How many times a year does the OFEF invest?
The OFEF plans invest twice a year with the first investment being made in February or March 2012.
When is the application deadline?
The first application deadline is January 31, 2012. We will announce an investment schedule in the future.
When do I need to raise my matching funds?
You must submit a letter of commitment from another investor for $50,000 in matching funds at the time your application is submitted. The OFEF will close on the investment simultaneously with the matching investor.
How does the OFEF choose who receives the investments?
The applications are screened for completeness and eligibility. From eligible applicants, the OFEF Advisory Committee will choose finalists. The finalists will present in front of the Advisory Committee (live or electronic). Successful finalists will receive the investments.
What is the investment vehicle?
OFEF investments will be made by convertible note.
Can I receive additional funding from the OFEF?
No. The OFEF investment is meant as a seed investment to help you start your business. We expect you to seek additional funding from other angel and VC investors.
Who is the OFEF Advisory Committee?
The OFEF Advisory Committee makes decisions on who receives OFEF investments. It includes CMU alumni, CMU executives, and other friends of the CMU community.
Am I still eligible if my co-founder is not part of the Carnegie Mellon community or graduated more than five years ago?
Can I apply more than once?