"We'd hope to deploy somewhere between $6 million and $7 million in the eventual companies that come out of the process," said Sean Parker, Managing Partner, at Founders Fund, at the recent TechFellow Awards held at the California Academy of Sciences in San Francisco.
Parker was referring to a new annual investment program, called the TechFellows Awards, backed by Founders Fund. The event, which was produced by TechCrunch, attracted a solid group of high-caliber innovators, many of whom received inaugural TechFellow awards.
The 22 fellows were recognized for their ability to "make innovation happen." They receive $25,000 to either invest in their own idea or to invest in another startup. As part of the program, the Founders Fund will have the right to invest an additional $25,000 at the same terms, said Parker.
Why are you doing this? I asked.
“This awards program has to do with people, the people who are behind the scenes building the products and services that are changing the world,” said Parker. “We’re doing this to foster innovation."
Parker wouldn't comment on the state of the economy, but said now is the time to invest.
"We don’t expect liquidity for four to six years, so hopefully in the next four to six years things will have turned around and the IPO market will start to open up again," he said. "So, we think we're actually very well timed to be doubling down and making more investments."
For a list of the winners: Click here.