Mon, 08 Feb 2010 AppFund seeks Apple iPad developers, offers funding up to $500,000

AppFund, a newly launched fund is seeking to invest in entrepreneurs and development teams with revolutionary Apple iPad application ideas.

The New York based company is promising investment funding between $5000 and $500,000 and claims an investment pool of several million dollars, with more potentially available.

Headed up by Kevin Wendle, co-founder of CNET and Daniel Klaus, co-founder of Music Nation, the combined management team has launched more than a dozen successful media and technology companies.

The AppFund team highlights deep relationships with media companies, technology companies, financial institutions, institutional investors, application distributors and the very companies that make all these devices as reasons for being a great partner.

According to AppFund, the Apple iPad will revolutionise the way that consumers use mobile devices.

"We believe that the iPad is a revolutionary device with the ability to transform everything from the way consumers experience content, media and social networking to the way businesses can use applications to revolutionise their operations. The possibilities for this device given its size and functionality could eclipse the application market for the smaller iPhone," said Wendle and Klaus.

Click here for more Apple iPad coverage

"A whole new category of developers and entrepreneurs is going to emerge around the iPad and build applications that can be even more interactive and dynamic."

According to AppFund, ideas need to be centred around:

* Enterprise, Small business B2B, and B2C solutions
* Collaborative entertainment consumption
* Platforms for original content distribution
* Social networking around location based connections, dating, shared experiences, and shopping
* Utilities for everyday use around the house, car, and office

The company add priority will be given to ideas that:

* Target early adopters and urban dwellers
* Target users 16-39 with higher incomes
* Incorporate video, audio, interactivity, and other capabilities unique to the iPad
* Have a long shelf life
* Have the potential to become "hits"

Would be entrepreneurs and development teams need to submit an application outline, general marketing thesis and revenue opportunity, highlight the competitive landscape, offer an estimate of development costs and timeline to launch along with a bio.

AppFund is currently accepting written proposals at submissions@appfund.net. AppFund aims to contact those who submit ideas by email or phone within 30 days of submissions being received.

While New York based, AppFund isn't restricted to US developers only. "We believe great ideas and people come from all over the place. If you have an amazing App idea and the ability to execute, we want to talk to you," the company says in a FAQ.