12k per team. Ideally founders colocate but that isn't an option for everyone.
Best bet is to beg friends/family to look after to you (or to save up for living expenses) then chuck the $12k into the business idea where it is best used. I guess it is a test of resourcefulness, which one will definitely need to succeed in that game.
*That said it is $12k of strings-free money, and a very generous offer from a private company!