Round 1 for the fbFund Developer Competition has begun! We are looking to fund talented developers and entrepreneurs with up to $250,000 non-recourse grants to build great applications on Facebook Platform.

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p> In Round 1, the top 25 applicants will each earn $25,000 and have the opportunity to apply for Round 2, where the top 5 applications will each earn $250,000. We are seeking applications that best embody our guiding principles for social applications and have the potential to become Great Apps. In addition, applications should meet the fbFund criteria highlighted here:

  • Originality of Concept: Does the application introduce a great idea in a new and unexplored area?
  • Market: Is this application targeted to key audiences or meet compelling market needs?
  • Social/Useful: Does the application enable people to interact with each other? Does it deliver real value to users (including 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?

Check out this fun video that kicks off our competition:

Learn more about the competition requirements and apply on the fbFund website.

Applications are due August 29th, 2008.