The OFEF at Carnegie Mellon University is a new, groundbreaking model for providing early-stage business financing to Carnegie Mellon alumni who have graduated within the past five years. The OFEF is not a business plan competition, in which only entrepreneurs with the best ideas receive funding. Instead, it's open to recent CMU graduates who have the desire to become entrepreneurs and contribute to the university’s innovation ecosystem.
Selected companies will receive $50,000 from the OFEF and must raise an additional $50,000 matching investment to be eligible. In addition to financial support, OFEF recipients also gain access to other funding sources, receive personalized mentoring, an invitation to attend an annual OFEF business conference and receive legal and accounting support for their start-ups.
The OFEF is managed by the Center for Innovation and Entrepreneurship (CIE). The CIE was created by the partnership between the Don Jones Center for Entrepreneurship and Project Olympus in the fall of 2012.