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Facebook has just kicked off this year’s 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.
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In 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.