This is a great idea, and I hope they will be able to scale it beyond UCB/Stanford/UCSF. A little cynically, I wonder whether PIs at these #1-ranked universities in CS/Medicine actually need an additional funding program since they are probably doing just fine with NSF/NIH and other existing funding agencies. On the other hand they are offering more services than your typical funding agency (planning to help with spin-outs, etc). Also being geographically close together and being near the valley all make sense from the POV of quickly pushing research from academia to industry.