Facebook has named the top 25 fbFund recipients. Combined, all of them will receive $625K in funding. The top 25 include PhD candidates, former NASA engineers, and one of the drivers of the World Solar Challenge.
?Facebook started fbFund to help seed innovation among a global community of entrepreneurs and to help change the economics of starting a company,? stated Elliot Schrage, VP of Communications, public policy and platform marketing at Facebook. ?By refusing to take an equity stake for our grants, we?re making it a little easier for talented entrepreneurs to maintain ownership over their ideas and focus on getting their business off the ground. Given the current caution in the market, we think fbFund is an even more attractive solution for innovative entrepreneurs to create the next great opportunities.?
The fbFund started in 2007 with a $10 million seed fund. The fbFund is a joint venture between Accel, Facebook, and The Founders Fund. Six hundred applications were sent within the first month of the fund’s release. The top 25 created the following applications:
? Bottle Rocket
? Check My Campus
? Good Call Sports
? Social Arcade
? Teach the People
? Twenty20 Cricket
? vDream Racing
These applications will be presented in a second round. The top 5 of these 25 will receive $225,000 in additional grants.