How to Apply-Open Field Entrepreneurs Fund - Carnegie Mellon University

How to apply for an OFEF investment

General Information:

The first investment will be made in February or March 2012. Investments will be made twice a year. We will annouce an investment schedule in the future.

The OFEF invests $50,000 per successful applicant in the form of a convertible note.

Eligibility & Required Documents:

You must be a recent Carnegie Mellon University Graduate within the last five years. You must also commit to use an OFEF mentor and attend the annual OFEF business conference.

We require each company to submit three documents: a Certificate of Incorporation (US), a Cap Table and a Letter of Commitment for $50,000 of matching cash investment.

For your Letter of committment, the OFEF will only close on its investment simultaneously with your matching investor. The matching investor can be a third party (angel, VC, company, etc.) or it can be you or your family. However, it must be a cash investment in the same convertible note instrument that the OFEF uses.

The OFEF Application Process:

Step 1 -  Complete the OFEF Online Application on this website.

Step 2 – The OFEF Advisory Committee will review applications and choose finalists. You will be notified of your application status.

Step 3 – The finalists will have the opportunity to give a presentation of their business to the OFEF Advisory Committee. 

Step 4 – The OFEF Advisory Committee will recommend investments be made in successful finalists.

Step 5 – The companies recommended by the OFEF Advisory Committee will complete due diligence and investment documentation with the OFEF Managing Director.

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