Frustrated with how elite colleges are run, a group of wealthy billionaires is coming together to support a brand-new school in Texas called the University of Austin (UATX). This school, which has only 92 students, has already raised about $200 million from high-profile backers like trader Jeff Yass, real estate developer Harlan Crow, and investor Len Blavatnik.

Crow, a well-known donor to the Republican Party, was one of the first supporters of UATX. He believes many universities today overlook the achievements of Western civilization and thinks that’s a mistake. He hopes UATX will promote different viewpoints and encourage open discussions.

UATX was founded as a response to the growing frustration with debates and unrest at prestigious universities. Many wealthy donors, including Marc Rowan and Bill Ackman, have criticized Ivy League schools for being too soft on issues like antisemitism after recent events surrounding the conflict in Gaza. These billionaires are eager for an alternative school that embraces merit and diverse opinions.

The University of Austin officially opened its doors last month in a former department store near the Texas Capitol. It aims to be a nonpartisan institution dedicated to what it calls the “fearless pursuit of truth.” Students there are learning from classical texts, like Homer’s Odyssey, and also focusing on entrepreneurship.

In a striking video promoting the school, UATX highlights its peaceful seminars in contrast to the chaos seen at other universities during protests. The video ends with the bold statement: “They burn, we build.”

The Vision Behind UATX

Leaders at UATX are optimistic about their mission. Some view the University of Chicago as a role model. President Pano Kanelos describes students and faculty as “pioneers” and “heroes,” emphasizing the school’s unique approach to education.

The idea for UATX was announced in late 2021, led by venture capitalist Joe Lonsdale and journalist Bari Weiss, both known for their conservative views. Yass, the biggest donor, believes that higher education needs competition and that it’s time for new colleges to emerge.

Many of the school’s backers, including tech entrepreneur Peter Thiel and energy trader John Arnold, are concerned about the current state of universities. They feel that recent events have highlighted serious issues within higher education. Blavatnik, who is Jewish, donated $1 million shortly after the recent attacks in Israel and paused his donations to Harvard University because he was unhappy with its handling of the situation.

A Growing Movement

The turmoil on college campuses has intensified fundraising efforts for UATX. Many wealthy donors see this new school as a chance to promote open debate and a more balanced approach to education. Historian Niall Ferguson, one of the founders, notes that it took the events after October 7 for people in finance and tech to recognize the problems with higher education.

The school is currently not accredited, which means students can only receive degrees after the first class graduates. To help attract students despite this risk, UATX is offering full-tuition scholarships, each worth about $130,000. More than 40% of the first-year students are from Texas, and a third are female.

Executives from Elon Musk’s companies are also getting involved, helping to develop the school’s engineering curriculum. Lonsdale has donated land for a future science and technology center near SpaceX.

While UATX insists it is not a politically motivated school, many of its prominent supporters have ties to Republican causes. President Kanelos claims that although the school’s donors have different political views, they all share a common critique of current higher education practices.

A New Chapter in Education

With strong financial backing and a clear mission, the University of Austin aims to create a new kind of educational environment that encourages diverse thoughts and robust discussions. As this small school begins its journey, the question remains: will it attract students and succeed in reshaping the landscape of higher education?