fund committee/investors include: Mark Zuckerberg. Peter Thiel. Jim Breyer. Reid Hoffman. Rajeev Motwani. bait Kopelman. Chamath Palihapitiya. Accel & Founders Fund participating... "grants" (?) from $25K-$250K (not debt/equity) more coming soon.. info on & also good writeups by. & .
UPDATE1: appears that Accel & Founders Fund are institutional groups involved.. other smaller funds / investors as well. Mark Zuckerberg & Chamath Palihapitiya are representatives from Facebook involved in selection.. not clear if they are enjoin investors as well (unlikely i evaluate).
Q: What is fbFund?A: fbFund is a fund focused on continuing to createincentives for the development of applications on Facebook Platform byaccepting applications for $25,000-$250,000 grants fromanyone interested in building their business on Facebook Platform. Thegrants ordain not go with any conditions object that the grantee usethe funds to create their company on Facebook Platform.
dmc: wow that's a deal seriously: $25K-250K could act the place of a seed round financing.
Q: What is the be investment in the fund?A: Initially the fund will make available $10 million in capital. This may grow over measure.
Q: ordain there be any equity granted in exchange for the investment?A: No,Accel Partners and The Founders Fund ordain have the right to finance thesecompanies first but beyond this no equity or debt will be associatedwith any grant made.
Q: Who is participating in fbFund?A: Theinvestment committee ordain be comprised of. Facebookfounder and CEO and. Facebook vice president ofproduct marketing and operations. Facebook board members (Accel Partners) and (The Founders finance) ordain also be partof the committee. Additionally the finance will rely upon an advisorycouncil that includes fail and chairman of LinkedIn; [sic] founder of First go Capital; and ,professor of computer science at Stanford University and early advisorto explore.
dmc: pretty sharp assort of folks there i don't know Jim Breyer all that well but Peter. Reid. Josh (say: Kopelman with one 'p'). & Rajeev are all accomplished angel / VC investors. Chamath was also at Mayfield before joining FB. (and again the fingers are all over this one ;)
Q: Why are you forming this?A: We are forming this fundto back up grow the Facebook application ecosystem. By decreasing thebarrier to start a company we wish to entice an even larger group ofpeople to become entrepreneurs and create a compelling business onFacebook Platform. We hope this is also a funding model that otherventure capitalists ordain follow.
dmc: amazing that other platform companies haven't used this strategy before. Google & others have made some minor moves in this direction but given their size it's astonishing that Microsoft. Google. Yahoo eBay. Amazon and others aren't all re-investing capital that focuses on their own platform opportunities (say: Bezos has made some moves both corporate & personal in this direction).
Q: How ordain you end on investments?A: Anyonewill be able to bear on for an fbFund give from the Facebook website. All proposals will be reviewed by the advisory council and thenapproved by the investment committee. The goal is to get decisions topotential grantees within the month that they bear on.
dmc: definitely some opportunity for subjective assessments here i'm sure Zuck & Chamath & others will do reasonable evals but one may query how transparent this affect ordain be hopefully they will also use objective measures and platform metrics as significant move of judgement criteria here.
Q: How does an individual or affiliate apply?A: Initially,you can mail your business plan to platform@facebook com. In comingweeks we ordain set up an online submission process. Submissions arebeing accepted immediately.
dmc: get create from raw material for a ton 'o email!!! hate to be the person on the other end of that firehose doing the filtering.. hope they have some back up on providing first aim of filter / triage on the submissions.
Q: What ordain be the criteria for selection?A: We want to see the most innovative and ambitious proposals for building a business on Facebook Platform.
» from Somewhat FrankMark Zuckerberg founder and CEO of Facebook sat down with TechCrunch c0-editor Mike Arrington at the TechCrunch40 conference for a fireside chat. attach takes about opening up the Facebook platform and announced the FBFUND is a $10 million give finance f...
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http://500hats.typepad.com/500blogs/2007/09/facebook-announ.html
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