The Investment Committee considers the complete investment opportunity rather than relying on a single score or factor. Areas of consideration include:

• Leadership and execution: Does the team have the experience, expertise, advisers and capacity needed to move the venture forward?
• Market: Is there a clearly defined customer and meaningful market opportunity? How does the venture differ from available alternatives?
• Traction: Has the team tested its assumptions with customers? Does it have users, revenue, partnerships or other evidence of demand?
• Product or service: Does the venture have a viable product, service, prototype or minimum viable product?
• Scalability: Can the business grow beyond its current customers or market?
• Financial position: Are the financial assumptions reasonable? How will the proposed investment be used?
• Additional funding: Will the venture require additional capital, and is there a reasonable plan for obtaining it?
• Legal and regulatory considerations: Are there legal, policy, intellectual-property or regulatory issues that could affect the venture?
• Investment potential: Is the venture positioned to grow and create a potential financial return?

Student founders selected to advance are paired with a team of Student Venture Associates. The team helps the founder strengthen the business case, refine the presentation and prepare for questions from the Investment Committee.

Selected student founders must also participate in a required practice pitch before presenting to the Investment Committee.

Dress is business professional attire.

• The problem and who experiences it
• The venture’s proposed solution
• The target customer and market opportunity
• Evidence of customer demand or traction
• The business model
• Competitors and differentiation
• The founder or leadership team
• Financial assumptions and projections
• The amount requested and proposed use of funds
• The venture’s next milestones

Student founders deliver a 10-minute presentation followed by approximately 15 to 20 minutes of questions from the Investment Committee.

The GCFE provides the final schedule, location, presentation template and preparation requirements before the pitch event.

Alumni pitch formats are determined based on the investment opportunity, funding round and information available to the Investment Committee.

Alumni founders receive presentation and scheduling expectations from GCFE leadership before meeting with the committee. The format may differ from the student-founder pitch process.

No. An invitation to pitch does not guarantee that the Bluestone Seed Fund will invest.

The Investment Committee evaluates each opportunity individually and may decide to invest, request additional information, propose different terms or decline the opportunity.

Investment amounts and terms are not fixed. An investment may be structured as equity or through a simple agreement for future equity, commonly known as a SAFE.

Student founders do not need to present previously negotiated terms. If the Investment Committee wishes to proceed, the founder and committee negotiate the investment amount, valuation, ownership percentage and other applicable terms.

Alumni founders may submit previously negotiated term sheets for consideration. An existing term sheet does not guarantee that the fund will invest or accept those terms.

No. A founder may begin the application or review process before establishing a legal entity.

If the Investment Committee decides to proceed with an investment, the founder must establish an appropriate legal entity, obtain an employer identification number and open a business bank account before funding can be released.

Applicants, founders and Student Venture Associate candidates who need an accommodation or an alternate way to access the application, review or pitch process should contact Leigh Anne Losh at loshla@jmu.edu.

Requesting an accommodation will not affect the review or evaluation of an application or investment opportunity.

Approximately 20 Student Venture Associates are selected during the fall semester.

The final number may vary based on the needs of the fund, the applicant pool and the number of anticipated investment opportunities.

• An interest in venture investment and entrepreneurship
• Professionalism and sound judgment
• Strong written and verbal communication
• An ability to work collaboratively
• Respect for confidential information
• Dependability and attention to deadlines
• A willingness to evaluate opportunities objectively
• An interest in supporting student founders

The GCFE considers each candidate’s interest, professionalism, communication skills, ability to collaborate and willingness to complete the required responsibilities.

The GCFE also seeks a group representing different majors, class years, experiences and perspectives.

The time commitment varies throughout the investment cycle.

Student Venture Associates should expect a greater commitment during application review, due diligence, founder coaching, practice pitches and Investment Committee preparation. The GCFE provides key dates and expectations so students can plan around their academic responsibilities.

Student Venture Associates are expected to participate during both the fall and spring semesters.

Students who plan to study abroad during the second semester may request an exception. These situations are considered individually.

Student Venture Associates may receive nonpublic information about founders, ventures, finances, business strategies and potential investments.

Associates must protect confidential information, follow all GCFE confidentiality requirements and use applicant information only for authorized Bluestone Seed Fund activities.

Student Venture Associates gain hands-on experience with:

• Reviewing early-stage investment opportunities
• Conducting preliminary due diligence
• Evaluating markets, business models and venture risks
• Supporting founder pitch preparation
• Communicating professionally with founders and committee members
• Participating in investment deliberations
• Monitoring portfolio activity
• Working as part of a venture-review team

The experience can help students explore careers in venture capital, entrepreneurship, finance, consulting, business development and related fields.

Students who successfully complete the program may use language such as:

Student Venture Associate, Bluestone Seed Fund

Reviewed early-stage investment opportunities, conducted preliminary due diligence, supported founder pitch preparation and participated in venture-investment learning and deliberation activities.