Nadia, your grant is incredibly generous.
My firm, Lightspeed Venture Partners, has a similar program but with some restrictions. We grant around 20 Summer Fellowships each year to students or recent grads who are interested in starting a technology company over a summer. Each participant gets $15k and the team (minimum team of 2) gets an additional $5k. This is not an investment, this is a grant. We get no equity in the companies that are started.
For those who are interested, more details are available at http://lsvp.com/summer-fellowships/. Unfortunately the deadline for this years applications has already passed, but we’ve been doing this for 10 years and will continue doing it into the foreseeable future.