TVL MBA Scholarship Overview
Jon Brumley Texas Venture Labs is dedicated to advancing entrepreneurship, innovation and commercialization. In service of this mission we have created, in coordination with the McCombs School of Business, the TVL MBA Scholarship. It is a unique business pitch competition and program where potential MBA students pitch their business plan for a chance to win the TVL MBA Scholarship.
The 2018 TVL MBA Scholarship includes:
- $20,000 Texas McCombs Full-Time MBA tuition scholarship
- Continued support from Texas Venture Labs throughout the development of your company while in school
- Consideration for admission of your company into the TVL Accelerator upon graduation
- Consideration for a post-graduate position as a Venture Partner.
The application for the 2018 TVL MBA Scholarship Competition is open. Apply now. Below are the application requirements.
- Statement of Interest (500 words or fewer)
- 60-90-second Video Pitch
- Business Executive Summary (2 pages)
Semifinalists will be selected to travel to Austin to compete in a pitch competition. The 2018 MBA Scholarship Competition will be held on March 23, 2018. Even if you only have an idea and no actual product you are still encouraged to participate. Read the FAQs below for more information about the structure of the competition and to view the rubric used to score the semifinalists.
Please note that admission into the Texas Full-Time MBA program must be applied for separately. Winning the TVL MBA Scholarship competition does not guarantee admission into the Texas Full-Time MBA Program.
The deadline to apply is February 14, 2018 at 11:59 PM.
Questions? Contact us at infoTVL@mccombs.utexas.edu .
TVL Scholarship – FAQ
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.
What is the value of the scholarship? Two winners will be chosen. Each winner will receive a $20,000 Texas Full-Time MBA Tuition scholarship ($10,000/year for 2 years). Additional benefits include consideration of competition company admittance to the TVL Accelerator after graduation and consideration for a post-grad position as a TVL Venture Partner.
Who is eligible to apply for a TVL Scholarship?
TVL MBA Scholarship applicants must meet the eligibility requirements of 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.
What are the application requirements?
The application is open, 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. The application can be found here or online at: https://www.mccombs.utexas.edu/Centers/Texas-Venture-Labs/Students .
What is the competition timeline?
The application is open and will close on February 14, 2018. Communication to those selected to participate in the next round (semifinalists) will occur by February 21, 2018. Those individuals will be invited to attend the Texas Venture Labs Scholarship Competition held on March 23, 2018 at the McCombs School of Business in Austin, Texas. The MBA Program Office will also be offering class visits and an information session to all semifinalists.
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, 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 pickup.
What happens after the application?
The application is open and will close on February 14, 2018. Communication to those selected to participate in the next round will occur by February 21, 2018. Those individuals will be invited to attend the Texas Venture Labs Scholarship Competition held on March 23, 2018 at the McCombs School of Business in Austin, Texas.
What is required of semifinalists?
Semifinalists 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, held the same afternoon. The rubric for presentation evaluations can be found here.
Travel Expenses: Semifinalists are responsible for their own costs to attend.
Do I need to be accepted to the McCombs MBA program before applying for the TVL Scholarship?
No, you may apply for the TVL MBA Scholarship either before or after you apply to the McCombs Texas Full-Time MBA program. The application and scholarship consideration processes run in parallel, but are not dependent on one another. Individuals who are selected for the TVL MBA Scholarship will need to apply within the deadlines set by Admissions and (if admitted) activate the scholarship within 18 months of award in order to take advantage of the scholarship offer.
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 can only be redeemed for students who are admitted 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.
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 students advance to each round of the competition?
Each competition year cohort may be different. The following is an example of a past competition: Approximately sixteen students were selected from all applicants to come to Austin for the Semifinals competition. The top competitor in each Semifinals room will moved on to the Finals where there were four total competitors. Two full scholarship winners were chosen from this group of four.
Jon Brumley Texas Venture Labs (TVL) and the University of Texas at Austin (UT) reserves the right to use any material prepared or any portion of the TVL MBA Scholarship Competition in publicizing and promoting the event. UT and TVL may use these materials, any printed materials and any videotape or other medium that it may produce.
Changes to Competition Rules, Procedures and Decisions regarding the Competition and Awards:
While not anticipated, these rules and prizes are subject to change at the discretion of the University of Texas at Austin (UT) and Jon Brumley Texas Venture Labs (TVL) at any time. UT and TVL staff have the right to interpret these rules according to their own judgment. Changes and/or interpretations of these rules may be made at any time, even though they may be (or may appear to be) in conflict with some previously published information. The selection of the teams to compete and the decision of the winners are at the sole discretion of the judges, UT and TVL.