The Silicon Valley firm Founders Fund plans to give at least 12 "fellows" $25,000 to invest in an early-stage company of their choosing. Founders Fund will invest $25,000 alongside those initial investments and request the right to invest an additional $250,000 when the companies raise their next round, according to Sean Parker, managing partner at Founders Fund, which announced it raised a $220 million fund in late 2007. The firm expects to devote roughly $3.6 million to the new program.

To select the recipients, the fund has assembled a brain trust of Silicon Valley heavyweights, including former Yahoo chief executive Terry Semel, LinkedIn co-founder Reid Hoffman, Facebook Chief Executive Mark Zuckerberg, and Michael Arrington, founder of industry Web site TechCrunch, who helped shape the program.

engineering leadership, product design and marketing, general management and disruptive innovation. They will consider nominations submitted through TechCrunch.