Applications are being accepted now and will be reviewed on a rolling basis. We've had just over 100 applications to each of he first three cities. Typically half of these are not ready for angel investing (i.e. they are business plans), so at this point you have a 10% chance of getting in if you have a decent product that is actually built.

I would say 50%+ of the ycombinator/techstars companies would be "OAF worthy" by the end of each program. Basically, if you're good enough to get into one of those programs and finish a good product you would probably be good enough for OAF.

We are taking a pause at five cities (LA, SF, SV, NY and Seattle) three times a year (so 15 yearly events) because I don't have anyone besides myself and Tyler to review the 2,000 applications we will get this year. However, we have launched five $50,000 national sponsorships for service providers (i.e. law firms, recruiters, etc) and technology companies (i.e. google, yahoo, microsoft). IF we can land 2-3 of those we will hire one or two full time staffers and be able to get to 12 cities (36 events a year). any questions hit me up here or at Jason@calacanis.com