As venture capital in Silicon Valley chases the next big mobile app or group discount service, Peter Thiel is asking for them to fund technological breakthroughs that some believe in fervently and others see as sheer fantasy.

He even has a name for it: Breakthrough philanthropy.

Instead of just giving to help the less fortunate here and now, Thiel encouraged his fellow moguls to put their money toward seemingly far-fetched ventures that he believes could improve the lives of everyone for good.