Correct, the money is awarded as an investment through a no cap, no discount, MFN SAFE. However, we think "grant" best captures the spirit of the experiment since we don't limit eligibility to potentially commercial projects and don't require recipients to raise additional funding. A central premise of SPC is that a community with only founders isn't as interesting (or helpful) as one that also includes researchers and domain experts. We see the grant as a way to bring in people working on the most interesting projects regardless of what they plan to do after.