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Peter Thiel Gives Whiz Kids $100K To Quit College, Start Businesses

It sounds like a reality show pitch: The legendary Facebook investor, PayPal founder, and thorn in the side of college deans everywhere announces what happens when 24 people, picked to live among mentors and innovation experts, stop going to school and start getting real--in business. One climbed Mount Kilimanjaro.

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Thiel’s Dropouts Announced

The early Facebook investor just gave 24 kids $100,000 each to leave college, plus Zynga's looming IPO, and the rest of today's news. Each day, Inc.'s reporters scour the Web for the most important and interesting news to entrepreneurs. Here's what we found today

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Amazon’s Gaga Response Infuriates Little Monsters, Cloud-Music Lovers

For Amazon, the deep discount wasn't a random bout of charity--it represented a huge opportunity to present consumers with an alternative to iTunes, and to introduce its cloud-based music service. How'd that go? Behold, the power of Lady Gaga.

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How PayPal Sees Square, Future of Digital Payments

"Existing models don't go away until they are replaced by models that work better," PayPal's Anuj Nayar tells us. "The consumer needs to see the benefit beyond, 'This is just cool.'" When it came to the perhaps over-embellished headlines from Square's announcement yesterday--the end of the cash register as we know it!--PayPal spokesperson Anuj Nayar couldn't help but chuckle. After all, PayPal has been in the payments business roughly 12 years and boasts 98 million users

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iFive: Sony Canada Hacked, Google’s NFC Credit Plans, No Windows 8 Soon, Amazon’s Cheaper 3G Kindle, EU Laws Vs. Cookies

1. Sony's hack woes have deepened--now its Canadian version of the eShop has been hacked by a self-professed grey hat Lebanese hacker, and 2,000 customer records have been acquired (evidence for around 1,000 posted online).

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