Facebook to Give 10 Million Dollars to Developers

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

What are they judging on?

Originality of Concept

Does the application introduce a great idea in a new and unexplored area?
Market

Is this application targeted to key cohorts or meet compelling market needs?
Social/Useful

Does the application enable people to interact with each other? Does it deliver real value to users (incl. entertainment)?
Expressive

Does the application allow people to share more information?
Intuitive

Is the application compelling and easy to use? Does it have a well thought out user experience?
Potential

Can it be a real business someday?
Team

Do you believe this team can execute and is driven to succeed?

To learn more see the fbFund page on Facebook.

Also of interest, Facebook is giving more details on their Great Apps progam.

This entry was posted on Monday, August 11th, 2008 at 6:20 pm and is filed under Facebook, Facebook Applications, Facebook apps, webdev.

2 Responses to “Facebook to Give 10 Million Dollars to Developers”

Choppers Mag Says:
August 20th, 2008 at 7:35 pm
Sheesh!

There’s TONS of appz there, and they’re already encouraging more?
Coin Tricks Says:
August 25th, 2008 at 7:11 pm
Man..!
I remember facebook back from the days when it was just growing. They’ve progressed, fast.. and well.

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