Rapid7 created a $100,000 investment fund to support up to seven promising open source projects in the security industry. The “Magnificent7” projects will be identified and supported through the remainder of 2011 and into 2012.

Any security-related open source project – with a preference for BSD-compatible licensing – is applicable and encouraged to submit a “Magnificent7” application.

After the Rapid7 program committee reviews all initial proposals, promising projects will be chosen to participate in the second round of application, taking place at the UNITED Security Summit, where they will be granted a 45-minute presentation and in-person Q&A session with the Rapid7 committee.

During their pitch, participants will be judged based on several criteria including a working demonstration of the software and the caliber of their project roadmap.

Selected recipient(s) for the first funding phase will be announced following the UNITED Security Summit and the second round will open for submissions in Q1 2012.

To submit a nomination for Magnificent7 funding consideration, please visit the Rapid7 Community website for details and guidelines and email the submission to oss@rapid7.com. All first round submissions are due by September 9, 2011.