred high schools, junior colleges, community colleges, four-year colleges, and graduate schools.

“The Fellows are a tremendous group of young people who are going to advance the frontiers of knowledge, shake up staid industries, and change the world,” said Thiel. “Tomorrow will not take care of itself. In order to solve vexing problems and increase the quality of life for people everywhere, the world’s economy needs continuous scientific and technical innovation from outstanding creative minds. I’m looking forward to helping the Fellows become the next generation of tech visionaries.”