Microsoft just announced the launch of a new fund, aiming to help startups and companies offer access to affordable Internet in "underserved markets."

Internet has become nearly ubiquitous nowadays in some markets, yet in others access to Internet is not as affordable or readily available.

Heavyweight companies have been making various efforts to get more people online worldwide, and Microsoft now launched a new fund to improve access to affordable Internet in developing markets.

Under its new Affordable Access Initiative, Microsoft offers grants to commercial entities that come up with scalable solutions for facilitating access to Internet and cloud services in underserved communities. According to the company, a whopping 57 percent of the world is still offline.

"Most of the world's population is not connected to the Internet. Underserved markets, rural and remote areas, and economically disadvantaged communities are least likely to have online access," Microsoft points out. "That's where you come in. With affordable Internet service access, 4.2 billion more people could communicate, find jobs, and pursue local and global passions."

Any commercial company with two or more employees hired full-time can take advantage of Microsoft' new Affordable Access Initiative, as long as they come up with a working, viable solution. Such solutions may involve low-cost ways of connecting to the Internet, new applications and cloud services, as well as new payment systems designed for smaller businesses and consumers in target markets.

Interested applicants must submit their proposals by Jan. 15, 2016, at 11:59 PT. It's worth pointing out that Microsoft will not accept applications from academic institutions, government agencies or other non-profits. Successful applicants will receive an average of $75,000 and will gain access to complementary services and software. Recipients will also get the chance to connect with other potential funders and grant recipients.

This initiative will see Microsoft teaming up with Internet access providers, as well as other organizations from both the public and the private sector in a joint effort to develop scalable solutions to make internet connectivity available to as many people as possible.

Microsoft further exemplifies successful efforts of this kind, such as its deployment of dynamic spectrum and TV white spaces, repurposing unused TV frequencies to Internet providers.