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Josh Elman, Facebook's Platform Program Manager, explained some details about the competition during today's Facebook Developer's Garage in Austin, TX. The major difference between last year and this year's funding is that the focus is on Facebook Connect websites and iPhone applications. This follows yesterday's announcement of Facebook Connect for the iPhone.
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In May, the FbFund will select up to 50 developers to go on to a second round of competition, where the finalists will be chosen. There will also be an incubator program for the winners, similar to the mentorship program that they gave to last year's winners.