OCV actively conducts research on open source software projects and recruits founders to join our companies. As a general screening criteria, we would only consider projects with a minimum of 20 monthly MR/PRs or 5,000 stars on GitHub. See detailed research process at:
Research processesOnce a founder provides verbal acceptance of our offer, follow the process outlined below to draft and send out an indicative offer letter via DocuSign:
Founder Offer LetterOCV moves to company formation process below after signed founder offer letter is received. Steps 1 and 2 may be discussed as part of the verbal acceptance process.
Incorporation Process OverviewStep 1: Choose the company nameStep 2: Choose a legal entity structureStep 3: File incorporation paperworkStep 4: Issue equity to founders and advisorsStep 5: Establish the company’s options poolStep 6: Banking systems set upStep 7: Fund the business Step 8: Systems setupOvertime, company structure will evolve following each round of new venture funding as in example below:
Company Structure Over TimeIn cases where a company is unable to secure Seed Round funding, OCV will follow wind down procedures below:
Company Wind Down