- What is the purpose of the scholarship?
McCombs is recognized as a top-notch entrepreneurial community and this scholarship enables students to accelerate starting their company while earning an MBA from a top-ranked academic program.
- What is the value of the scholarship?
Each recipient will receive a scholarship that includes $10K/year and in-state tuition. Additional benefits include admittance of company to TVL Accelerator after graduation and consideration for a post-grad position as a Venture Partner. The scholarship package has a total value of $174K.
- 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 specific proposal for a new business. 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.
- What are the application requirements?
The application process opens October 1, 2013 with applicants submitting a current resume, statement of interest of 500 words or less, two-page executive summary and 90 second pitch video of their proposed business Application can be found here: http://www.mccombs.utexas.edu/Centers/Texas-Venture-Labs/TVL-Scholarship.aspx.
- What should I include in the executive summary and 90 second 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, market trends, 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 start-up have to be in a certain stage?
All serious entrepreneurs wanting to launch a business will be competitive for this scholarship. Whether your start-up 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. It can be anything from a space ship company to a new restaurant or landscaping business!
- What happens after the application?
Applications will open on October 1, 2013 and will close on January 10, 2014. Communication to those selected to participate in the next round will occur on January 13, 2014. Those individuals will be invited to attend the Texas Venture Labs Scholarship Competition held the weekend of February 14-15, 2014 at the McCombs School of Business in Austin, Texas. Applicants will deliver a presentation pitching their business proposal to a panel of judges that is 20 minutes long, with the ability for the judges to interrupt with questions at any time. The judges will then select which companies will move onto the next round to compete for two available scholarships.
- 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?
The scholarship is only for students in McCombs’ full-time MBA program. Individuals active in other University of Texas graduate programs, or who already have an MBA are not eligible. The competition has been scheduled in conjunction with the McCombs MBA information events on February 14, 2014.
- 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.
- How many scholarships are you awarding?
We will award two individual scholarships.
- 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 deadline is March 27, 2014).