As we’ve seen happening in the last few months, things like Google Gadgets, the Facebook Platform, and the iPhone have emerged for developers to build on — and perhaps even start a company for. We wrote about Google Gadget Ventures last week, which is Google’s venture fund to offer developers for their Gadgets platform a chance to grow. Bay Partners today opened up a similar program just for developers for the Facebook Platform.
The program promises to offer anywhere from $25,000 to $250,000 using a fast approval process (applicants have to simply submit a form). Successful applicants also join a community of ‘Factory Entrepreneurs’ to gain help from other members of the program. The AppFactory program is lead by Salil Deshpande and Angela Strange, both respectively from the Internet and Software industries.
This advancement brings a new light to Facebook developers and certifies the fact that there a lot of opportunities to be yielded, including money incentives in the future. While it doesn’t take too much to build a Facebook application (certainly not $250,000!), it’ll be interesting to see the kind of stuff that springs up and how it compares to the work of, say a typical teenage kid making one out of his garage.
There aren’t any deadlines for the application and all that is needed is a good idea to get started. You can find the detailed FAQ here.