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Any more information on this? I caught the presentation linked from the article, which claims you can get a decision within 72 hours. Their website http://www.menloventures.com/portfolio_talent.html simply asks you to email them without clarifying what information they want. I'm curious as to what they're looking for in terms of application material.

What's refreshing is that they're not asking for referrals, which can slow things down considerably and put the less networked entrepreneurs at a disadvantage.

My company, leanlaunchlab.com was part of the first class of startups in the Menlo Talent Fund. Happy to answer questions if you have them.
(I know it's a typo, but I can't resist...) You know it's bad when anyone with $20 in their pocket is launching a venture fund.