NEW YORK—Apple Inc. unveiled the long-awaited iPad last month to unusually tepid response. But most analysts agree that for the tablet computer to take off, it would need applications developed especially for the device.
Enter AppFund, a new venture capital firm that will provide funding to iPad application developers worldwide. AppFund, founded by CNET and E! founder Kevin Wendle and MusicNation co-founder Daniel Klaus, will invest in developers and software houses that specialize in tablet and iPad applications.
The fund will invest $5,000 to $500,000 in each developer, depending on the complexity of the application and the project’s potential user base.
“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 revolutionize their operations,” said Wendle and Klaus in a statement.
So far, AppFund has not disclosed how much money is in the fund. The company is looking for candidates currently and targets summer 2010 for its first application launch.
“The possibilities for this device given its size and functionality could eclipse the application market for the smaller iPhone. 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.”
If Apple wants to put a dent in Amazon.com’s Kindle sales, it would have to woo consumers away much like how the iPhone became a leader—by building up its application database.
But as an e-book reader, the iPad has stiff competition.
Sony Corp. has upgraded its Sony Reader with Reader Daily Edition and signed an agreement with The Wall Street Journal and The New York Post to sell digital subscriptions.
Enter AppFund, a new venture capital firm that will provide funding to iPad application developers worldwide. AppFund, founded by CNET and E! founder Kevin Wendle and MusicNation co-founder Daniel Klaus, will invest in developers and software houses that specialize in tablet and iPad applications.
The fund will invest $5,000 to $500,000 in each developer, depending on the complexity of the application and the project’s potential user base.
“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 revolutionize their operations,” said Wendle and Klaus in a statement.
So far, AppFund has not disclosed how much money is in the fund. The company is looking for candidates currently and targets summer 2010 for its first application launch.
“The possibilities for this device given its size and functionality could eclipse the application market for the smaller iPhone. 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.”
Competition Heats Up
If Apple wants to put a dent in Amazon.com’s Kindle sales, it would have to woo consumers away much like how the iPhone became a leader—by building up its application database.
But as an e-book reader, the iPad has stiff competition.
Sony Corp. has upgraded its Sony Reader with Reader Daily Edition and signed an agreement with The Wall Street Journal and The New York Post to sell digital subscriptions.
