FORM 8-K

                       SECURITIES AND EXCHANGE COMMISSION

                              Washington D.C. 20549

                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                Date of Report (Date of earliest event reported):
                                September 6, 2002


                    MEVC DRAPER FISHER JURVETSON FUND I, INC.
           (Exact name of the registrant as specified in its charter)

                                                                     
              Delaware                            814-00201                      94-3346760
    (State or other jurisdiction                 (Commission                  (I.R.S. Employer
         of incorporation)                       File Number)                 Identification No.)

    991 Folsom Street, Suite 301
     San Francisco, California
  (Address of principal executive                                                  94107
              offices)                                                           (Zip Code)



       Registrant's telephone number, including area code: (415) 977-6150

                                       N/A
          -------------------------------------------------------------
          (Former name or former address, if changed since last report)







Item 9. Regulation FD Disclosure

     On September 6, 2002, meVC Draper Fisher Jurvetson Fund I, Inc. made the
following letter available to its stockholders:

[MEVC DRAPER FISHER JUVETSON FUND I LOGO]


                                                               September 6, 2002

To Our Shareholders,

       You may have received a letter about MVC from a Cayman Island-domiciled
"arbitrage firm." Your independent directors and I have met with and listened to
representatives of this firm and found one thing we all can agree on: MVC is
under-valued. Your board of directors, however, is taking steps to alleviate
this. Soon we will be writing to you about our plans for improved performance.
Today, in the meantime, we are writing to tell you what we know about this
"arbitrage firm," its principals and its track record.

             They claim to be here to help you. In fact, we believe,
                  they want to put their hands in your pockets.

       That firm, Millennium, with a record of "raiding" closed-end funds in
England, seems focused on raiding you. Here is how: As the price of MVC stock
has fallen in the face of Millennium's public rhetoric and litigation campaign,
Millennium has been buying all the way, often paying less than the cash value of
MVC. If Millennium successfully pressures us to liquidate MVC--and that's what
they asked our board to do--their potential gain will come at the expense of
your long-term investment.

       Their objectives are not yours. Here is the objective we stated in MVC's
prospectus: "long-term capital appreciation from venture capital investments . .
.. in companies that we believe have high growth potential over the long term."

Millennium put its short-term focus on public display when it bought into over
half a dozen funds in the United Kingdom. It mounted aggressive campaigns to
pressure managers and shareholders to liquidate the funds or drain them of cash.
These demands are at odds with the goals of investors who, like you, invested
for superior long-term returns. The MVC board of directors has a responsibility
to protect all shareholders--not just investors that bought at depressed prices
like Millennium--and we intend to do exactly that.

       In its attacks on MVC, Millennium's front man has been Robert Knapp.
Although most "arbitrage firms" are secretive and don't disclose much about
themselves, the federal filings show this firm actually is led by Israel
Englander.

             According to Institutional Investor magazine, which recently
       reported on his 2001 paycheck of $95 million, Israel Englander "prefers
       to toil in obscurity." He was, however, in the public spotlight in the
       late 1980s when a former partner of Englander's allegedly was preparing
       to assassinate another "arbitrageur," the infamous Ivan Boesky, who was
       jailed for securities fraud. Mr. Boesky's and Mr. Englander's firms
       worked together in many hostile takeovers. Institutional Investor, in its
       report, noted that near the end of that era Mr. Englander was "dragged
       into the headlines during an insider trading scandal."

       In its "raids" in the U.K., Millennium asked that the funds liquidate or
"return" cash to shareholders. Recently, Millennium has repeated similar demands
to MVC. Last spring, in fact, Millennium publicly and bitterly complained that
MVC was holding onto its cash and investing slowly. Millennium's demand that we
reduce our cash position demonstrates that this short-term trader has no
interest in long-term venture capital investing.

       Last spring we consciously chose to husband MVC's cash. We wanted to be
in a position to invest when valuations bottomed out. In hindsight, we believe
that was a wise decision. But the need for cash in the venture capital business
is even more fundamental:

             A venture capital fund needs cash to create its returns. It needs
       cash so it can invest in new companies and so it can financially support
       the investments it already has made. Many venture funds have made the
       mistake of not reserving enough cash to support their existing portfolio
       companies through the cycle of depressed market valuations we've
       witnessed over the past two years. These firms have had to sit on the
       sidelines and watch as their ownership stakes were diluted, and their
       companies effectively taken away from them, by other investors with cash
       to invest. MVC has kept its cash to prevent that from happening to our
       existing portfolio companies. In short, without cash, a venture capital
       fund would be starved of the resources it needs to deliver returns.









       In our decades of venture capital investing, we have seen that venture
capital funds tend to build value slowly at first--and that in Silicon Valley
the most rewarding investments tend to come after a fund's early years. There's
one fact that may explain why Millennium sees the world so differently from
MVC's board: Our directors have decades of experience as technology and venture
capital investors--they've seen what works and what doesn't, and they've learned
what it takes to ride through tough times. Millennium lacks venture capital
experience--in a field where experience matters a great deal.

       MVC was created for long-term investors, and we will oppose plans
       that damage its ability to deliver performance for the long term.

       We all know that a weak economy has hurt the performance of technology
stocks and funds. Though MVC has outperformed great tech stocks like Oracle and
Cisco, we do not feel good about the price of the stock, and we are committed to
communicating with you soon about our strategies to improve MVC's performance.
The venture capital industry has proved itself time and time again over the past
half century to long-term investors, and our goal is to prove ourselves to you.

       We would like to hear from you. You can email me at: jgrillos@mevc.com.
Also, if you have not already done so, I encourage you to sign up for MVC's
email notification list by visiting www.mevc.com and clicking on "Notify Me."

Sincerely,

John Grillos

John Grillos, Interim Fund Manager







                                       ###









                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has caused this report to be signed by the undersigned, thereunto
duly authorized.

                                      MEVC DRAPER FISHER JURVETSON FUND I, INC.

Date: September 6, 2002               /s/ John Grillos
                                      -----------------------------------------
                                      John M. Grillos
                                      Chief Executive Officer