This is an interesting discussion between Vivek and Michael. You can see that Vivek gets quite riled up when Michael mentions that formal education is pretty much useless if you want to become an entrepreneur. Also Michael makes it clear that an entrepreneur needs to change the world.
My take is that both of them make some good points, however Michael is confusing education and going to university. Most of the people he is referring to – the guys who dropped out – already had some education. Vivek is really saying education is important and I think it really does not matter how you get that education.
With the explosion in communication options now getting an education does not mean going to a college or university. We believe that you can educate yourself with online and other resources. Going to university is access to a network and is in itself an assessment of your worth. You got in so you are worth something – this is point Michael was making.