This was the same question I was wanting to ask. $12K would be enough for one founder living in a non SV part of the world for one year, but it's not enough for

This was the same question I was wanting to ask. $12K would be enough for one founder living in a non SV part of the world for one year, but it's not enough for two. What this implies is that the startup should be making money from the get go. So, I imagine, they are after startups that work and have some revenue but have no initial funding.