YC Fellowship - Very early (idea stage) program for founders

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I have always loved programs that sit between idea and execution. For many founders its not ability that stops them from building a company, but rather the fact that someone believes in them. Programs like this, StartupWeekend, etc bridge the "belief gap."
Read the blog post. How much equity does YC take for this program?
A great way for YC to get back to its roots of helping (very) early-stage companies. I'll definitely be applying. Great job, & team!
Seems brilliant from a YC perspective. Having the ability to see that many more projects and interface with that many more founders would be well worth the investment.