Directly quoted from their site if you didn't see this. Seems like a potentially nice opportunity for folks with an idea.
Round 1 for the fbFund Developer Competition has begun! We are looking to fund talented developers and entrepreneurs with up to $250,000 non-recourse grants to build great applications on Facebook Platform.
For more information, please go to http://developers.facebook.com/fbFund.php
Join us for updates at the fbFund page:
Please also watch our fun video that kicks off the competition
Submissions are due 8/29.
Enjoy! Now I have to go back through my idea list!