Tonight many of Silicon Valley’s best and brightest have come together for the TechFellow Awards, a new startup investment program that we have created in partnership with Founders Fund. We’ll be annoucing the winners shortly, and are live streaming the event below, compliments of Ustream.
Here are more details about the program:
At least twelve fellows will be granted $25,000 each tonight to invest in an early stage startup of their choice. Founders Fund will invest an additional $25,000 alongside those investments and request an additional right to invest another $250,000 when the company raises its next round of financing. In all, Founders Fund expects to devote around $3.6 million to the program.
Awesome way of distributing funds. A collective that agrees on merit of an idea, rather than through pure connections and pitching.
Great to see this.
Live stream? Wouldn’t it have been a lot cheaper and a lot more effective to hand out vanity mirrors at the event?
wow…so a lot more startups?can we expect them to be a big success like twitter?