Monday evening at TechCrunch 40 Mark Zuckerberg, founder of Facebook, announced that it intends to fund applications by paying up to $250,000 to software developers who create applications for the facebook platform. This new fund is part of a $10 million fund financed by Accel Partners and The Founders Fund, 2 venture capital firms already connected to the Facebook.

The Facebook fund will give grants ranging from $25,000 to $250,000 to developers interested in building applications for the platform. The awards will be determined by a panel that includes Marc Zuckerberg, Peter Thiel and Accel partner Jim Breyer, who also sits on Facebook’s board.Any developer who hasn’t already raised venture capital will be eligible to apply for the grants. Recipients must agree to give Accel and The Founders Fund the first chance to invest in any business that sprouts from the applications placed on Facebook. Get more info on the Facebook Platform on their website.

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