Apple helps launch $100 million iFund venture capital pool
Apple has revealed that a major venture capitalist firm is making $100 million available to entrepreneurs looking to jumpstart businesses based on the iPhone and iPod touch.
Launched by Kleiner Perkins Caufield & Byers (KPCB) at Apple's iPhone Software Roadmap event, the money is placed into a collective pool known as the iFund, which will be used to provide early financial support for promising new companies using the software development kit to create software for Apple's handhelds.
Most of the investment will go to teams developing location-based services, mobile commerce, social networks, and other communication or entertainment add-ons for the mobile version of Mac OS X.
KPCB doesn't say whether it has established a particular system for distributing the money, but says it will invest venture capital to help the companies become completely independent. It also plans to lend its experience in both building startups as well as networking the young companies with partners they may need to expand.
The finances will be distributed chiefly by KPCB venture capitalist Matt Murphy as well as several other notable investors, including former Intel marketer and current Google board member John Doerr. To him, the SDK is an unusual chance to invest in a new and potentially successful category.
"A revolutionary new platform is a rare and prized opportunity for entrepreneurs, and that's exactly what Apple has created," Doerr says. "We think several significant new companies will emerge as this new platform evolves."
More news from today's Apple event
Apple's iPhone takes on the Enterprise
Apple posts iPhone Software Roadmap event stream
Coming to iPhone: Instant Messenger, EA's Spore, SEGA games
Apple announces iPhone 2.0 software and SDK beta
Notes from Apple's iPhone Software Roadmap event
Launched by Kleiner Perkins Caufield & Byers (KPCB) at Apple's iPhone Software Roadmap event, the money is placed into a collective pool known as the iFund, which will be used to provide early financial support for promising new companies using the software development kit to create software for Apple's handhelds.
Most of the investment will go to teams developing location-based services, mobile commerce, social networks, and other communication or entertainment add-ons for the mobile version of Mac OS X.
KPCB doesn't say whether it has established a particular system for distributing the money, but says it will invest venture capital to help the companies become completely independent. It also plans to lend its experience in both building startups as well as networking the young companies with partners they may need to expand.
The finances will be distributed chiefly by KPCB venture capitalist Matt Murphy as well as several other notable investors, including former Intel marketer and current Google board member John Doerr. To him, the SDK is an unusual chance to invest in a new and potentially successful category.
"A revolutionary new platform is a rare and prized opportunity for entrepreneurs, and that's exactly what Apple has created," Doerr says. "We think several significant new companies will emerge as this new platform evolves."
More news from today's Apple event
Apple's iPhone takes on the Enterprise
Apple posts iPhone Software Roadmap event stream
Coming to iPhone: Instant Messenger, EA's Spore, SEGA games
Apple announces iPhone 2.0 software and SDK beta
Notes from Apple's iPhone Software Roadmap event
Comments
The finances will be distributed chiefly by KPCB venture capitalist Matt Murphy as well as several other notable investors...
Matt "guitar" Murphy, Duck Dunn, Bones Malone......
Apple really seems to be gunning for RiM's marketshare.
Oh wait, never mind, you weren't connecting them, you were just listing them. my mistake.
This $100M iFund, Apple fronting the bill for Exchange support instead of charging for it per person, and the very low $99 developer fee means that total cost of ownership for the iPhone will be lower than the competition.
Apple really seems to be gunning for RiM's marketshare.
I agree. I watched the quicktime presentation at the Apple website and several references were made to RIM.
I agree. I watched the quicktime presentation at the Apple website and several references were made to RIM.
There was a remark that seemed to speak directly to teh RiM outages taht have recently happened. I'd like to know more about how RiM is setup and how Apple is able to by pass those extra steps while RiM doesn't. Of course, I may have easily misinterpreted that portion of the keynote.
UPDATE: I just checked their stock price... whoa. Not good.
Watch the price of RIMM tomorrow. They should be getting very, very nervous.
UPDATE: I just checked their stock price... whoa. Not good.
It would appear to me that Apple now match RIM in enterprise features but I'm guessing that the iPhone is a more robust platform to write apps for.
I can see a lot of companies writing apps for their business on the iPhone.
And the costs to develop for the iPhone seem reasonable, but I'm not a developer. There isn't even a lot of bitchin' at Ars, which is unusual. They usually rag heavily on the iPhone over there.
It would appear to me that Apple now match RIM in enterprise features but I'm guessing that the iPhone is a more robust platform to write apps for.
I can see a lot of companies writing apps for their business on the iPhone.
And the costs to develop for the iPhone seem reasonable, but I'm not a developer. There isn't even a lot of bitchin' at Ars, which is unusual. They usually rag heavily on the iPhone over there.
According to some of the posts I read here, the cost is really cheap. Some companies charge thousands to develop for their platform.
According to some of the posts I read here, the cost is really cheap. Some companies charge thousands to develop for their platform.
$399 for private enterprise apps is amazingly cheap. Not to mention that apps can be made wuicker and cheaper than many other platforms.
Though I have no use for it, it's too bad Apple didn't showcase cut and paste for v2, as it would have covered everything I can think of that people have been bitching about software-wise.
It would appear to me that Apple now match RIM in enterprise features but I'm guessing that the iPhone is a more robust platform to write apps for.
I can see a lot of companies writing apps for their business on the iPhone.
And the costs to develop for the iPhone seem reasonable, but I'm not a developer. There isn't even a lot of bitchin' at Ars, which is unusual. They usually rag heavily on the iPhone over there.
As a WM and BB developer - and now iPhone - I can tell you right now that RIM's is the one that in real life is least robust.
As a WM and BB developer - and now iPhone - I can tell you right now that RIM's is the one that in real life is least robust.
What's your impression of the SDK, enterprise features and development platform of the iPhone?
I watched the presentation at Apple's website and came away very impressed but I'm not a developer and have limited insight into that area. Maybe I'm just easily impressed...or the events of today were impressive.
Your thoughts.
Matt "guitar" Murphy, Duck Dunn, Bones Malone......
Don't forget "Blue" Lou Marini, and "Mr. Fabulous", Alan Rubin!
Matt "guitar" Murphy, Duck Dunn, Bones Malone......
I'm incredulous there aren't more comments about this iFund. This is really huge news.
I couldn't agree more.
I'm incredulous there aren't more comments about this iFund. This is really huge news.
I couldn't agree more.
Since I am not an AAPL shareholder, I'll be an a55 and say this is good use of Apple's massive cash load. 100 million is a drop in the lake. The fact that it is a long-term investment, especially in times of US and Western "OMFG China is going to leave us in the dust!11!!" thought, is quite astounding.