Below are some of the most frequently asked questions regarding the TVL Scholar Program. If you have a question that is not answered, please email us
- Who is eligible for the program?
Anyone who meets the eligibility requirements for the McCombs School of Business full-time MBA program is eligible to be a TVL Scholarship, though current McCombs students are ineligible. The only other qualifications are an interest in entrepreneurship and a specific proposal for a new business.
- What does the application consist of?
Applicants must submit a resume, statement of interest, and a two-page executive summary describing their proposal for a new business. In addition, students must submit a 60-second elevator pitch video and answer some basic questions about themselves.
- What should I include in the executive summary or the elevator pitch?
Competitive applications will address the market problem their business is addressing, their solution to the problem, and business model (how you will sell the solution). If appropriate, address the management team, market trends, intellectual property status, and any financing 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 it 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 entrepreneurship upon receiving your MBA, you are eligible for this scholarship.
- Do I need a demo or prototype?
No, however, if you have one you may use it in your presentation.
- 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 restaurant to even a lawn mowing company.
- What happens after the application?
Applications will be due on January 7th and finalists will be selected by January 15th. Finalists will then be invited to attend the Texas Venture Labs Scholarship Competition held on February 9th at the McCombs School of Business in Austin, Texas. Each finalist will deliver a brief presentation pitching their business proposal to a panel of judges. The judges will then select up to four TVL Scholars based on their presentations.
- 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. The competition has been scheduled in conjunction the McCombs’ “Texas Friday” admissions event, held on February 8th. All finalists will be invited to this event to learn more about the full-time MBA program and its entrepreneurial offerings.
- 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, and awards will be given to individuals, not teams.
- How many scholarships are you awarding?
We will be awarding between two and four individual scholarships.
- Do I need to be accepted to McCombs before applying to be a TVL Scholar?
No, you may apply to the TVL Scholar program before or after you decide to apply to the McCombs School of Business. The application processes run in parallel but are not dependent on one another. Individuals who are selected as TVL Scholars will have a period of eighteen months to enroll at McCombs and take advantage of the scholarship offer.