Lightspeed Venure Partners Summer Grant Program 2009

Time's a-wastin' for this novel opportunity I discovered through a Stanford listserv post:

FIRST ROUND DEADLINE IS JANUARY 16th
~Interested in getting paid to work fulltime on your startup this summer?
~Looking for free office space on Sand Hill Rd and access to a venture capital firm and its portfolio executives?
~Don’t want to give up any equity in your company?
~Lightspeed is now accepting applications for its 2009 Summer Grant Program.
OVERVIEW
For the third consecutive year, Lightspeed Venture Partners is offering grants for undergraduate and graduate students studying engineering and computer science who are interested in exploring an entrepreneurial opportunity over the summer of 2009 in the technology or alternative energy fields.
PROGRAM DETAILS
1. Up to 20 individual grants will be awarded.
2. Each team member will receive $10,000 and each team will receive $5,000 for discretionary use.
3. All teams will be considered for a $500,000 seed investment from Lightspeed upon conclusion of the summer grant program
4. Students will be provided office space at Lightspeed’s office complex at 2200 Sand Hill Road, Menlo Park, CA in from June through September.
5. Grant winners are required to work full time on their startup project for minimum 10 weeks between June 1 & Sept 30.
6. Lightspeed will organize weekly seminars from portfolio company executives and functional experts including: attorneys, CFO’s, PR specialists and recruiters.
7. There are two, independent submission deadlines. Winners announced 3 weeks after each deadline.
WHO IS ELIGIBLE
· Each team must include at least one student (graduate or undergraduate in Engineering or
Computer Science) who was a student in the 2008-2009 academic school year
· Only team members committed to working full time in the Menlo Park office for 10-12 weeks in the
summer of 2008 are eligible to receive the grants
· Groups of 1 to 4 people may submit proposals as a team
OBJECTIVE
· Provide entrepreneurial students with the opportunity to spend the summer building their startup.
· Create an environment where students can:
§ Devote 100% to your startup idea and work closely with their team members
§ Interact with entrepreneurially-minded peers
§ Receive frequent guidance from the professionals at Lightspeed and experienced executives.
HOW TO APPLY
· Application information can be found at www.lightspeedvp.com
· Applications are submitted by email to summergrant@lightspeedvp.com
· Send questions to Linus Chung at linus@lightspeedvp.com
NO OBLIGATION, NO EQUITY
· Grant winners are under no obligation to Lightspeed
· Lightspeed does not take equity as part of the program
TWO SUBMISSION DEADLINES
· Round 1 submissions are due January 16, 2009, winners announced by February 6, 2009.
· Round 2 submissions are due April 3, 2009, winners announced April 20, 2009.