If the best hackers all start their own companies after college instead of getting jobs, that will change what happens in college. Most of these changes will be for the better. I think the experience of college is warped in a bad way by the expectation that afterward you’ll be judged by potential employers.

One of the most obvious changes will be in the meaning of “after college,” which will change from when one graduates from college to when one leaves it. If you’re starting your own company, why do you need a degree? We don’t encourage people to start startups during college, among other things because it gives them a socially acceptable excuse for quitting, but the best founders are certainly capable of it. Some of the most successful companies we’ve funded were started by undergrads.

I grew up in a time where college degrees seemed really important, so I’m alarmed to be saying things like this, but there’s nothing magical about a degree. There’s nothing that magically changes after you take that last exam. The importance of degrees is due solely to the administrative needs of large organizations. These can certainly affect your life—it’s hard to get into grad school, or to get a work visa in the US, without an undergraduate degree—but tests like this will matter less and less.

As well as mattering less whether students get degrees, it will also start to matter less where they go to college. In a startup you’re judged by users, and they don’t care where you went to college. So in a world of startups, elite universities will play less of a role as gatekeepers. In the US it’s a national scandal how easily children of rich parents game college admissions. But the way this problem ultimately gets solved may not be by reforming the universities but by going around them. We in the technology world are used to that sort of solution: you don’t beat the incumbents; you redefine the problem to make them irrelevant.

The greatest value of universities is not the brand name or perhaps even the classes so much as the other students you meet there. If it becomes common to start a startup after college, people may start consciously trying to maximize this. Instead of focusing on getting internships with companies they want to work for, students may start to focus on working with other students they want as cofounders.