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General Information
- What is the AppFactory?
The AppFactory is a fast-track seed program designed to support entrepreneurs who are developing applications for the Facebook® Platform. The AppFactory provides funding, technical and business resources to help entrepreneurs identify those applications, build them, and monetize them.
- Why is Bay Partners launching the AppFactory?
Facebook, in essence, has become the Social Operating System. Historically the creation of an operating system, or platform, has always led to the creation of an applications market atop that platform. We think that the Facebook platform is broad, technically sound, appealing to businesses, and such a culture-fit for today's internet ecosystem that it will become a significant and meaningful social operating system platform, if not the dominant one.
Internet start-ups have traditionally had to not only build a service, but also find a way to attract millions of users and make it possible for them to interact in meaningful ways. Now, the Facebook Platform provides an alternative to the destination-site approach, that may be more viable and attractive for certain types of applications.
We are dedicated to supporting the entrepreneurs who are building the "killer apps" whatever they may be, for this new social OS.
- How does it work?
Bay is targeting tens of investments of $25,000 - $250,000 beginning immediately. All great entrepreneurs and ideas are considered. See How To Apply for application specifics.
Eligibility
- Who's eligible? Can anyone apply?
All great entrepreneurs and ideas are considered. Interested applicants should send a (max two-page) proposal to appfactory@baypartners.com.
- Do I need to be over 18?
Yes.
- Do I need to be a US citizen?
No, but you need to be able to start a company in the U.S.
How to Apply
- How do I apply to the AppFactory?
Send a (max 2 page) application to appfactory@baypartners.com.
- What should I include in my two-page proposal for a grant?
- A brief bio of you and your team (if applicable)
- Your vision for your Facebook Application
- How your idea adds value to the user
- Your competitive advantage
- Why it's more appropriate for your app to leverage Facebook's platform, rather than take a destination-site approach
- Your ideas for how your app could potentially be monetized
- Your ideas for how your app will become viral
- Your capital requirements and use of proceeds
- When is the deadline to apply for funding?
There is no deadline. Funding decisions are made on a rolling basis.
- I have lots of great business ideas for Facebook Applications. Do I have to fill out a separate application for each one?
Yes.
- Can I apply for seed investments for more than one business idea?
Yes, but please make two separate applications.
- How long will it take to review my application? When should I expect to hear the back?
Your time is better spent building your application than pitching us. As such, we would like to get back to you with an indication of interest within two weeks. This will depend on the volume of applications received. We will give all application a thorough initial review, so response times may vary. Feel free to email appfactory@baypartners.com if you have not heard a response after two weeks.
Funding
- What is the size of a typical AppFactory funding round?
Bay expects to invest between $25K - $250K depending on the capital requirements of the business and the achievable milestones.
- Do you have preferred terms?
Bay Partners is flexible about deal structures (convertible notes, priced rounds, etc.). We will have no specific ownership percentage targets, and will not require super-pro-rata rights.
- Can I have other investors in my round?
Yes. We are open to co-investing with angels, other venture firms etc.
- How many of these investments do you intend to make?
We will make as many investments as there are great entrepreneurs with viable business ideas.
- Can only new businesses get seed investments, or can existing businesses get seed investments as well?
The AppFactory accepts applicants who are launching businesses designed to leverage the Facebook Platform. Existing businesses can apply provided they are changing their strategy to become a Facebook focused application. Destination sites with Facebook strategies can apply via the broader seed program to salil@baypartners.com.
- Can I apply for follow-on funding?
Yes. As long as you have achieved the agreed upon milestones with the first round of funding.
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