Facebook has just announced the 20 final winners of the latest round of fbFund, the joint entity created by Accel Partners and Founders Fund in conjunction with the social network to help foster quality applications on Facebook Platform and Facebook Connect. This round’s winners will be invited to join a special Facebook startup incubator in downtown Palo Alto this summer. We’d previously learned about the program’s 50 finalists, each of whom was given $1,000 in advertising credit. But this is the real prize that the applicants have been shooting for.
The incubator program is being called fbFund REV, and will operate in a similar fashion (at least in some senses) to programs like Y Combinator and TechStars. Twenty companies, which include two nonprofits, will take part in a program headed by Founders Fund’s Dave McClure, and will have the chance to work with Facebook engineers and a range of Silicon Valley veterans. Facebook intends to keep us posted on the startups’ progress throughout the session, and will be holding a demo day at the end of the summer to help expose the companies to investors and press.
McClure is drawing inspiration from his experience teaching a Facebook course at Stanford, where he helped guide 25 teams of developers. He says that while the program has more participants than other incubators have had over the last few years, this can actually help the startups, as they feed off each others’ knowledge and experience. McClure adds that the program will be somewhat more structured than YC and other incubators and that it will emphasize getting the companies to release and iterate their products quickly, rather than spending a long time on the development cycle.
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