iFund details revealed for budding iPhone entrepreneurs

Following the news of the scheme from Apple, Kleiner Perkins Caufield & Byers (KPCB) have announced the launch of the iFund with $100 million in venture capital to invest in companies developing applications and services for Apple's iPhone and iPod touch.

The iFund, managed by KPCB, "will be invested in companies with market-changing ideas and products that extend the revolutionary new iPhone and iPod touch platform".

"A revolutionary new platform is a rare and prized opportunity for entrepreneurs, and that's exactly what Apple has created with iPhone and iPod touch", said John Doerr, partner at Kleiner Perkins Caufield & Byers.

"We think several significant new companies will emerge as this new platform evolves, and the iFund will empower them to realize their full potential."

"Developers are already bursting with ideas for the iPhone and iPod touch, and now they have the chance to turn those ideas into great companies with the help of world-class venture capitalists", said Steve Jobs, Apple's CEO.

"We can't wait to start working with Kleiner Perkins and the companies they fund through this new initiative."

The finance company says there is a "focus" on area like location based services, social networking, mCommerce, communication, and entertainment.

The iFund will fund entrepreneurs "pursuing transformative ideas" with the potential, and goal, to become standalone, public companies.

In addition to providing capital, KPCB will assist with company-building expertise, business development relationships and access to its network of entrepreneurs.