Facebook has announced it’s new funding arm of fbFund.
Through this fund Facebook will distribute 10 million dollars to developers of useful apps. There are a couple different ways these funds will go out but I will describe the 2 Million they are giving out in a competition.
A quick run down of how this will work is this:
Nearly $2 million in non-recourse grants will be distributed between two rounds of the competition:
Round I: Identifying talent
Submissions reviewed by Investors, Facebook fbFund Team, Advisory Committee. Facebook will award $25k grants to our top 25 apps.
- Open for submission: 8/4
- Due on: 8/29
- Winners announced: 9/22
Originality of Concept
Does the application introduce a great idea in a new and unexplored area?
Is this application targeted to key cohorts or meet compelling market needs?
Does the application enable people to interact with each other? Does it deliver real value to users (incl. entertainment)?
Does the application allow people to share more information?
Is the application compelling and easy to use? Does it have a well thought out user experience?
Can it be a real business someday?
Do you believe this team can execute and is driven to succeed?