Centers | Texas Venture Labs

FAQ

Below are some of the most frequently asked questions regarding the TVL Scholar Program. If you have a question that's not answered, please email us

  • What is the purpose of the scholarship?
    • Help students with entrepreneurial aspirations earn their MBA at McCombs while continuing to reach for their goals.
    • Encourage entrepreneurial individuals who may not otherwise pursue their MBA to do so at a top 10 entrepreneurship program.
    • Provide financial help to entrepreneurial students to encourage continuation of their chosen career path post graduation.
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  • How is the scholarship valued?
  • Who is eligible to apply for a TVL Scholarship?
    The eligibility requirements are the same as the McCombs School of Business full-time MBA program, with the addition of an interest in entrepreneurship and a new business idea. Current McCombs students, students who have already earned a U.S. MBA degree and students who are already enrolled in another U.S. MBA program are ineligible.
  • I’m not sure if I want to go to McCombs full time. Can I use this scholarship somewhere else? Or at a different school at UT? Or for the Executive MBA program?
    No, the scholarship is only for students who apply to the McCombs full-time MBA program. Individuals active or applying to other University of Texas graduate programs or who already have a U.S. MBA are not eligible.
  • Do I need to be accepted to the McCombs MBA program before applying for the TVL Scholarship?
    No, you may apply for the TVL Scholarship either before or after you apply to the McCombs MBA program. The application and scholarship processes run in parallel but are not dependent on one another. Individuals who are selected for the TVL Scholarship will need to apply within the deadlines set by Admissions in order to take advantage of the scholarship offer (final international deadline is January 6, 2015 and final domestic deadline is March 24, 2015).
  • What are the application requirements?
    The application process opens October 1, 2014 and applicants are required to submit:
    • Current resume
    • Statement of interest (500 words or fewer)
    • Two-page executive summary of their business idea
    • 60 - 90 second pitch video of their proposed business
    • Personal information sheet
    You can find the application here.
  • What should I include in the executive summary and video?
    Competitive applications will address the market problem their business is addressing, their solution to the problem, competitive differentiation and business model. If appropriate, address the management team, intellectual property status and financing (if any) required. The strongest applications will include quantitative support for all major assertions.
  • What should be in the statement of interest?
    You should clearly articulate why you are a good candidate for this program, how it fits with your short-term and long-term goals and how both the scholarship and MBA program will help you achieve those goals.
  • Does the startup have to be in a certain stage? 
    Whether your startup is already profitable or just an idea on a napkin, if your intent is to pursue a career in entrepreneurship upon completion of your MBA, you are eligible to apply.
  • Do I need a demo or prototype?
    No, but if you have mock-ups, prototypes or videos that help reinforce your points you are welcome to use them.
  • What kind of business should it be?
    Any type of business is acceptable, as long as the entrepreneur can demonstrate a compelling market need, an adequate solution to this need, and his/her ability to execute the business successfully. Past examples include: a food truck, business analytics software, tutoring centers and a grill that hooks to the back of your pick-up!
  • What is the application timeline?
    Applications will open on October 1, 2014 and will close on January 15, 2015. Communication to those selected to participate in the next round will occur on January 20, 2015. Those individuals will be invited to attend the Texas Venture Labs Scholarship Competition held on February 20, 2015 at the McCombs School of Business in Austin, Texas. The MBA Program Office will also be offering class visits and an information session on Thursday February 19, 2015 to all semi-finalists.
  • How many students advance to each round of the competition?
    Sixteen students will be selected from all applicants to come to Austin for the semi-finals competition. The top two competitors in each semi-finals room will move on to the finals where there will be eight total competitors. Two full scholarship winners will be chosen from this group of eight.
  • What is required of semi-finalists?
    Applicants will deliver a 20-minute presentation to a panel of judges, with the ability for the judges to interrupt with questions at any time. The judges will then select which companies will move onto the final round. The rubric for presentation evaluations can be found here.
  • I have other co-founders. Can we all take advantage of this scholarship?
    Anyone meeting the eligibility requirements can apply. However, the scholarship application is an individual application.

Page last updated: 10/7/2014