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Z Fellows
Z Fellows operates as a highly concentrated accelerator founded by Cory Levy, a Y Combinator alumnus and founder of the pre-seed fund First Text.
Z Fellows
Z Fellows operates as a highly concentrated accelerator founded by Cory Levy, a Y Combinator alumnus and founder of the pre-seed fund First Text. Levy launched the program to provide a rapid, low-commitment on-ramp for individuals testing a startup idea, rather than committing to a multi-month cohort. The underlying structure reflects Levy's own experience building companies and his belief that a week of direct, high-caliber mentorship can decisively shape an early venture's trajectory. The program's strategy centers on making a small number of direct investments in individuals through a recurring application cycle. Each fellow receives a cash grant—publicly cited at $10,000—to cover expenses for the week, with no equity taken at that stage. Deployment spans consumer technology, enterprise software, and emerging sectors like defense and healthcare. The program's deep mentor bench is its delivery mechanism; confirmed mentors have included Founders Fund General Partner Keith Rabois, AngelList founder Naval Ravikant, Netflix co-founder Marc Randolph, and Figma co-founder Dylan Field. Z Fellows maintains a domestic focus with operations based in San Francisco. Z Fellows runs a lean operation; team size is not publicly disclosed, but the program is closely tied to Levy's adjacent entities. His pre-seed fund, First Text, co-locates with the accelerator and provides a pathway from the fellowship into a first formal funding round. The program's mentor network forms a de facto co-investor and talent-sourcing club, with participating operators often investing in or recruiting from the cohorts. Philanthropic affiliations for Levy include DoSomething.org and Pencils of Promise, though these operate separately from the Z Fellows entity. Structurally, Z Fellows departs from Y Combinator-style accelerators by eliminating the standard three-month batch cycle and equity exchange in favor of a one-week, grant-based fellowship. This architecture functions as a talent filter and relationship-building engine for Levy and his network, allowing them to engage with founders before a formal fundraising process begins. The governance remains tightly held—Levy serves as founder and the primary decision-maker on program design and selection, with no indication of outside limited partners in the fellowship vehicle itself.
General information
Firm type
Generalist
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Principals
Cory Levy
Founder
Sector focus
Frequently asked questions
How does Z Fellows' one-week model differ from a standard accelerator?
It compresses the initial company-formation push into a single week rather than a three-month batch. Z Fellows provides a cash grant, typically $10,000, and does not take equity from participants at the fellowship stage. This structure lets individuals test a startup idea without quitting a job or committing to a long-term program.
What happens after the one-week program ends?
There is no formal ongoing program, but fellows gain sustained access to the mentor network. Cory Levy's pre-seed fund, First Text, often reviews graduating fellows for potential investment. Many program mentors have also made personal angel investments in companies that emerged from Z Fellows cohorts.
Who runs investment decisions at Z Fellows?
Cory Levy, the founder, makes the selection decisions for each cohort. He draws on Y Combinator experience and his operating background, including his role as former COO of After School. Mentors provide guidance during the program week, but Levy controls the intake funnel and program direction.
Does Z Fellows participate in fund commitments or only direct deals?
The program itself makes no fund commitments—it operates as an accelerator issuing small grants. Follow-on investment activity typically flows through Cory Levy's First Text fund or individual mentors writing angel checks. Z Fellows does not manage outside limited-partner capital as a fund.
Which sectors does Z Fellows explicitly avoid?
No explicit sector exclusions have been stated publicly. The program has historically accepted applicants across consumer, enterprise, defense, and healthcare. Its small cohort size and generalist mentor group mean it filters more on founder profile and idea traction than on specific sector mandates.
How is Z Fellows related to First Text?
Both were founded by Cory Levy and share a San Francisco base. First Text is a pre-seed fund that invests conventionally in startups, while Z Fellows is the grant-based accelerator. Levy uses the fellowship as a top-of-funnel talent identifier, with promising teams often moving into First Text's portfolio.
Where does the program's operational funding come from?
Levy has not disclosed the specific funding source for the fellowship grants, but the program does not raise a traditional fund from outside LPs for its operations. The small per-cohort grant outlay suggests it is supported by Levy's own capital or First Text's management entity, though this remains unconfirmed.
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