The Openfund is excited to announce the opening of the call for proposals for our fourth round of operations. The reopening of the call coincides with the beginning of our second year of operations and the announcement of a significantly improved proposition for aspiring entrepreneurs.
Specifically, the range of funding is almost doubled to €30.000-50.000 up from €25.000-35.0000, while keeping the equity at 15%. Also based on a significant number of additions to our advisor board, we are now able to provide much more mentoring time and networking to all projects.
The annual structure is also adjusted, reducing the number of calls for proposals to 2 per year, a winter and a summer one, during which up to 7 proposals will be admitted. This also allows us to extend the incubation time significantly and also the time we can devote to our actual participation in each and every project, including mentoring time, business development and others.
The call for proposals will remain open for almost 2.5 months, with the deadline on November 30, 2010. Aspiring entrepreneurs are strongly encouraged to submit their proposals much earlier, to receive timely feedback, improve and resubmit before the deadline. This will significantly increase your chances of proceeding to the next stages of our selection process.
The selection process will begin on December 1st. Extensive reviews will be provided to all the applicants, while selected applications will proceed and helped to prepare a full business plan, before the next steps of the selection process including an interview and presentation. Final decisions will be made in January 10, 2011, with a 5-month incubation period starting right afterwards.
We look forward to putting our resources into turning your project ideas to successful businesses.