The investment firm of Kleiner Perkins Caufield & Byers (KPCB) is offering up to $100 million to iPhone and iTouch developers that come up with innovative and transformative applications for the iPhone platform. The investment opportunity, the iFund Initiative, offers money to potential developers regardless of their stage of development. The FAQ says that KPCB believes the success of the iPhone/iTouch will ignite a new wave of mobile Internet innovation and provide opportunities that are equal to or greater than the PC Internet. According to the iFund Initiative website, Pelago Inc. is the first company to obtain financial backing, and their application, Whrrl, is now available through the App Store. Here are a few other bits of info:
- The iFund is open to individuals and companies outside the US.
- They will invest at least $100 million and will come up with additional funds if necessary.
- Applications should be succinct, detailed, and well-written.
- KPCB will reply to application submissions within at least 2 weeks.
Fill out an application to get started.
Photo credit: William Hook