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AppFund offers VC money for iPad apps

A group of investors has teamed up to form AppFund, a company solely focused on raising money for and incubating apps for the iPad. You'll remember the somewhat similar iFund, which even got a mention in an Apple keynote a while back, and eventually offered up millions of dollars to emerging iPhone app companies like ngmoco and others. AppFund is trying to do the same thing, though they're starting out a bit smaller, promising $5000 to $500,000 to folks with interesting iPad ideas and the means to get them up and running.

They're soliciting ideas right now, so if you saw the iPad on stage and came up with a brilliant way to use it, you can send them a report and see if they bite. You'll probably need a solid business plan and/or a prototype as well, since they probably won't give you $500,000 to develop an iPad whoopie cushion that you can sneak onto a chair and make someone sit on. Or will they?

Excuse me, I have go to compose an email...

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