SPC-1

Happy to answer any questions about the program! The basics are:

Terms remain $400k for 7% on a SAFE. Fellows also get membership in the SPC community and a proprietary curriculum we’ve refined to help you validate ideas, all in a small cohort with direct mentorship by SPC partners.

We will review applications on a rolling basis and close the application once the cohort fills. Apply as soon as you're ready.

The next cohort is open to all venture-scale company ideas. We are not restricting applications to a particular market or industry.

The fellowship will start early April.

SPC does not charge any membership dues or rent for members to be part of the community.

We do have two community spaces, one in the South Park neighborhood of San Francisco and the other in the Soho neighborhood in New York City. All members are welcome to use the spaces to work, mingle, and collaborate, and we regularly host speaker and builder events for both members and guests. We also have members who participate remotely.

In general, yes, we do expect members to have wrapped up previous commitments and be dedicated to what we call the -1 to 0 phase. This includes grant recipients. In that sense, the grant is funding to help make your side project your main project. There are always exceptions, but we think members get the most out of their time in the community when they don't have a full-time job (though many members take on part-time contracting work).

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.

It can be something you haven't yet started, something you're currently working on, or something you want to finish. The main requirement is you should be able to produce some kind of output (a demo, a paper, etc.) within ~3-6 months.