SCHEDULE 14A
                                 (RULE 14A-101)
                     INFORMATION REQUIRED IN PROXY STATEMENT

                            SCHEDULE 14A INFORMATION
           PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]

Check the appropriate box:
[ ] Preliminary Proxy Statement     [ ] Confidential, For Use of the Commission
                                        Only (as permitted by Rule 14a-6(e)(2))

[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Rule 14a-12

                    MEVC DRAPER FISHER JURVETSON FUND I, INC.
               --------------------------------------------------
                (Name of Registrant as Specified In Its Charter)


      (Name of Person(s) Filing Proxy Statement, if Other Than Registrant)

Payment  of Filing Fee (Check the appropriate box): 
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. 
(1) Title of each class of securities to which transaction applies:

(2) Aggregate number of securities to which transaction applies:

(3) Per unit price or other underlying value of transaction computed pursuant to
Exchange Act Rule 0-11. (Set forth the amount on which the filing fee is
calculated and state how it was determined):

(4) Proposed maximum aggregate value of transaction:

(5) Total fee paid:



<PAGE>


[ ] Fee paid previously with preliminary materials:


[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing.

(1) Amount Previously Paid:


(2) Form, Schedule or Registration Statement No.:


(3) Filing Party:


(4) Date Filed:



<PAGE>



                    NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
                          TO BE HELD SEPTEMBER 16, 2003

                    MEVC DRAPER FISHER JURVETSON FUND I, INC.

     NOTICE IS HEREBY GIVEN that a Special  Meeting of the  shareholders of meVC
Draper Fisher  Jurvetson Fund I, Inc. (the "Fund"),  will be held at the offices
of Schulte Roth & Zabel LLP, 919 Third Avenue,  New York, NY 10022,  on Tuesday,
September 16, 2003, at 10:00 a.m. (Eastern time) for the following purposes:

     1.   To approve the proposed management plan of the Board of Directors (the
          "Proposed  Plan") under which:  (i) Michael  Tokarz would be appointed
          Chairman of the Board of Directors and Portfolio  Manager of the Fund;
          (ii) the Fund would adopt an amended investment  objective whereby the
          Fund would seek to maximize  total  return from  capital  appreciation
          and/or  income;  (iii) the Fund would seek to achieve  its  investment
          objective  primarily  through senior and subordinated  loans,  venture
          capital,  mezzanine  and  preferred  instruments  and  private  equity
          investments;  and (iv) the Fund would  conduct a tender offer of up to
          25% of the  Fund's  outstanding  shares  at a price  of 95% of the net
          asset value of such shares; and

     2.   To  transact  such other  business  as may  properly  come  before the
          meeting or any adjournment thereof.

     The proposal referred to above is discussed in the Proxy Statement attached
to this  Notice.  Shareholders  of record at the close of  business on August 8,
2003 are entitled to receive notice of and to vote at the Special Meeting.  Each
shareholder is invited to attend the Special Meeting in person. If you cannot be
present at the Special Meeting, we urge you to fill in, sign and promptly return
the  enclosed  Proxy Card in order that the  Special  Meeting  can be held and a
maximum number of shares may be voted. If you received more than one Proxy Card,
please be sure to complete, sign and return each one.

         THE BOARD OF DIRECTORS OF THE FUND UNANIMOUSLY RECOMMENDS THAT
            SHAREHOLDERS VOTE FOR THE APPROVAL OF THE PROPOSED PLAN.

            IT IS IMPORTANT THAT PROXY CARD(S) BE RETURNED PROMPTLY.

     SHAREHOLDERS  WHO DO NOT EXPECT TO ATTEND THE SPECIAL  MEETING ARE URGED TO
SIGN AND  RETURN  WITHOUT  DELAY THE  ENCLOSED  PROXY  CARD(S)  IN THE  ENCLOSED
ENVELOPE,  WHICH  REQUIRES  NO POSTAGE IF MAILED IN THE UNITED  STATES,  SO THAT
THEIR SHARES MAY BE REPRESENTED  AT THE SPECIAL  MEETING.  INSTRUCTIONS  FOR THE
PROPER  EXECUTION OF THE PROXY CARD(S) AND FOR TELEPHONE AND INTERNET VOTING (IF
AVAILABLE) ARE SET FORTH AT THE END OF THE ENCLOSED PROXY STATEMENT.

     PROXIES  MAY BE  REVOKED  AT ANY  TIME  BEFORE  THEY ARE  EXERCISED  BY THE
SUBSEQUENT EXECUTION AND SUBMISSION OF A REVISED PROXY, BY GIVING WRITTEN NOTICE
OF REVOCATION TO THE FUND AT ANY TIME BEFORE THE PROXY IS EXERCISED OR BY VOTING
IN PERSON AT THE SPECIAL MEETING.

By Order of the Board of Directors,

Robert S. Everett
CHIEF EXECUTIVE OFFICER

A
ugust 20, 2003
3000 Sand Hill Road
Building 1, Suite 155
Menlo Park, CA  94025



<PAGE>


                         SPECIAL MEETING OF SHAREHOLDERS
                                       OF
                    MEVC DRAPER FISHER JURVETSON FUND I, INC.

                               3000 SAND HILL ROAD
                              BUILDING 1, SUITE 155
                              MENLO PARK, CA 94025

                                 PROXY STATEMENT

     This Proxy  Statement is furnished in connection  with the  solicitation of
proxies by the Board of Directors (the "Board") of meVC Draper Fisher  Jurvetson
Fund I, Inc. (the "Fund") for use at a Special  Meeting of the  shareholders  of
the Fund (the  "Special  Meeting"),  to be held at the offices of Schulte Roth &
Zabel LLP, 919 Third Avenue, New York, NY 10022, on Tuesday, September 16, 2003,
at 10:00  a.m.  (Eastern  time),  and at any  adjournment  thereof.  This  Proxy
Statement,  the accompanying Notice of Special Meeting of Shareholders,  and the
enclosed Proxy Card(s) are expected to be mailed on or about August 20, 2003.

     All proxies in the enclosed form that are properly executed and returned to
the Fund will be voted as  provided  therein  at the  Special  Meeting or at any
adjournment thereof. A shareholder executing and returning a proxy has the power
to revoke it at any time before it is exercised by giving written notice of such
revocation  to the Chief  Executive  Officer of the Fund  ("CEO").  Signing  and
mailing  the Proxy Card will not affect  your right to give a later  proxy or to
attend the Special Meeting and vote your shares in person.

     The Board intends to bring before the Special  Meeting the matter set forth
in the  foregoing  notice.  The persons  named in the enclosed  proxy and acting
thereunder will vote with respect to that item in accordance with the directions
of the  shareholder  as specified on the Proxy Card.  If no choice is specified,
the shares will be voted in favor of: (i) the Proposed  Plan (as defined  below)
of the Board;  and (ii) in the  discretion of the proxies,  any other matter not
presently  known which may properly  come before the meeting or any  adjournment
thereof.

     Proxy  solicitations  will be made primarily by mail, but solicitations may
also be made by personal  interview  conducted  by officers or  employees of the
Fund or Michael  Tokarz,  the proposed  Portfolio  Manager of the Fund under the
Proposed  Plan.  Mr. Tokarz will not be  compensated  for his  participation  in
solicitation, however, the Fund will reimburse his reasonable expenses in
connection with such solicitation.

     Most  beneficial  owners  whose shares are held in street name will receive
voting instruction forms from their banks, brokers or other agents,  rather than
the Fund's Proxy Card. A number of banks and brokerage  firms are  participating
in a program  that  offers  the means to grant  proxies  to vote  shares via the
Internet or by  telephone.  If your shares are held in an account with a bank or
broker participating in this program, you may grant a proxy to vote those shares
via the Internet or  telephonically  by using the web site or  telephone  number
shown on the instruction form received from your broker or bank.

                                        1


<PAGE>


     Only shareholders of record at the close of business on August 8, 2003 (the
"Record  Date")  will be  entitled  to notice of,  and to vote at,  the  Special
Meeting. On the Record Date,  16,152,600 shares of the Fund were outstanding and
entitled to vote.

     Each  shareholder  of record on the Record Date is entitled to one vote for
each full  share held and a  proportionate  fractional  vote for any  fractional
shares held.

     QUORUM.  A quorum is  constituted  by the presence in person or by proxy of
the  holders  of at  least a  majority  of the  outstanding  shares  of the Fund
entitled  to vote at the  Special  Meeting.  For  purposes  of  determining  the
presence  of  a  quorum  for  transacting   business  at  the  Special  Meeting,
abstentions  will be treated as shares that are  present at the Special  Meeting
but which have not been voted.  Abstentions  will have no effect on the vote for
purposes of obtaining the requisite approval of the proposal. Broker "non-votes"
(that is, proxies from brokers or nominees indicating that such persons have not
received  instructions  from the beneficial  owners or other persons entitled to
vote shares on a particular matter with respect to which the brokers or nominees
do not have discretionary power) will be treated the same as abstentions.

     In the event that a quorum is not present at the Special  Meeting or at any
adjournment  thereof,  or in the event that a quorum is  present at the  Special
Meeting but  sufficient  votes to approve the proposal are not received,  one or
more adjournment(s) may be proposed to permit further  solicitations of proxies.
Any  adjourned  session  or  sessions  may be held  after  the  date set for the
original  Special  Meeting without  notice,  except  announcement at the Special
Meeting;  provided,  that if the date of the adjourned  Special  Meeting is more
than thirty days after the date for which the  meeting was  originally  noticed,
written notice shall be provided to the  shareholders.  Any such  adjournment(s)
will require the affirmative  vote of a majority of those shares affected by the
adjournment(s)  that are  represented  at the  Special  Meeting  in person or by
proxy.  If a quorum is  present,  the persons  named as proxies  will vote those
proxies  which  they  are  entitled  to vote FOR the  proposal  in favor of such
adjournment(s),  and will vote those  proxies  required to be voted  AGAINST the
proposal against any such  adjournment(s).  A shareholder vote may be taken with
respect to the Fund on some or all matters before any such  adjournment(s)  if a
quorum is present and sufficient votes have been received for approval.

     THE FUND WILL FURNISH,  WITHOUT CHARGE,  COPIES OF THE FUND'S ANNUAL REPORT
ON FORM 10-K TO SHAREHOLDERS  FOR THE FISCAL YEAR ENDED OCTOBER 31, 2002 AND THE
QUARTERLY  REPORT  ON FORM 10-Q FOR THE  QUARTER  ENDED  APRIL  30,  2003 TO ANY
SHAREHOLDER  UPON REQUEST.  THE ANNUAL AND QUARTERLY  REPORTS MAY BE OBTAINED BY
WRITING TO THE FUND AT THE  ADDRESS ON THE COVER OF THIS PROXY  STATEMENT  OR BY
CALLING THE FUND AT 1-877-414-6382.

                                  INTRODUCTION

     At the Special  Meeting you will be asked to consider  the  approval of the
proposed  management  plan of the Board (the "Proposed  Plan") under which:  (i)
Michael Tokarz would be appointed Chairman of the Board and Portfolio Manager of
the Fund; (ii) the Fund would adopt an amended investment  objective whereby the
Fund would seek to  maximize  total  return  from  capital  appreciation  and/or
income;  (iii) the Fund would seek to achieve its investment objective primarily
through senior and subordinated loans, venture capital,  mezzanine and preferred
instruments  and  private  equity  investments  (together  with  (ii),  the "New
Investment  Approach");  and (iv) the Fund would conduct a tender offer of up to
25% of the Fund's outstanding shares at a price of 95% of the net asset value of
such shares as soon as deemed  practicable  by the Board  following  the Special
Meeting (the "Tender Offer").

                                        2



<PAGE>


     The Fund is a closed-end investment company which has elected to be treated
as a business  development  company under the Investment Company Act of 1940, as
amended (the "1940 Act"). The Fund currently has no investment  adviser.  All of
the members of the current  Board were  elected at the  February 28, 2003 Annual
Meeting of the  shareholders,  replacing the previous board in its entirety.  On
March 6,  2003,  the  Board  terminated  the  Fund's  previous  CEO and  shortly
thereafter,  other  members  of the  Fund's  senior  management  team  (that had
previously  reported  to  the  former  CEO)  resigned.   The  Fund's  day-to-day
administrative  operations  have since been overseen by Robert S.  Everett,  the
Fund's  interim CEO who was appointed by the Board to fill that role on March 6,
2003. Since these  significant  changes in the Board and management of the Fund,
the Fund has been  operating  in a  transition  mode and,  as a  result,  no new
portfolio investments have been made. During this period, the Board has explored
various alternatives for a long-term management plan for the Fund, including the
possibility  of  retaining  an external  investment  adviser.  However,  for the
reasons  described  below  under  "The  Board's  Considerations,"  the Board has
concluded that it is in the Fund's best interests to implement the Proposed Plan
which, among other things,  involves internal management of the Fund's portfolio
by Mr. Tokarz.

     Although the Proposed Plan could be implemented  upon Board  approval,  the
Board believes that it is important for  shareholders to vote  affirmatively  on
the Proposed Plan because it involves a substantial change in the management and
investment  strategy of the Fund.  You are being asked to consider  the Proposed
Plan as a single plan.  You are not being asked to  separately  consider each of
the  components  of the  Proposed  Plan  because  each of  these  components  is
interdependent  on  implementation  of the other  components.  For example,  the
contemplated  New  Investment  Approach is based on the Board's belief that such
approach  would be in the best  interests of the Fund in light of its assessment
of the potential investment  opportunities  available under the current economic
conditions. Additionally, the terms of the Tender Offer, particularly the amount
of shares  that  would be made part of the  offer,  have also been  designed  to
accommodate  the  anticipated  needs for available  capital to implement the New
Investment  Approach.  This does not  preclude  you,  however,  from  separately
evaluating  each of the elements of the Proposed Plan in considering  the entire
proposal.  If  shareholders  do not approve the  Proposed  Plan,  the Board will
consider alternative actions,  which may include a merger, sale,  liquidation or
other corporate action.

     If approved by shareholders, the Proposed Plan would be implemented as soon
as practicable after such approval is obtained.

                                        3



<PAGE>


WHO IS ELIGIBLE TO VOTE

     Shareholders of record of the Fund as of the close of business on August 8,
2003 (the "Record  Date") are entitled to vote on all of the Fund's  business at
the Special Meeting and any adjournments  thereof. Each share is entitled to one
vote. Shares represented by properly executed proxies,  unless revoked before or
at  the  Special  Meeting,   will  be  voted  according  to  the   shareholder's
instructions.

INFORMATION CONCERNING THE PROPOSED PLAN

     MICHAEL TOKARZ

     If the  Proposed  Plan is approved,  the Board will  appoint Mr.  Tokarz as
Chairman and direct Mr.  Everett,  the Fund's current CEO, and/or a committee of
the Board to negotiate a compensation and service agreement between the Fund and
Mr. Tokarz,  subject to the approval of the Board.  It is currently  anticipated
that under any such  agreement,  Mr.  Tokarz  would  serve as the Fund's  senior
executive  officer  responsible  for  management  of the Fund's  operations  and
business  affairs,  including  the Fund's  investments  and  holdings.  He would
function as the Portfolio  Manager of the Fund. In this regard,  he would manage
the Fund pursuant to the New Investment  Approach.  The Fund would grant him the
authority to retain such staff and office space as he determines to be necessary
and  appropriate  in carrying out these  responsibilities.  It is also currently
anticipated  that, under any such  arrangement,  for any fiscal year, Mr. Tokarz
would not receive regular (i.e.,  non-performance-based) compensation unless the
Fund's  expense  ratio for the year was below  2.00% of the Fund's  net  assets.
Further,  it is currently  expected that any such arrangement would provide that
the Fund pay him  performance-based  compensation for his services  amounting to
20% of the  capital  gains  realized by the Fund on  investments  made under Mr.
Tokarz's direction. This compensation,  if any, would be paid only to him which,
in turn, could be allocated to members of his staff in his discretion.

     Mr. Tokarz is an investment  professional  with over 30 years of investment
experience. Prior to founding The Tokarz Group, a private merchant bank of which
he is Chairman,  Mr. Tokarz was a General Partner with Kohlberg Kravis Roberts &
Co. ("KKR"),  one of the world's most prestigious and experienced private equity
firms.  During his 17-year tenure at KKR, he participated  in diverse  leveraged
buyouts, financings, restructuring and dispositions. Mr. Tokarz currently serves
on  numerous   corporate  boards  including   Walter   Industries,   Inc.,  IDEX
Corporation,   Evenflo  Company,  Inc.,  Spalding  Holdings  Corporation,  Kamaz
Stonewater  Control  Systems,  Lomonsov,  Athleta,  Inc.  and  Apertio  Ltd.  In
addition,  Mr. Tokarz is on the  Board  of  Managers  of  Illinois  Ventures,  a
University of Illinois  focused  venture  capital seed fund and high  technology
incubator.  Mr.  Tokarz also serves on the Board of the  University  of Illinois
Foundation and its Investment,  Nominating and Governance Committees.  Formerly,
Mr.  Tokarz  served on the Boards of Beatrice,  Safeway,  Inc.,  RJR Nabisco and
ConAgra.  Prior to his  tenure at KKR,  Mr.  Tokarz was a  commercial  banker at
Continental Illinois where he was renowned for innovation and buyout financings.
Mr. Tokarz rose to run the East Coast operation of Continental Illinois from New
York. He is also active on the Endowment Committee and Board of Directors of the
National Wildlife  Federation.  He received his  undergraduate  degree with High
Distinction  in Economics and MBA in finance from the University of Illinois and
is a Certified Public Accountant.

                                        4



<PAGE>


     THE NEW INVESTMENT APPROACH

     Currently,  the Fund's investment objective is to achieve long-term capital
appreciation  from  venture  capital   investments  in  information   technology
companies,   primarily   in  the   Internet,   e-commerce,   telecommunications,
networking,  software and information  services  industries.  As part of the New
Investment Approach, the Fund's investment objective would be amended to read as
follows:

     The Fund's  investment  objective is to seek to maximize  total return from
     capital appreciation and/or income.

     Unlike the current "long-term capital appreciation"  objective,  the "total
return"  objective  affords the Fund the  flexibility to seek to maximize return
from both capital  appreciation  and/or income. This flexibility is particularly
important  for Mr.  Tokarz,  whose  contemplated  strategy for managing the Fund
would involve seeking investment opportunities that have potential for providing
both current yield and equity participation,  while trying to protect principal.
The amended  objective  would also eliminate the Fund's current limited focus on
information  technology companies.  The Fund would also adopt related changes to
its principal  investment  strategies in order to pursue the amended  investment
objective.  These new  strategies,  including  senior  and  subordinated  loans,
venture  capital,   mezzanine  and  preferred  instruments  and  private  equity
investments,  would  allow Mr.  Tokarz the  flexibility  to  consider  potential
investment opportunities in a wide range of instruments and industries.

     THE TENDER OFFER

     The Board believes that  conducting the Tender Offer could benefit the Fund
and its  shareholders  because it is expected to decrease  the amount the market
price is  discounted  relative  to the net asset  value of the  Fund.  It is the
Board's  understanding  that, in general,  closed-end funds which conduct tender
offers are traded at less of a discount than closed-end funds which do not.

     As part of the Proposed Plan, the Board intends to conduct the Tender Offer
as soon as deemed practicable by the Board following the Special Meeting.

THE BOARD'S CONSIDERATIONS

         At its meeting held on June 6, 2003, the Board considered whether to
approve the Proposed Plan. After considering the factors discussed below, the
Board, including a majority of the "independent directors," as defined in the
1940 Act (the "Independent Directors"), determined that the Proposed Plan is in
the best interests of the Fund and its shareholders.

                                        5



<PAGE>


     In evaluating  the Proposed Plan, the Board took into account the following
factors,  among  others:  The  Fund's  expense  ratio of 7.31% for the six month
period ended April 30, 2003  (annualized)  and the  expectation  that Mr. Tokarz
would not take any cash compensation until the expense ratio is below 2.00%; Mr.
Tokarz's  extensive  experience  with private equity and commercial  lending and
implementing  a similar  strategy  to that  contemplated  by the New  Investment
Approach; the facilities and resources available to Mr. Tokarz and experience of
The Tokarz Group in general; the nature and extent of the services  contemplated
to be provided by Mr. Tokarz; and the anticipated costs in retaining an external
investment manager.

     In evaluating  the Proposed Plan, the Board also took into account the fact
that the market  prices of some other  similar  business  development  companies
("BDCs")  are  currently  higher  than the net  asset  values  ("NAVs")  of such
companies;  whereas, the Fund's shares have consistently traded at a discount to
the Fund's NAV.  (As of the date of the Board  meeting,  the Fund's NAV discount
was -16.18%.) In light of this,  the Board  recognized the potential that if the
Proposed  Plan is  implemented,  a new  portfolio  manager  and  new  investment
approach could, along with successful investment  performance,  generate renewed
market  interest in the Fund,  which,  in turn, may eventually  lead to the Fund
trading  at  a  narrower  discount  (or  perhaps  even  a  premium).  The  Board
recognized,  however,  that  there  is no  guarantee  that Mr.  Tokarz  would be
successful  in  implementing  the New  Investment  Approach  and that the Fund's
investments  would generate  attractive  returns,  and that, even if successful,
there can be no  assurance  that the  Fund's  shares  would  trade at a narrower
discount.

     With respect to the New Investment Approach component of the Proposed Plan,
the Board took into account Mr. Tokarz's assessment of the potential  investment
opportunities  available under current economic conditions.  The Board also felt
that by implementing a more flexible investment  objective,  I.E., total return,
and  eliminating the Fund's limited focus on information  technology  companies,
Mr. Tokarz would have enhanced flexibility to manage the Fund under a variety of
market conditions.

     With respect to the  contemplated  Tender  Offer  component of the Proposed
Plan, the Board specifically considered the current discount to NAV at which the
Fund's shares trade as well as the anticipated effect of any Tender Offer on the
Fund's  cash  position  and,  thus,  the  Fund's  ability to  implement  the New
Investment  Approach.  The Board also took into  consideration  the overwhelming
support for a tender offer  indicated by the response to a shareholder  proposal
(proposal  no. 5) at the Fund's 2003 Annual  Meeting held in  February.  At that
meeting, the current Board was voted into place, and furthermore,  a shareholder
proposal was considered  calling for the Board to conduct a tender offer for 25%
of the Fund's  outstanding  shares at 95% of the NAV of such shares.  The voting
result was  approximately  7.4 million shares in favor,  and  approximately  1.8
million shares opposed.  Although this proposal was non-binding,  the Board took
into account the wide margin by which the proposal  passed.  However,  the Board
also  considered  that if the Proposed Plan is not implemented and other options
are pursued,  a tender offer may not necessarily be in the best interests of the
Fund.  As a result,  if the Proposed Plan is not approved by  shareholders,  the
Board does not intend to conduct a tender offer,  but will rather consider other
options  (which  may  include a merger,  sale,  liquidation  or other  corporate
action).

                                        6



<PAGE>


     The Board  believes that the Proposed Plan would allow the Fund to continue
to operate and offer investors the opportunity for increased  shareholder value.
The Board also took into  account the fact that the Fund's  continued  operation
would  allow the Fund and its  shareholders  the  opportunity  to  benefit  from
certain realized and unrealized  capital losses generated by the Fund. The Board
considered that as of April 30, 2003,  there were  approximately  $34 million in
realized  capital losses and $109 million in unrealized  capital losses and that
certain of these losses can be utilized to offset future realized capital gains,
which, in turn,  would enhance the Fund's and  shareholders'  net returns (I.E.,
after taxes).

     Based upon the  considerations  set forth above,  the Board determined that
the Proposed Plan is in the best interests of the Fund and its  shareholders and
approved adoption of the Proposed Plan, subject to its approval by shareholders.

     ACCORDINGLY,  FOR THE  REASONS  SET  FORTH  ABOVE,  THE  BOARD  UNANIMOUSLY
RECOMMENDS THAT YOU VOTE IN FAVOR OF THE PROPOSED PLAN.

REQUIRED VOTE

     Although the Proposed Plan could be implemented  upon Board  approval,  the
Board believes that it is important for  shareholders to vote  affirmatively  on
the Proposed  Plan because it involves a substantial  change in  management  and
strategy for the Fund. The Bylaws of the Fund and Delaware business  corporation
laws  require  the  affirmative  vote of a  majority  of all the votes cast at a
meeting at which a quorum is  present  for the  approval  of the  proposal.  The
affirmative vote of a majority of those shares present in person or by proxy and
entitled to vote will be required to approve the Proposed Plan. Abstentions will
not be counted.

                               VOTING INFORMATION

     The  presence in person or by proxy of the holders of a majority of all the
votes entitled to be cast at the meeting will constitute a quorum.  For purposes
of determining the presence of a quorum,  abstentions and broker  non-votes will
each be  counted  as  present.  Abstentions  will have no effect on the vote for
purposes of obtaining the requisite approval of the proposal. Broker "non-votes"
(that is, proxies from brokers or nominees indicating that such persons have not
received  instructions  from the beneficial  owners or other persons entitled to
vote shares on a particular matter with respect to which the brokers or nominees
do not have discretionary power) will be treated the same as abstentions.

     In the event that a quorum is not present at the Special Meeting, or in the
event that a quorum is present at the Special  Meeting but  sufficient  votes to
approve the proposal are not received,  the persons  named as proxies,  or their
substitutes,  may propose  one or more  adjournments  of the Special  Meeting to
permit the further  solicitation of proxies.  Any such  adjournment will require
the  affirmative  vote of a majority of those shares affected by the adjournment
that are represented at the Special Meeting in person or by proxy.

                                        7



<PAGE>


     Most  beneficial  owners  whose shares are held in street name will receive
voting instruction forms from their banks, brokers or other agents,  rather than
the Fund's Proxy Card. A number of banks and brokerage  firms are  participating
in a program  that  offers  the means to grant  proxies  to vote  shares via the
Internet or by  telephone.  If your shares are held in an account with a bank or
broker participating in this program, you may grant a proxy to vote those shares
via the Internet or  telephonically  by using the web site or  telephone  number
shown on the instruction form received from your broker or bank.

                            EXPENSES OF SOLICITATION

     THE COST OF PREPARING,  ASSEMBLING AND MAILING THIS PROXY STATEMENT AND THE
ATTACHED NOTICE OF A SPECIAL MEETING OF SHAREHOLDERS AND THE ACCOMPANYING  PROXY
CARD, AS WELL AS THE COSTS ASSOCIATED WITH THE PROXY SOLICITATION, WILL BE BORNE
BY THE FUND.

     MR.  TOKARZ,  THE  PROPOSED  PORTFOLIO  MANAGER  OF THE FUND,  MAY  SOLICIT
SHAREHOLDERS THROUGH PERSONAL INTERVIEWS. MR. TOKARZ WILL NOT BE COMPENSATED FOR
HIS  PARTICIPATION  IN  SOLICITATION,  HOWEVER,  THE  FUND  WILL  REIMBURSE  HIS
REASONABLE EXPENSES IN CONNECTION WITH SUCH SOLICITATION.

                                 OTHER BUSINESS

     Shareholders  who wish to  submit  proposals  for  inclusion  in the  Proxy
Statement  for a  subsequent  shareholder  meeting  should  send  their  written
proposals to the Fund at its principal  office  within a reasonable  time before
such  meeting.   Timely   submission  of  a  proposal  does  not  guarantee  its
consideration at the meeting.

     As of the date of this Proxy Statement,  the directors are not aware of any
matters to be  presented  for action at this Special  Meeting,  other than those
described above.  Should other business  properly be brought before this Special
Meeting,  it is intended that the accompanying  Proxy(ies) will be voted thereon
in accordance with the judgment of the persons named as proxies.

     Prior to the Special Meeting, Mr. Tokarz and parties related to him may buy
shares of the Fund on the open market with the  intention of voting those shares
in favor of the Proposed Plan.

                      ADDITIONAL INFORMATION ABOUT THE FUND

ADMINISTRATOR

     U.S.  Bancorp Fund  Services,  LLC,  located at 615 East  Michigan  Street,
Milwaukee,  WI 53202,  serves as the  administrator  and accounting agent of the
Fund.

                                        8



<PAGE>



SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN BENEFICIAL OWNERS

     Appendix A to this Proxy Statement details the number of shares of the Fund
beneficially  owned  by the  Directors  and  Officer  of the  Fund.  Appendix  B
identifies  holders of more than 5% of the shares of the Fund's  common stock as
of the Record Date.

D
ated:  August 20, 2003

     SHAREHOLDERS WHO DO NOT EXPECT TO BE PRESENT AT THE SPECIAL MEETING AND WHO
WISH TO HAVE THEIR  SHARES  VOTED ARE  REQUESTED  TO DATE AND SIGN THE  ENCLOSED
PROXY AND RETURN IT IN THE ENCLOSED  ENVELOPE.  NO POSTAGE IS REQUIRED IF MAILED
IN THE  UNITED  STATES.  ALTERNATIVELY,  FOR  SHAREHOLDERS  WHO  RECEIVE  VOTING
INSTRUCTION FORMS FROM THEIR BANKS,  BROKERS OR OTHER AGENTS,  YOU WILL HAVE THE
ABILITY TO VOTE YOUR SHARES BY THE INTERNET OR BY TELEPHONE.

                                        9



<PAGE>



                                   APPENDIX A

     As of the Record Date,  the  Directors  and Officers of the Fund as a group
beneficially  owned 11.7% of the outstanding  shares of Common Stock of the Fund
("Shares").  The following  table details the beneficial  ownership of Shares by
each Director and Officer.

--------------------------  ------------------------   ----------------------
    DIRECTOR/OFFICER            AMOUNT OF SHARES            PERCENTAGE 
    NAME AND ADDRESS             BENEFICIALLY              OF FUND HELD
                                     OWNED
--------------------------  -------------------------  ------------------------
DIRECTORS
---------
--------------------------  -------------------------  ------------------------
Robert C. Knapp                    1,125,500                     7.0%*

--------------------------  -------------------------  ------------------------
Terry Feeney                       1,125,500                     7.0%*

--------------------------  -------------------------  ------------------------
George W. Karpus                    764,336                     4.7%**

--------------------------  -------------------------  ------------------------
Emilio A. Dominianni                 1,000                   Less than 1%

--------------------------  -------------------------  ------------------------
Bruce W. Shewmaker                   1,000                   Less than 1%

--------------------------  -------------------------  ------------------------
Gerald Hellerman                     1,000                   Less than 1%

--------------------------  -------------------------  ------------------------
OFFICER
-------
--------------------------  -------------------------  ------------------------
Robert S. Everett                    1,000                   Less than 1%

--------------------------  -------------------------  ------------------------

*     Represented by (a) 448,371 Shares held by Millennium USA, L.P., (b)
334,729 Shares held by Millennium  International,  Ltd., (c) 196,700 Shares held
by Millenco, L.P. and (d) 145,700 Shares held by Millennium Global Estate, L.P.

Millennium USA, L.P., Millennium International, Ltd. and Millennium Global
Estate,  L.P. are funds that are limited partners of Millennium  Partners,  L.P.
The general partner of each of Millennium Partners,  L.P.,  Millennium USA, L.P.
and Millenco,  L.P. is Millennium  Management,  LLC. Mssrs. Knapp and Feeney, as
Managing Director and Vice Chairman/Chief  Operating Officer,  respectively,  of
Millennium  Partners,  L.P., may each be deemed to  beneficially  own the Shares
held by Millennium USA, L.P., Millennium International, Ltd., Millenco, L.P. and
Millennium  Global Estate,  L.P. However,  Mssrs.  Knapp and Feeney disclaim all
beneficial ownership in these Shares.

**    Represented by (a) 6,000 shares held directly by Mr. Karpus, (b) 3,450
Shares held by the Karpus Investment  Management ("KIM") profit sharing fund and
(c) 754,886 Shares held by clients of KIM. Mr.  Karpus,  as a co-trustee of KIM,
may deemed to beneficially own the Shares owned by KIM and its clients.

                                       A-1



<PAGE>

                                   APPENDIX B

     As of the Record Date, to the Fund's knowledge,  the following shareholders
owned of record more than 5% of the  outstanding  shares of Common  Stock of the
Fund  ("Shares")  indicated  below.  The Fund does not know whether such persons
also beneficially own such shares.

------------------------------------  --------------------  -------------------
   SHAREHOLDER NAME AND ADDRESS             AMOUNT OF           PERCENTAGE 
                                           SHARES OWNED        OF FUND HELD

------------------------------------  --------------------  -------------------
Millenco, L.P.                              1,125,500              7.0%
Millennium USA, L.P.
Millennium International, Ltd. and
Millenco Global Estate, L.P.
666 Fifth Avenue, 8th Floor
New York, NY  10103

---------------------------------------  -----------------  -------------------
Deutsche Bank AG                             992,220               6.1%
DB Advisors, L.L.C.
Deutsche Bank AG London Branch
Deutsche Bank Securities Inc.
Taunusanlage 12, D-60325
Frankfurt am Main
Federal Republic of Germany

---------------------------------------  -----------------  -------------------

                                       B-1



<PAGE>


                      INSTRUCTIONS FOR SIGNING PROXY CARDS

The following general rules for signing Proxy Cards may be of assistance to
you and avoid the time and expense involved in validating your vote if you fail
to sign your Proxy Card properly. 

     1.  INDIVIDUAL  ACCOUNTS:  Sign  your name  exactly  as it  appears  in the
registration on the Proxy Card.

     2. JOINT ACCOUNTS: Either party may sign, but the name of the party signing
should conform exactly to the name shown in the registration on the Proxy Card.

     3. ALL OTHER  ACCOUNTS:  The capacity of the  individual  signing the Proxy
Card should be indicated unless it is reflected in the form of registration. For
example:

REGISTRATION                                         VALID SIGNATURES
------------                                         ----------------

CORPORATE ACCOUNTS
(1) ABC Corp.........................................ABC Corp.
(2) ABC Corp.........................................John Doe, Treasurer
(3) ABC Corp. c/o John Doe, Treasurer................John Doe
(4) ABC Profit Sharing Plan..........................John Doe, Treasurer

TRUST ACCOUNTS
(1) ABC Trust........................................Jane B. Doe, Trustee
(2) Jane B. Doe, Trustee u/t/d 12/28/78..............Jane B. Doe

CUSTODIAL OR ESTATE ACCOUNTS
(1) John B. Smith, Cust.f/b/o John B.Smith Jr.UGMA...John B.Smith
(2) John B.Smith.....................................John B.Smith, Jr., Executor

                                      



<PAGE>


                                      PROXY

                    MEVC DRAPER FISHER JURVETSON FUND I, INC.

                      THIS PROXY IS SOLICITED ON BEHALF OF
                             THE BOARD OF DIRECTORS

                         SPECIAL MEETING OF SHAREHOLDERS
                               SEPTEMBER 16, 2003

This proxy is solicited on behalf of the Board of Directors of meVC Draper
Fisher Jurvetson Fund I, Inc. (the "Fund") for the Special Meeting of
Shareholders (the "Meeting") and relates to the proposal with respect to the
Fund set forth in the Notice of Special Meeting of Shareholders dated August 20,
2003.

The undersigned hereby appoints Robert S. Everett and Franklin Loffer and each
of them, proxies for the undersigned, with full power of substitution and
revocation to represent the undersigned and to vote on behalf of the undersigned
all shares of the Fund which the undersigned is entitled to vote at the Meeting
to be held at 10:00 a.m. (Eastern time), on September 16, 2003, at the offices
of Schulte Roth & Zabel LLP, 919 Third Avenue, New York, NY 10022, and any
adjournment thereof.

YOUR VOTE IS IMPORTANT. THE SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS
INSTRUCTED. UNLESS INDICATED TO THE CONTRARY, THIS PROXY SHALL BE DEEMED TO
GRANT AUTHORITY TO VOTE "FOR" THE PROPOSAL, WITH DISCRETIONARY AUTHORITY TO VOTE
UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY
ADJOURNMENT THEREOF. THE UNDERSIGNED HEREBY REVOKES ANY PROXY PREVIOUSLY GIVEN.

PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE IF YOU ARE NOT
VOTING BY TELEPHONE OR THE INTERNET.

SOME SHAREHOLDERS WHOSE SHARES ARE HELD IN STREET NAME WILL RECEIVE VOTING
INSTRUCTION FORMS FROM THEIR BANKS, BROKERS OR OTHER AGENTS (RATHER THAN THE
FUND'S PROXY CARD) WHICH DESCRIBE HOW SUCH SHAREHOLDERS CAN VOTE BY TELEPHONE OR
INTERNET. INSTEAD OF MAILING THEIR PROXIES, SUCH SHAREHOLDERS MAY CHOOSE ONE OF
THE TWO VOTING METHODS OUTLINED BELOW TO VOTE THEIR PROXIES. HAVE THIS CARD IN
HAND WHEN CALLING OR LOGGING ON.

TO VOTE BY TELEPHONE:
--------------------

1) Read the Proxy Statement and have the Proxy Card below at hand. 
2) Call the Toll Free 800 Number on your voting instruction form.
3) Enter the 12-digit control number set forth on your voting instruction form
and follow the simple instructions.

                                      



<PAGE>


TO VOTE BY INTERNET:
-------------------

1) Read the Proxy Statement and have the Proxy Card below at hand. 
2) Go to the web site listed on your voting instruction form.
3) Enter the 12-digit control number set forth on your voting instruction form
and follow the simple instructions.

Proxies submitted by telephone or the Internet must be received by 12:00 a.m.
(Eastern time) on September 16, 2003.

                                      



<PAGE>


           TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS

               THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED

                    MEVC DRAPER FISHER JURVETSON FUND I, INC.

Your vote is important, no matter how many shares you own. You may receive
additional proxies for other accounts. These are not duplicates; you should sign
and return each Proxy Card in order for your votes to be counted.

Unless otherwise specified in the squares provided, the undersigned's vote will
be cast FOR the proposal below.

The Board of Directors of meVC Draper Fisher Jurvetson Fund I, Inc. recommends
that you vote FOR the proposal set forth below.

                                         FOR          AGAINST    ABSTAIN

1. Approval of the Proposed Plan        [    ]        [    ]      [    ]
   of the Board of Directors set
   forth in the Notice of Special
   Meeting of Shareholders dated
   August 20, 2003

Please sign exactly as name(s) appears above. If shares are held in the name of
joint owners, each should sign. Attorneys-in-fact, executors, administrators,
trustees, guardians etc. should so indicate. If shareholder is a corporation or
partnership, please sign in full corporate or partnership name by authorized
person.

THE UNDERSIGNED HEREBY ACKNOWLEDGES RECEIPT OF THE NOTICE OF SPECIAL MEETING OF
SHAREHOLDERS AND THE PROXY STATEMENT, DATED August 20, 2003.

 -----------------------------------------------------------
Signature (PLEASE SIGN WITHIN BOX)  Date


------------------------------------------------------------
Signature (Joint Owners)                    Date



<PAGE>

                            SCHULTE ROTH & ZABEL LLP
                                919 THIRD AVENUE
                            NEW YORK, NEW YORK 10022

                          -----------------------------
                                 (212) 756-2000

                                Facsimile Number:
                                 (212) 593-5955

                             Writers Direct Number:
                                 (212) 756-2027


                                                  August 18, 2003


VIA EDGAR
---------

U.S. Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549

         Re:  meVC Draper Fisher Jurvetson Fund I, Inc. (1933 Act File No.
              333-92287; 1940 Act File No. 814-00201) -- Filing of Definitive
              Proxy Statement

Ladies and Gentlemen:

         On behalf of meVC Draper Fisher Jurvetson Fund I, Inc.(the "Fund"),
transmitted for filing is a definitive proxy statement of the Fund.

         Please call the undersigned at(212) 756-2027 or George M. Silfen at
(212) 756-2131 with any questions or comments.

                                                 Sincerely yours,


                                                 /s/ Patricia A. Alcamo
                                                 ----------------------
                                                 Patricia A. Alcamo

Attachment