This is fantastic. Addresses the completely broken aspects of doing research in academia, gives researchers access to top developers through the YC network, gives you a much better environment stress and pay-wise than if you're a researcher, and focuses on meaningful innovation. And the research will be free to use. Nailed it in so many aspects.
@sama - since you mention that startups aren't good at solving certain types of problems, is this something you've always believed, or is it a realisation through your work at YC?
Also was it inspired by the Shuttleworh Fundation in any way?