A significant amount of venture capital is currently available for companies in Series A funding rounds and beyond, and likely for seed-stage ventures as well. However, there's a notable lack of financial support and guidance for promising founders who are looking to transition from their existing jobs or educational institutions.

Cory Levy, an experienced angel investor and startup enthusiast, introduced First Text last year as a trial to explore the impact of eliminating traditional communication obstacles between founders and venture capitalists. This was achieved by replacing formal pitch decks with direct text message exchanges. By simply clicking a button on the website, individuals can begin texting Cory (“I have a First Text iPhone,” he mentioned), gaining access to a network of VC professionals and founder mentors, including Keith Rabois of Founders Fund and Chris Farmer from SignalFire. The platform regularly hosts office hours and networking opportunities.

Levy’s belief in this approach stems from his own experiences. He initially secured funding for his startup nearly a decade ago by directly tweeting at Rabois – a message that resulted in an investment and Rabois’ ongoing involvement in Levy’s ventures.

“I believe a considerable barrier still exists when engaging with a venture capitalist in a conventional setting,” Levy explained. While simplifying communication with VCs is valuable, the initial step of even beginning a project can be challenging.

Levy’s newest initiative, Z Fellows, addresses this challenge. It’s a one-week sabbatical-style program offering a potential $10,000 in equity investment (valued at a $1 billion capitalization – representing very favorable terms) to aspiring founders who wish to investigate a project outside of their current commitments. Levy noted that “many of my acquaintances are either in school or employed, developing ideas in their spare time,” but often express hesitation, stating, “I plan to leave Google and dedicate myself to it.” Z Fellows is intended to enable individuals to take a “thoughtful risk” and explore a project before making a full-time commitment.

The application process is currently open and will close on January 15th, with ten fellows being chosen shortly after. The application consists of eight concise questions, along with name and email information. Levy will make the final selections, with input from the program’s mentors.

Levy drew inspiration from the early stages of Y Combinator, where small cohorts benefited greatly from the mentorship provided, often valuing it more than the accelerator’s financial contribution. The program’s mentors include Naval Ravikant, known for his work with AngelList, Lucy Guo of Scale AI, and Dylan Field of Figma. Levy aims to “accelerate the progress of technically inclined individuals into the Silicon Valley ecosystem.”

The program will be conducted entirely online, featuring a brief 10-minute daily check-in meeting in the morning and an hour-long session with guest speakers and office hours in the evening.

Levy believes that Z Fellows, similar to First Text, is a long-term experiment to determine if reducing obstacles to accessing venture capital can expedite the launch of new startups. “Ideally, within two years, several participants will have made progress” with their projects, Levy stated. He emphasized that participants are not expected to immediately resign from their jobs or leave school, and that the connections made during the program may take months or years to develop. Currently, he plans to run only one cohort – additional cohorts may be considered if the initial program proves successful.

First Text has already demonstrated some positive results. George Sivulka, founder of Hebbia (featured in a previous article last October), connected with Levy through First Text and met Ann Miura-Ko during an office hours event. Subsequently, Miura-Ko led a $1.1 million pre-seed funding round for Hebbia, with Levy contributing as an angel investor. Levy also cited Vise AI, which was previously covered, as another company he connected with via text before introducing them to Rabois, who invested in the company’s seed round, followed by a combined $59.5 million investment from Sequoia in its Series A and B rounds.

While seemingly straightforward, some of the most impactful advancements in venture capital and the startup world have stemmed from eliminating minor impediments to taking action.