I like being right, which is convenient because I’m almost always right.
Remember when I said that the Facebook team gets it because they’re letting other people add value to their network?
Well they proved me right by putting some money behind it. According to several sites, Mark Zuckerberg announced at TechCrunch40 that the Facebook Founders and Accel Partners have come together with a $10 million FBFund for application developers.
Now, technically, Facebook isn’t throwing any money at it, but they are endorsing the fund. According to GigaOM, here are some of the deets:
The funding will be given out in grants of $25,000 to $250,000.
Rather than equity, the two firms will have a right of first refusal if the companies end up surviving long enough to raise a venture round. Facebook is not putting up any of the cash, but CEO Mark Zuckerberg and Vice President of Product Marketing and Operations Chamath Palihapitiya will be evaluating applicants, along with Peter Thiel of the Founders Fund and Jim Breyer of Accel, and investors Rajeev Motwani, Josh Kopelman, and Reid Hoffman.
Anyone can apply for funding with an idea or a full plan or, as I understand it, pretty much whatever. All you have to do to get into the review process is send your idea in an e-mail to platform@facebook.com.
Ready? Set. Go nuts.
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