The Interview: Tim Draper

He helped fund some of the most famous Bay Area companies. Now Tim Draper is putting his name on a new venture -- Draper University of Heroes.

Students from around the world are shelling out about $10,000 for an eight-week crash course at Draper University. Among other things, they learn from Draper how to become the next big thing. He should know. He's a third generation VC who helped launch Hotmail, Skype, and most recently Tesla.

Despite his success, what he preaches at Draper U is failure and how to learn from it. When asked about his biggest failures, he talks about companies he failed to fund. "We were outbid for Yahoo, we were in a bidding war for Facebook and we lost that," Draper said.

While he still funds companies, Draper is focusing on his university and explained how it's very different from a traditional four year ivy league school.

"We take a lot of chances with the students, but those students come out much stronger, much better for it. It's a great experience all the way around," Draper said.

"Is this just a fun little session that's not really doing much?" Raj Mathai asked. "People always told me that you can't train entrepreneurship and you can't teach entrepreneurship and whenever anybody says you can't I always think well how would you?

How you would create an entrepreneur from a ball of clay? And I thought, well there is a way," Draper answered.