Openfund is set around an open call for application of start-up ideas, the best
out of which are selected to receive the Openfund benefits. The whole process is
described below:
-
Call of interest (expected duration: 2 months): The application period
for the second round has closed on 28th of February 2010. The next call is expected to start in two months. To participate a team
needs to fill the Application form.
-
First evaluation (expected duration: 1 month): During the month following
the end of the application period, applicants will be notified on whether they are
selected as candidates for funding or not. Successful applicants are requested to
provide more details on their submission and appear for a short interview.
-
Second evaluation (expected duration: 15 days):The applicants who are
not selected for the final round are briefed after their interview. Those that are
selected are invited to give a presentation in front of the board, the investors
and the advisors, at a full day workshop called "Launch Day". The workshop takes
place 15 days before the successful applicants are expected to start working on
their startup. It is will be promoted by the Openfund and is open to the public.
Maximum 5 submissions will be finally selected and receive the full Openfund benefits.
-
Seed preparation (expected duration: 15 days): The applicants who
are chose after the “Launch Day” are given 15 days to prepare for the seeding period
and sign the term sheet. The term sheet defines an amount of seed financing, ranging
from 25,000 to 35,000 euros, for a share of 15% in the company that is formed out
of the submission.
-
Seeding timeframe (expected duration: 4 months): Starting in June
of 2010, the selected founders will be provided full support to to focus on turning
their startups into successful businesses. This time window is provided to turn
an idea into a working prototype and a business that can be launched, sooner or
later, depending on the particular circumstances of each startup. During the seeding
timeframe, both the Executive and Advisory Boards provide extensive support to the
start-ups, including advisory into technical and business aspects, next to access
into an extended network of contacts. Moreover, a number of members of the Executive
Board are assigned with the close monitoring of each start-up, while each start-up
presents its progress to the full Executive Board once from month to month.
-
Exit: From the end of seeding frame, the alumni start-ups are provided with
full support to grow, so as to end up in a further round of funding, acquisition
or IPO. Within this context the Openfund works at helping funded startups towards
securing one of the above targets. All Openfund alumni start-ups will essentially
have in place, at least, all the requirements necessary to make them an enticing
target for further funding, both from local and international sources.
The aforementioned process is to be repeated in cycles that are designed to maximize
the operational efficiency of the Boards and provide a steady flow of submissions,
start-ups, resources absorption and exit opportunities. As such, the next cycle
starts with a new call of interest right after the selection of the startups of
each round, while the announcement of the new startups to be funded coincides with
the end of the seeding timeframe for the start-ups of the previous round, and so
forth.
