The Shuttleworth Foundation Fellowship Program funding consists of two components for each Fellow – the fellowship grant and the co-investment project funding.
The fellowship grant covers the cost of the Fellow’s time for a year and is guaranteed to the fellow for that year. The grant amount varies and is determined by each Fellow’s salary equivalent outside of the fellowship.
The co-investment project funding is the most unique part of the Fellowship Program, as Fellows are rewarded for investing in their own ideas. An amount of $245,000 is set aside per Fellow per year as potential project funding. This funding is unlocked through a light weight project pitch process and the Foundation tops up the Fellow’s own investment by adding at least 10 times as much funding from their project funding pool.
Imagine the cost of a Fellow’s time for the year is agreed at $1000. As the fellowship year progresses, the Fellow realises that it would be beneficial to spend $100 in order to advance their idea. The Fellow then takes $900 home for the cost of her time and reinvests $100 back into the implementation of her idea, while the Foundation contributes at least another $1000, giving her a project budget of $1100.
The investment coming partly from the Fellow themselves has a 2-fold effect;
- Fellows are rewarded for the time and money they would typically invest in their own ideas as a free agent anyway by focusing their time and amplifying their funding.
- Fellows pay closer attention to the relationship between expenses and outcomes.