Facebook launches FBFund

September 18, 2007
by Björn Jeffery
Good Old Trend

Now this is normally not a blog that covers too much news, but this was to interesting to pass on. At Techcrunch 40, Mark Zuckerberg, the founder of Facebook, announced that they will be starting a fund to support Facebook developers. The sum of money will range from $25 000-$250 000 and the only condition so far is that it is spent on developing their company within Facebook.

IMHO, this is a brilliant idea. When I held my presentation at Stanford I spoke of eight types of internet currency. Money was the last one, and Revver´s rev-sharing was my example then. Paying for content or action is somehow the final incentive as it is the most common form of it outside the internet (salary).

Setting up a fund that supports developers is just a nicer and more interesting way of doing that. Also, the buzz around each payout could become the same as major VCs investing in startups. This is a truly intelligent initiative.

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The Author

Björn Jeffery is a Swedish technology columnist, advisor, and independent analyst based in Malmö, Sweden. He is the technology columnist for Svenska Dagbladet and co-hosts a podcast for the newspaper. He was previously CEO and co-founder of Toca Boca, the kids’ media company that grew to over one billion downloads. Through his advisory practice, Outer Sunset AB, he works with companies on digital strategy, consumer culture, governance, growth, and international expansion.