Microsoft has formally unveiled their angel investment fund and incubator called Bing Fund. I wrote about its possible announcement a few days ago, back then I didn’t have a lot of information. My ZDNet colleague, Mary Jo Foley came across a job posting suggesting Microsoft’s intentions of improving their online product portfolio with new projects coming out of Bing Fund. Along with the Bing Fund announcement, Microsoft has shared some  details. The fineprint of the fund is quite interesting since surprisingly using the Microsoft dev stack is not a compulsion. While Microsoft hopes to educate and would like to see startups using Microsoft products, it is not a rejection parameter. Some key points:

• Startups that have a working product and some momentum will be chosen
• Microsoft’s already cash-losing Bing will be providing an undisclosed sum of money to a limited number of startups incorporated in the US
• The exclusive club will add a new startup only after a startup graduates
• Focus will be on startups developing mobile and Internet products
• Microsoft does not expect anything in return, or so they claim
• The company hopes to get into the glamorous startup ecosystem that has so far evaded Microsoft’s Windows Phone platform
• For startups in infancy, Microsoft suggests BizSpark
• The incubator is based in Microsoft’s Seattle backyard and for good Microsoft guidance startups are expected to be in the neighboring area

For a while I’ve been wondering why Microsoft was not doing enough to get startups develop apps for Windows Phone along with iOS/Android, the Bing Fund will most likely fix this problem and at the same time help achieve Microsoft’s tablet goals.