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"Facebook has just kicked off this year\u2019s fbFund competition for application developers.  First announced last month at the F8 conference, Facebook is now accepting submissions from developers, 25 of which will earn $25,000 grants to further pursue their ventures.  From there, the pool will be narrowed to 5 application ideas that will receive $250,000 each.  \nThe unique aspect of fbFund versus traditional fundraising is that the money is a no strings attached grant - almost.  \nAccording to Facebook, \"The Founders Fund and Accel Partners [the VC firms that provide the money for fbFund] will have the right to fund these companies first if more funding is desired, but beyond this, no equity or debt will be associated with any grant made.\"  \nIn other words, while you'll still own 100% of your company after winning the fbFund money, if you want to raise additional capital, fbFund's backers get first dibs.\nApplications are due by August 29th, with winners of the first round announced in late September. Additional details on how to apply and judging criteria are available on the fbFund web site."^^<http://www.w3.org/2001/XMLSchema#string>
<http://mashable.com/2008/08/04/fbfund-application/>