Technology blog TechCrunch has teamed with Silicon Valley based venture capital firm, Founders Fund, to launch the inaugural TechFellow Awards.

The TechFellow Awards is a new annual program to honor technology entrepreneurs and will involve the award winners – the TechFellows – providing grants to startup companies.

A nominating committee will, with the help of TechCrunch readers, nominate 12 TechFellows who will be announced at an awards dinner in June 2009.

Honorees will be selected based on their role in developing breakthrough products and services in four categories: engineering leadership, product design and marketing, general management, and disruptive innovation.

Each TechFellow will be given $25,000 to invest in a new startup of their choice. Founders Fund will match each investment, for a total of $50,000. Founders Fund may also provide further funding in such companies.

The TechFellow nomination form is available here. Nominations will be open until Friday, May 8, 2009.

Source: Michael Arrington, “Announcing The TechFellow Awards With Founders Fund,” TechCrunch, April 16, 2009

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