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Online social networking phenomenon Facebook Inc said on Monday its backers have created an unusual $10 million fund to dole out grants to start-ups with ideas for innovative Facebook applications.
Facebook is working with its primary venture backers, Accel Capital and The Founders Fund, to create a way for people with new ideas to receive an initial funding grant of $25,000 to $250,000 that does not require the entrepreneur to give up any equity in the business they create, as venture capital does.
"We are looking for innovative and disruptive things," Mark Zuckerberg said of projects the grants might fund, in a keynote presentation at TechCrunch 40, a conference showcasing Web start-ups taking place this week in San Francisco.
Facebook Backers Announce $10 Million Fund For Start-ups [uk.reuters.com]
Get your Facebook ideas ready!