KPCB have set up the iFund to “fund market-changing ideas and products that extend the revolutionary new iPhone and iPod touch platform. The iFund™ is agnostic to size and stage of investment and will invest in companies building applications, services and components. Focus areas include location based services, social networking, mCommerce (including advertising and payments), communication, and entertainment. The iFund™ will back innovators pursuing transformative, high-impact ideas with an eye towards building independent durable companies atop the iPhone / iPod touch platform.”

Umm – that’s exciting. The iPhone is a personal, broadband device, with revolutionary input devices – touch and accelerometers – so people’s imagination should run wild.

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