San Mateo, CA – June 11, 2013 – Draper University, a cutting edge boarding school for young entrepreneurs from all over the world, received its first tuition payment in Bitcoin for its summer session which starts June 24. Draper University, known for its innovative approach to education, accepts various forms of tuition payments including bartering for services, and now will also accept Bitcoin for tuition payments.
What is Bitcoin?
Bitcoin is the first decentralized electronic currency not controlled by a single organization or government. It’s a virtual form of currency that can be used to make payments over the Internet without transaction fees or involving a financial institution. It is used by people all over the world who are trading hundreds of thousands of dollars worth of Bitcoin every day with no middle man and no credit card companies.
“Some of the most forward looking entrepreneurs are active Bitcoin traders. At Draper University of Heroes, we accept Bitcoin payment of tuition because it is a promising currency with appreciating value. For the time being, we still accept dollars too” said Tim Draper, founder and managing director at Draper Fisher Jurvetson and founder of Draper University.
Innovation at Draper University
Accepting Bitcoin is just another illustration of how Draper University is following the same innovative model it teaches. Students are taught to think differently and disrupt the standard and accepted ways of practicing business. Bitcoin currency is a great example of new technology being used to disrupt the standard approach to currency and payment systems. Other ways students have bartered for tuition include NFL training by a former NFL player and placement of the Draper University logo on a racecar by a female racecar driver.
The university, located in downtown San Mateo, offers an innovative program designed to inspire, cultivate, and educate students who dream to build companies that change the world around them. Draper University offers four sessions a year and is intended for young entrepreneurs between the ages of 18 to 26.
Hero City Co-Working Space
Further attracting entrepreneurs and promoting their success, the Draper University campus includes Hero City a three-story entrepreneurial center across the street (anticipated open Fall 2013). Hero City, a co-working space open to Draper University students and non-affiliated entrepreneurs, startups and incubators, promotes innovation, collaboration and community with its peer-to-peer work environment. Hero City will also offer pop-up retail spaces that can be rented on a short-term basis, and a theater/speakers forum for events. Hero City will also accept Bitcoin for payment.
These two entities combined create a powerful entrepreneurial ecosystem to serve the innovators and disrupters of the next generation of startups.