About Me 0008: Making Money

It’s no secret that Peter Thiel thinks that the next big bubble facing our economy is not inflating the housing or tech markets, but that of higher education. The former PayPal CEO and early backer of Facebook is well-known for his contrarian views and has more than once publicly criticized higher education for being an overhyped and bloated industry. The entrepreneur-turned-investor has been on a mission to find alternative (and better) ways to motivate, foster, and support young people who want to make a difference.

In May, Thiel, along with his Foundation, put their money where their mouth is, announcing the “20 Under 20 Thiel Fellowship”, a program that offers talented independent thinkers under the age of 20 $100,000 and two years free of school to pursue their entrepreneurial endeavors. The program launched with 24 Thiel Fellows, each of these wiz kids pursuing their own inspiring scientific and technical projects. (You can meet the class here.)

Originally, the Thiel Foundation planned to award only twenty fellowships, but James O’Neill, who heads the Thiel Foundation, said there were so many outstanding candidates among the 400 applications they received that they were compelled to add four more spots.

Six months into the program, and already the progress has been impressive. O’Neill tells us that more than ten of the Fellows have founded companies, and at least one has already launched a product on the market. The progress of the program has been so good, in fact, that the Thiel Foundation has decided to launch a second class in 2012. The program is now accepting applications, with a deadline of December 31st. Candidates must be under 20 years of age until that date.

CrowdStar, a social gaming company that got its start on Facebook, has been steadily pushing into mobile over the last year, with improving results. Today, it’s trying to drive that point home by announcing that its latest game, Social Girl, has reached a million downloads and reached #6 overall on iOS since launching a week ago.

That’s good for the company, sure, but the better news is how its overall mobile efforts have gone to date. I spoke with chief executive Peter Relan earlier today to hear more about it all. He’s one of the most publicly opinionated executives in the social gaming industry. Here’s the latest from on social, mobile, and expansion into Asia.

TechCrunch: So tell me about this year. You started out mostly on Facebook, but now you’re focused elsewhere — even though you still have more than a million daily active users on Facebook [according to AppData].

Peter Relan: We’ve seen a pretty dramatic uptick in mobile social gaming this year, to the extent that 50% of revenues now come from mobile. That’s because we got two big hits: top girl and social girl. To be clear, we’re exiting with 50% of our revenue runway coming from mobile, but not for the calendar year.

Mobile social gaming — free games that monetize through virtual goods — is probably going to make almost $500 million this year.

About Me 0008

Monday, December 26, 2011

Making Money

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