AppFactory Backing Facebook Platform Builders
Silicon Valley venture capital firm Bay Partners has opened its AppFactory program to provide fast-track funding to developers working on Facebook Platform.
Developers, Bay Partners wants to help if you have an application to build on Facebook Platform. Their newly opened AppFactory program will deliver funding from $25,000 to $250,000 to promising entrepreneurs.
By providing the AppFactory service, Bay feels it can get promising projects onto a fast track toward developing a finished product. A well-crafted application that gains traction with Facebook users could be the core of a new business.
“The creation of an operating system, or a platform, has always led to a new economy which includes a marketplace of applications that are optimally designed for that platform and its user base,” said Bay partner Salil Deshpande in a statement. “Bay wants to find the killer apps.”
If they do find those applications, the return on one that becomes widely-adopted will look very promising. Facebook has a userbase that Bay pegs in the range of 29 million. If someone could grab one-tenth of one percent of those users, that’s a nice base of some 29,000 people upon which to build.