Media execs form multimillion dollar 'Appfund' for iPad
Team offers developers up to $500k funding for apps
Executives Kevin Wendle and Daniel Klaus have formed AppFund, a company set up to fund and assist developers working on iPad and other mobile tablet devices.
Wendle, the co-founder of CNET and E! Online and Klaus, co-founder of MusicNation, are offering between $5000 and $500k capital to developers with appealing proposals for apps for the new tablet stores.
Headquartered in New York, AppFund will consider applications from developers anywhere in the world.
"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 in a joint statement.
"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.
"This year alone Apple is reporting that iPhone applications will grow to over 200,000. In that there is an expectation that developers will port their ideas to the iPad, we look forward to providing funding and thought capital to the entrepreneurs willing and able to harness this new and exciting marketplace."
The duo encourages developers to submit proposals immediately to be able to launch alongside the first applications for iPad this summer.
Each app will be evaluated on its ability to be a true utility for consumers, and for its scalability and viral marketing potential. Priority will be given to those targeted at early adaptors aged 16-39 with higher incomes, which incorporate iPad-unique features, have a long shelf life and have the potential to become hits, said the company.