If you’ve got an idea for a business or application based on Facebook then now’s the time to act as Facebook has announced that grants will be made available to inspire new applications.

Grants will come out of a $10m pot raised by Facebook’s primary backers Accel Capital and The Founders Fund. The two groups will get the right of first refusal for the first round of financing any start-up or company in the fund, which Zuckerberg will oversee as a board advisor. The fund is now accepting applications for $25,000 – $250,000 grants from anyone interested in building their business on the site’s own platform.

Any individual or company, anywhere in the world can apply as long as they have not raised any formal venture funding, Facebook said yesterday. In a statement, the site explained that the fund is being made available to “help grow the Facebook applications ecosystem.”

On the fund’s intentions, it added:

We hope to entice an even larger group of people to become entrepreneurs and build a compelling business on [the] Facebook platform.

If you would like to apply for a garnt then send your submission to platform@facebook.com. The full press release is here.

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