After weeks of murmurs, Microsoft finally announced their latest incubator programme Bing Fund on July 12.
The Bing Fund will provide $50,000 – $100,000 to finance early startups that create “online or mobile experiences that incorporate fresh insights,” Microsoft announced. This angel investment will be in the form of convertible notes, loans that convert to Microsoft equity.
In addition, Microsoft will provide other resources – their expertise in technological development and design, and even Microsoft office space in Bellevue, Washington. Though it is not a requirement to apply for the fund, startups using Microsoft’s technology can also obtain subsidised access to their Bing APIs and other products.
The incubation will last for a minimum of four months, with a few ongoing investments at the same time. After the graduation of one startup, Microsoft will fill the spot with another.
Microsoft has assured entrepreneurs that their aim is not to acquire their companies or technology; startups are entitled to the intellectual property rights of their products after the incubation period.
Got a great idea? The fund is accepting applications on its website.