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Steve Jobs Introduces the iFund [UPDATED]

Steve Jobs Introduces the iFund [UPDATED]

by , 2:35 PM EST, March 6th, 2008

At Apple's iPhone Roadmap event in Thursday, Steve Jobs, in concert with Kleiner Perkins Caufield & Byers introduced the "iFund," according to ars technica on Thursday.

John Doerr from KPCB said that in honor of Steve Jobs, in a salute to the world's greatest entrepreneur, that they are starting a $100M fund, the iFund, to promote startups. "That should be enough to start about a dozen Amazons, or even four Googles!" Mr. Doerr said.

The fund will be managed by KPCB, and the money is intended for companies that want to develop the capabilities of the iPhone and iPod touch. Apple said it will provide KPCB with market insight and support, according to InformationWeek on Thursday.

"It's about this great opportunity, but it's about more than the money, it's about the great team at Apple and the great talent we can recruit together," Mr. Doerr said.

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