Inside Thiel's Fellowship Spinoff, the 1517 Venture Fund

Bloomberg Video

Dec.01 -- Danielle Strachman and business partner Mike Gibson have spent much of the past decade preaching the gospel of entrepreneurship as co-heads of the Thiel Fellowship, which awards $100,000 grants to about two dozen college-age students each year on the condition that the kids drop out to start companies. They pitched Peter Thiel on a venture firm aimed at bridging the gap between the fellowships and the mentorship-for-equity trade of a typical startup accelerator. The duo named the firm the 1517 Fund, as in the year Martin Luther is said to have nailed the 95 Theses to a church door. Bloomberg's Lizette Chapman has more on "Bloomberg Markets."