I was fully expecting the fellowship to eventually go down the path of equity but these terms sound far better than I would have expected. Nice job.<p>I&#x27;m curious how the option to choose what you&#x27;re applying for will work out. What if someone selects just YC Core and, while reviewing, a reviewer thinks they would be a really, really good fit for fellowship instead? Do those simply get tossed out? Seems like if you&#x27;re reviewing all of them anyway you could ask the applicate for their preference (so a slight rewording) and still talk to them if they&#x27;re willing to do a fellowship instead of core, etc.<p>Just a thought.