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Originality of Concept Is the application a new concept Market Does the application meet market needs in general or of a specific target Social/Useful Does the application allow people to interact with each other, and does it have real value to users Expressive Can users share more information through the application Intuitive Is the application easy to use
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Potential Can the application grow and be monetized Team Is the team behind the application driven and can it execute
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To receive funding and participate in the Incubator program, companies must move to Silicon Valley and be incorporated in the US, preferably as a Delaware C Corporation Application and Voting Process Applicants fill out a form on the Facebook Developer website that describes their company, team, and applicationThere is careful attention to the credentials of each team member, because the fbFund isn t funding just the application, but the developers behind it At the end of the application, developers must provide an executive summary, a presentation deck, and an elevator pitch Round 1 winner LuckyCal recommends the following practices:
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Do the elevator pitch as a video, preferably with both a view of the head of the person talking and usage of the key parts of the application In the presentation deck, break down plans for how the money from funding will be used and how the application will make money Make sure that your presentation shows why the application is worth funding; don t make the investors guess
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After submitting the form, applications must wait until the finalists are announced If an application is not funded, developers receive an email stating this, but without specific details about why the application was not chosenApplications are invited to apply again during the next round When the finalists are announced, the winners are decided by popular voteThe top winners receive larger funding amounts and access to the Incubator program Funded Company Examples Here is a sampling of the winners of the first two rounds of funding: Round 1
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Goalcamp:Challenge Users create and join challenges, such as running 50 miles and compete against their friends ConnectedWedding Users can plan their wedding and create a wedding web page CourseFeed Notifies students when new homework assignments are posted and lets them share notes and plan study groups with other users Hotberry A framework for users to create their own games on Facebook J2Play Enables applications to add cross-network social features, including mobile support LuckyCal A calendar that integrates Facebook events with external events automatically found based on the user s interests MyListo Users share product reviews with their friends and can search for reviews by how close their friendship is with the reviewer
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Podclass A way to enable companies to offer their course materials and students to access them inside Facebook Trazzler Helps users decide where to go by determining their Travel Personality and lets them view trips that their friends took Zimride Carpool Users can enter their location and destination, and the application will notify them with available carpool candidates
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Round 2
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GroupCard Friends sign a group ecard for an occasion, including messages, photos, audio, and gifts Kontagent A metrics platform for Facebook applications that provides detailed insights into application usage and virality Mousehunt An incredibly popular game where users work as teams to hunt mice in an infested kingdom Weddingbook Couples share their wedding plans with friends, and users can talk with other engaged couples in the application community Wildfire Companies use a simple framework to create branded promotions and contests that use Facebook s viral features
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Summary
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This chapter reviewed the important points of the many Facebook Terms of Service documents It also described the application programs that Facebook offers to developers Here are some key points:
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Most of Facebook s policies are common sense and easy to followThey keep the application environment from harming users and prevent bad applications from bringing down the good ones Review Facebook s policies while designing your application and, every so often, make sure that your application is still in compliance with any changes Although it s optional, the Application Verification Program provides a solid checklist by which all applications should abideThe benefit of increased exposure and communication limits might be valuable enough to developers to compensate for its fee The fbFund offers developers a great chance to earn recognition and cash, but it requires a good idea, a solid team, and the ability to execute Developers need to be mindful of the need to move to Silicon Valley if they win
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