Articles for September 2010

The Openfund IV – Call for proposals opens

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.

You may apply today by filling the form here. You are also encouraged to take a close look at our process, the FAQ  and best practices before proceeding with your application.

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.

Greek Prime Minister refers to Openfund as example of innovation and growth

Yesterday the Openfund had a uniquely humbling and at the same time proud moment.

We were fortunate enough to have our venture mentioned by none other than the Greek Prime Minister himself as an example worthy of advocating and support.

The mention took place in the Prime Minister’s opening speech of the 75th annual International Expo of Thessaloniki, the largest expo organised in Greece.

(skip to 15m40s for subtitles)

And it was there, among a declaration of further measures and changes to help the Greek economy grow through the rough times, that the Openfund along with a few other ventures (most notably our very own’s Dimitris Glezos’ Indifex) was mentioned as a force that can help make Greece move forward.We in the Openfund are grateful for the trust and support we are shown publicly and this affirmation of our efforts cannot but encourage us to set our goals even higher.

It is with this in mind that we would like to announce that the new call for proposals will open towards the end of September – and we would be happy to receive for consideration any entrepreneur’s application.