Jon Brumley Texas Venture Labs (TVL) will award two scholarships valued at $50,000 each during a shark-tank style pitch competition Feb. 20, 2015, as part of their third annual TVL Scholarship Competition for student entrepreneurs who pursue their MBA degrees at the University of Texas McCombs School of Business.
The scholarship package provides financial and consulting assistance to the student entrepreneurs. The TVL Scholarship Competition is the only one of its kind and has helped the McCombs School of Business continue to grow its nationally ranked entrepreneurship program while enabling students to start their own businesses.
Each scholarship includes $10,000 a year to cover tuition and fees and in-state tuition discounts of $15,000 per year. In addition, the winners’ companies receive ongoing support from the Texas Venture Labs staff, including Rob Adams, TVL director and McCombs faculty member.
“The TVL Scholarship is a great way for aspiring student entrepreneurs to connect with the McCombs entrepreneurship community and vet their ideas with experienced Austin entrepreneurs and McCombs faculty,” said Justin Key, who won one of last year’s scholarships winners with his idea for Plot Guru an application that aims to socialize the online television viewing experience through real-time interactive games and trivia delivered to mobile devices while viewers watch their favorite TV shows.
“The connections and experience I gained through my participation in the TVL Scholarship Competition have been a huge help as I continue to work on launching my business while at McCombs,” Key said.
The scholarship application opened Oct. 1 and final decisions will be made in February. Prospective students are required to submit a business plan and short video of their pitch to be considered for the scholarship. More information can be found on the TVL website.