Facebook Creates $10 Million Fund To Developers To Create Apps
Facebook has launched FB Fund, a $10 million fund from Founders Fund and Accel Partners that will help fund developers and startups apps that work with Facebook, according to CEO Mark Zuckerberg, speaking at the TechCrunch40 conference today, reports Barron’s. Facebook is not putting in cash in the fund, but Zuckerberg will be on the advisory board. Others include Peter Thiel of Founders Fund, Jim Bryer of Accel, LinkedIn’s Reid Hoffman, Stanford Professor Rajeev Motwanti and First Round Capital’s Josh Koppelman. Grants will be between $25k and $250k, and these will not be equity investments.
This follows Google (NSDQ: GOOG) launching a ”Google Gadget Ventures” program in June, where it will fund third-party widget/gadget developers who develop apps for its iGoogle personalized homepage service. Also, Bay Partners recently created a new funding program, AppFactory, for Facebook Platform developers.
Posted In: Social Media, Companies, Facebook
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Comments (3)
Sep 18, 2007 10:17 AM
That are good news. I hope Google will not buy Facebook, because Facebook could become a Google Killer.
Sep 19, 2007 1:38 PM
What a brilliant move by Facebook. Not only this will boost the overall awareness to the Facebook community but it will also take the Facebook applications to the next level. I would take it even further and allow Facebook users to recommend their most favorite apps. For example, I have recently came across a new application called ‘Trip Match’ (by TripWiser.com), which is an online social trip planning service that brings the power of Web 2.o and social networks together, amazing (see link under my name, I hope this is allowed). If Facebook users could recommend their top applications to win the incentive fund - imagine the impact on application developers…Power to the people!
Sep 20, 2007 3:38 PM
Great! Facebook could become a Google Killer very soon!