Facebook Launches fbFund

At the Techcrunch 40 event today, Mark Zuckerberg announced a new Facebook fund for applications in partnership with Accel and Founders Fund. According to Techcrunch, “the size of the fund will be $10 million with anywhere between $25 to $250 thousand in grants available for each selected startup dedicated to developing Facebook applications.” This is pretty big. Have any great ideas?

You will be able to start submitting them to Facebook in the near future. These are grants not investments. Bay Partners, who announced their fund for Facebook applications a couple months back, is going to now have direct competition from Facebook who is giving away money. I find it interesting that one of the board members of the new fund is Reid Hoffman, the founder and CEO of LinkedIn.

This is an extremely smart move by Facebook. It is going to keep developers building Facebook applications rather than focusing on new platforms (such as Yahoo’s new social network, Mash). Are you going to be submitting your ideas to Facebook?