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1 year ago
in fbFund Rejectees Are Not Happy on AllFacebook
Ami,
I am glad that Facebook “…value(s) our developers immensely, ... If you have specific feedback, we’d love to hear it…”
I do have some specific feedback: Prior to May of last year, when an army of developers started writing free code for you, Facebook was conservatively valued at under $2B (Yahoo offered $1B not long before, so $2B must be generous). In Nov, Microsoft invested in FB at a rate putting the value at $15B! That is an increase in value of $13B- in other words, the owners of FB got $13B richer in a 6 month period, following the scramble by outside developers to make applications for your platform! There are now 300,000 people who have joined the developers group on your site.
The link you provided above states that the average grant will be around $50,000. Given a $10M initial fund announced in Sept, this will allow you to fund approximately 200 developers. Can you tell us, now 4 ½ months later, how many developers you are close to funding?
Let’s take this a step further. Let’s say that, just out of kindness, FB was to share 1% of that $13B you all just made, with some of those 300,000 developers who basically made it for you. 1% of $13B is $130M. If the average Grant is going to be for $50K, you could give out 2,600 such grants, and still have only given back to the developers 1% of the money that their efforts have made you over the last 9 months. Once again I ask you, how much money have you given out and how many developers are you close to funding?
To get to the point, here is my specific feedback: START GIVING SOME OF THE GRANTS YOU HAVE PROMISED TO THE DEVELOPERS WHO HAVE MADE FACEBOOK ONE OF THE MOST PROFITABLE INVESTMENTS IN HISTORY, MOST OF WHOM WILL NEVER MAKE A DIME ON YOUR INCREDIBLY DIFFICULT TO MONITIZE PLATFORM!
I am glad that Facebook “…value(s) our developers immensely, ... If you have specific feedback, we’d love to hear it…”
I do have some specific feedback: Prior to May of last year, when an army of developers started writing free code for you, Facebook was conservatively valued at under $2B (Yahoo offered $1B not long before, so $2B must be generous). In Nov, Microsoft invested in FB at a rate putting the value at $15B! That is an increase in value of $13B- in other words, the owners of FB got $13B richer in a 6 month period, following the scramble by outside developers to make applications for your platform! There are now 300,000 people who have joined the developers group on your site.
The link you provided above states that the average grant will be around $50,000. Given a $10M initial fund announced in Sept, this will allow you to fund approximately 200 developers. Can you tell us, now 4 ½ months later, how many developers you are close to funding?
Let’s take this a step further. Let’s say that, just out of kindness, FB was to share 1% of that $13B you all just made, with some of those 300,000 developers who basically made it for you. 1% of $13B is $130M. If the average Grant is going to be for $50K, you could give out 2,600 such grants, and still have only given back to the developers 1% of the money that their efforts have made you over the last 9 months. Once again I ask you, how much money have you given out and how many developers are you close to funding?
To get to the point, here is my specific feedback: START GIVING SOME OF THE GRANTS YOU HAVE PROMISED TO THE DEVELOPERS WHO HAVE MADE FACEBOOK ONE OF THE MOST PROFITABLE INVESTMENTS IN HISTORY, MOST OF WHOM WILL NEVER MAKE A DIME ON YOUR INCREDIBLY DIFFICULT TO MONITIZE PLATFORM!
1 year ago
in fbFund Rejectees Are Not Happy on AllFacebook
The fbFund was never anything more then a shrewd marketing ploy. The fund was first announced early Sept to “…help grow the Facebook application ecosystem. By decreasing the barrier to start a company, we hope to entice an even larger group of people to become entrepreneurs and build a compelling business on Facebook Platform. We hope this is also a funding model that other venture capitalists will follow”. They stated that their goal was to “get decisions to potential grantees within the month that they apply”.
It is now 4 1/2 months later. Most people who submitted applications have not even gotten a reply from Facebook yet, let alone a final decision within 30 days. Facebook finally just invited a dozen or so people to present their ideas early this month. Now a bunch of those get rejected! Just how many people will get funding, and when will this funding happen? At this rate, they will distribute their $10M grant fund in what, 5 years! By that time Facebook will be a fairly well trafficked widget on iGoogle! The truth of the matter is that they never intended to really give out the money in the first place. Look at the facts: Facebook opens it’s API and thousands of programmers rush in to build apps. Much hype drives the value of Facebook through the roof. By the end of the summer, the hype is starting to dissipate, and there are serious questions about the value of the application platform and its ability to be monetized. Facebook then announces a $10M giveaway to app developers to help them create interesting apps, just in time to produce a bunch more hype and re-motivate the army of developers out there trying to strike it rich creating FB apps. Is it a big coincidence that FB had a funding round with Microsoft shortly after fbFund was announced?
It is time to face the music- this was all just a brilliant marketing ploy designed to make Facebook very very valuable. Facebook applications are only good for two things; virtually poking each other, and making the owners of Facebook extremely rich. If they seriously believed any different, they would be dispersing their third round of $10M right now and already have an army of seed-funded programmers desperately trying to come up with some new applications that actually did something. It is time for you all to stop working for Zukerberg for free and put your talents to some useful purpose.
It is now 4 1/2 months later. Most people who submitted applications have not even gotten a reply from Facebook yet, let alone a final decision within 30 days. Facebook finally just invited a dozen or so people to present their ideas early this month. Now a bunch of those get rejected! Just how many people will get funding, and when will this funding happen? At this rate, they will distribute their $10M grant fund in what, 5 years! By that time Facebook will be a fairly well trafficked widget on iGoogle! The truth of the matter is that they never intended to really give out the money in the first place. Look at the facts: Facebook opens it’s API and thousands of programmers rush in to build apps. Much hype drives the value of Facebook through the roof. By the end of the summer, the hype is starting to dissipate, and there are serious questions about the value of the application platform and its ability to be monetized. Facebook then announces a $10M giveaway to app developers to help them create interesting apps, just in time to produce a bunch more hype and re-motivate the army of developers out there trying to strike it rich creating FB apps. Is it a big coincidence that FB had a funding round with Microsoft shortly after fbFund was announced?
It is time to face the music- this was all just a brilliant marketing ploy designed to make Facebook very very valuable. Facebook applications are only good for two things; virtually poking each other, and making the owners of Facebook extremely rich. If they seriously believed any different, they would be dispersing their third round of $10M right now and already have an army of seed-funded programmers desperately trying to come up with some new applications that actually did something. It is time for you all to stop working for Zukerberg for free and put your talents to some useful purpose.
