TVLIC FAQs

Below is a list of questions we often receive about the Texas Venture Labs Investment Competition. If you have a question that is not answered, please email us.

  • What is the Texas Venture Labs Investment Competition?

Texas Venture Labs Investment Competition (TVLIC) launches the process of raising venture capital. The competition gives current graduate students from The University of Texas System the chance to gain real experience while developing and growing new ventures based either on their own ideas and technologies or those developed by others.

  • When is the next competition?

The Spring 2024 TVLIC will be held on Friday, May 3, 2024 at Robert B. Rowling Hall on the UT Austin campus. The Semifinals will run from 9 AM until 12 PM, and the Finals will go from 2 PM until 5 PM in Crum Auditorium.  There will be an Awards Ceremony immediately after the Finals. The public is invited to attend.

  • How do I apply?

The deadline to apply for the Spring 2024 TVLIC is Sunday, April 21 at 11:59 PM. Apply at bit.ly/TVLIC_App 

  • What is the entry fee for the competition?

TVLIC does not have an entry fee.

  • What is the prize package for the competition?

The top winner receives a grand prize of $15,000, a seat in Texas venture Labs’ Company-in-Residence program, a three month membership at Capital Factory, access to the LeanStack.com tools, $5,000 in Amazon Web Services Credits valid for two years; one year of AWS Business Support (up to $1,500) and 80 credits for Self-Paced Labs.

First runner-up wins $5,000 and second runner-up receives $2,500. One finalist will be selected for six months mentoring through Austin Technology Incubator. One finalist will receive a Golden Ticket to Blackstone Launchpad’s SEAL summer program.

There are additional awards that can be won even if you are not a finalist.  The James D. Pippin Award and $1,000 goes to a team with a U.S. military veteran.  The Ann Whitt Elevator Pitch Challenge gives $1,000 each to the top three elevator pitches. The Health Innovation Award of $5,000 is awarded to the top ranking health-related company. The Sustainability Innovation Award of $5,000 goes to the top sustainability-related company. The Energy Innovation Award of $5,000 goes to the top energy-related company. The Commercialization Award of $10,000 is given to the top venture that is working with University of Texas intellectual property. To be eligible for the Commercialization Award, the intellectual property must be licensed from the University of Texas, have a disclosure with the Office of Technology Commercialization, or must have the intention to do so.

  • What types of ventures can compete?

Companies must intend to be operating companies (going concerns) with corporate structures and financial statements that reflect real operating revenues and expenses. This is intended to exclude investment vehicles, partnerships, licensing and other pass-through entities where returns are measured for investment value versus operating earnings.

TVLIC welcomes all companies and focuses on new, independent ventures in the seed, startup or early growth stages. In addition to what is outlined in the above paragraph, generally excluded are the following: buy-outs, expansions of existing companies, roll-ups, real estate syndications, tax shelters, franchise based outlets, and spin-outs from existing corporations.

Licensing technologies from the University of Texas Office of Technology Commercialization or from the technology transfer offices of other universities or research labs is encouraged assuming there has been no previous commercialization. Key in these types of ventures is demonstrating significant added value to the technology through the efforts of the management team. As outlined above, ventures working with intellectual property specifically from the University of Texas are eligible for the Commercialization Award.

  • How are the teams evaluated by the judges in the Semifinals and Finals?

There are separate panels of judges for the Semifinals and Finals.  Teams are evaluated on: clarity of company value proposition; strength of presentation skills; viability of business model; clarity of call to action or investment ask; effective use of presentation and Q&A time; and strength of team.

For the purpose of this competition, all ventures must structure their pitch as if they are seeking outside funding by equity or debt. The scoring is subjective and the ultimate deciding factor is whether the judge would invest their own money.

  • What is the Elevator Pitch Challenge?

In addition to the standard 30-minute pitch, all TVLIC teams must present a two minute elevator pitch in person for a panel of judges. Three $1,000 awards are given to the top three pitches. Teams are evaluated on: if they clearly described what they do; if they had strong speaking skills; whether they have a viable business model, and if they give a clear call to action. Bonus points for telling more story than listing out features.

  • Does my team qualify for the James D. Pippin Veteran Entrepreneurship Award?

The Pippin Award is a separate cash prize awarded to an eligible team. To be eligible, teams must contain one or more U.S. military veteran co-founders. Texas Venture Labs and its veteran advisory team will make the final determination regarding a team’s eligibility for the award.

The award is named after James D. Pippin, a Retired Command Sergeant Major with the U.S. Army who served with Joseph Kopser. Sergeant Major Pippin is the only active duty serviceman to have conducted three Airborne, Combat jumps; his last assignment with the 75th Ranger Regiment was Commandant of the Regiment’s training detachment. He had two deployments to Afghanistan and three to Iraq.

  • Can a venture compete in TVLIC more than once?

Yes, if that venture did not win first place in a previous TVLIC.

  • Can a student compete in TVLIC more than once?

Yes. Students may compete in subsequent competitions provided that they are currently enrolled in a University of Texas graduate school. Students can not submit more than one venture for consideration in a TVLIC application cycle.

  • Can a team compete if the venture is generating revenue?

Yes.

  • Can a team compete if their venture has previously raised equity capital?

If a company has previously raised equity capital, they may only compete if the current UT graduate students owns at least 10% of fully diluted share equivalence and they meet all other competition eligibility requirements.

  • My team consists of graduate students outside of McCombs School of Business. Can we compete at TVLIC?

This is a competition for any degree-seeking University of Texas System graduate student. Students from any graduate program are eligible to participate so long as all other eligibility requirements are met. Non-students may be members of the venture’s management team; however only UT graduate students may participate in the competition.

  • Can recent graduates compete at TVLIC?

No. This competition is for students currently enrolled in graduate school. Students in certificate programs and postdoctoral fellows are specifically excluded from the competition.

  • What materials are required in order to compete in TVLIC?

You need to submit an application at bit.ly\TVLIC_App.  When submitting the application, you will need to upload your two-page Executive Summary, as well as a Pro Forma Financial Forecast (a three-year financial forecast that shows revenue and cost projections over time, preferably month-by-month). Examples and templates for file uploads can be found here.

For the Nemec Elevator Challenge, one person from each team presents a two minute elevator pitch. No slides are allowed.

  • How should my venture’s executive summary be formatted?

Summaries should be submitted as a single, printable PDF file. Documents are limited to no more than two pages with the following parameters:  format is double spacing with 1 inch top, bottom, left and right margins and 12-point font. This line spacing and font requirement applies to the textual content of the document and not to titles and descriptions accompanying pictures, graphs, tables or worksheets.

  • How should my venture’s business plan be formatted?

The business plan is not required.  In the case of a particularly engaging executive summary, the judges are encouraged to include the business plan in their decision.

Plans are to be submitted as a single, printable PDF file. Plans are limited to no more than 21 pages (not including a single cover page or single table of contents page). The 21 pages are limited to a maximum of 15 pages of text and 6 pages of appendices. Page format is double spacing, 12 point font, with 1 inch top, bottom, left and right margins. This line spacing and font requirement applies to the textual content of the document and not to titles and descriptions accompanying pictures, graphs, tables or worksheets. All pages must be numbered excluding the cover page and table of contents. The cover page must include the venture name, team member names in alphabetical order and the degree they are pursuing. Appendices should be included only if they are referenced in the written plan and must print out in a font size that is readable.

If these guidelines are not followed the plan will not be distributed.

  • Is there anywhere that our team can get guidance preparing our business plan and/or presentation?

Students may receive support from Jon Brumley Texas Venture Labs by contacting infoTVL@mccombs.utexas.edu. There will be an info session including best practices for pitching in this competition: TVLIC 101. Additionally, the first four TVLIC applicants are eligible for a professional pitch prep coaching session. Students are also encouraged to enroll in the New Venture Creation class.

  • What is the format of the presentation?

The format is 30 minutes running clock and judges may interrupt at any time with questions. Each team member at the competition must participate fully in the formal presentation of the plan.

Teams may not observe other teams’ presentations in their division until after they have presented their own plan.

  • Do Texas Venture Labs or the judges sign non-disclosure agreements (NDAs)?

No. Neither the judges nor Texas Venture Labs sign NDAs of any kind.  Your materials submitted or presented for TVLIC should be considered public disclosure.

If you are concerned about disclosing intellectual property, we suggest not disclosing that information and instead talking in general terms about how your product or service works.

  • If my team wins, how will the money be awarded?

Teams must be represented at the Awards Ceremony in order to receive an award. The prize money will be distributed equally to the presenting students on the team.   Prize money is classified as a grant and will be processed as a scholarship.  In some cases, it may be applied to your financial aid package. Additional information and eligibility may be required and the TVL staff will follow up with the required information.

  • Can international students participate and win awards?

Yes, but there are certain considerations related to visa status and taxes that must be addressed if award money is distributed to international students. International students will need a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) in order to receive funds and U.S. taxes may apply.

  • What is a going concern?

A going concern is a term that means the business is real, is launched or in the process of launching and intends to become a successful business. An example of a non-going concern would be a company that was fictitious or had no intent to launch after it won a prize such as a TVLIC cash award.