Articles for February 2010

The Openfund, Round II – The Schedule

Ten days before the submission deadline, we provide hereby the full schedule of selection operations for the second round of the Openfund:

Sunday February 28: Submission deadline

This is the hard deadline for submitting your application here. You may get some quick tips, or check our FAQ for more information.

Monday March 15: Notification

Applicants get notified on if they proceed to the next round of interviews or not. Successful applicants are provided with a business plan template to fill, while full reviews are shared with both successful and unsuccessful applicants.

Monday March 29: Submission deadline for business plans

Extensive feedback will be provided during this couple of weeks for your questions to be answered and your business plan to be further improved, before getting reviewed by our full Executive Board.

Friday April 9 & Saturday April 10: Openfund Interview day(s) II
During the interview day, 20′ interviews of all teams successful so far take place with our full Executive Board. Physical presence of remote teams is not required.

Sunday April 11: Notification

Successful applicants are invited to present at the Openfund Launch Day II.

Wednesday April 28: Openfund Demo Day I

This will be an open to everyone event, during which our first round’s start-ups will showcase to the public their progress and products created during the incubation period. More details on the event will follow soon.

Friday April 30: Openfund Launch Day II, presentations

Applications which made it thus far will pitch in front of our investors and advisors, so as to finally select up to 5 teams for our second round of operations.

Monday May 3: The 4-month incubation begins

We’re looking forward to leverage our expertise and experience thus far to return significant added value to all of you applying, and work together with the best teams out there to turn great ideas into fantastic products and successful companies.

Openfund Sweetens Deal for Entrepreneurs

We are happy to report that Openfund, the seed fund focusing on software, web & mobile services in Southeastern Europe, is sweetening its terms to entrepreneurs and providing them with an even more compelling offer.

The percentage that Entrepreneurs give to Openfund will drop from 20% to 15%.  What they get in return is seed funding (between 25K and 35K Euros) as well as access to the expertise and business networks of an exceptional group of advisors.

We were very pleased with the number and quality of applications on the first round and with this move we are hoping to build even more momentum and attract an even larger number of high quality applications in Round 2 and beyond.

We are also adjusting the allocation of Openfund’s 15% share between investors and the Executive board, in favor of investors. 10% is allocated to investors, and 5% to the Executive Board. This makes the terms more favorable to our investors, recognizing the importance of their contributions.

We believe that these changes, effective from the currently open round, will ensure that Openfund offers a highly compelling value proposition to leading edge entrepreneurs and investors, and will result in the gathering of an even larger number of quality applications.

Applications for the second round are open till February 28, you may apply here.