What kind of organization is Texas Venture Labs?
Texas Venture Labs is a University-wide, interdisciplinary education and research initiative to support entrepreneurship, innovation and company formation while providing a unique and directly applicable educational experience for participating students and faculty.
How does Texas Venture Labs work?
Our purpose is to provide the intellectual horsepower to promote new venture creation at UT Austin through education and mentoring, market and business plan validation, team building and networking, and providing direct links to resources and funding.
Is Texas Venture Labs a venture fund?
Texas Venture Labs is not a venture fund, although it functions like one. Texas Venture Labs relies on outside sources of capital from organizations like venture funds, angel investors and the State of Texas’ Emerging Technology Fund. The internal structure of Texas Venture Labs, how it manages deals and how it adds value by helping companies mature through the various stages of growth is analogous to a venture fund.
How do I apply to the program? What are the prerequisites?
Does it cost to apply?
There is no charge to apply.
Does Texas Venture Labs take an equity position in my company if I work with them?
Texas Venture Labs does not take equity positions in the companies it works with.
What is the time frame to evaluate deals that are submitted?
What criteria will Texas Venture Labs use to select the businesses?
Texas Venture Labs evaluates the viability of the deals submitted to it using an advisory board of outside domain experts, investors and entrepreneurs from the business community. All deals are evaluated using an online process enabling input from a wide variety of sources before determining which deals to accept.
What is the Texas Venture Labs process?
The process Texas Venture Labs follows is to categorize a deal in its current state of development and help move it to a more mature phase. See full details.
The process steps are:
- Stage 1: Raw Research, Idea Generation
- Stage 2: Technology, Licensing, Market Validation, Product Development
- Stage 3: Business Model, Business Plan, Management Team
- Stage 4: Funding, Launch, Ongoing Management, Growth, Harvest
What about the confidentiality of my deal?
All information submitted to Texas Venture Labs is handled using standard business practices around confidentiality. No confidential information is required to submit a deal to Texas Venture Labs.
Does Texas Venture Labs sign non-disclosure agreements?
Per industry practice for investors and venture funds, Texas Venture Labs does not sign non-disclosure agreements.
Who works at Texas Venture Labs?
Texas Venture Labs has a small staff and the majority of labor is currently provided by graduate students from the schools of Business, Law and Engineering. These students go through an extensive and competitive application process before being accepted to work at Texas Venture Labs.
Where is Texas Venture Labs located?
The physical location is the AT&T Executive Conference Center on the University of Texas at Austin’s campus.
What is the relationship between Texas Venture Labs and other entrepreneurial organizations on campus?
Texas Venture Labs works with all entrepreneurial organizations both on and off campus and is designed to use their offerings to help their companies. It does not reproduce any of the services these organizations offer.
UT Austin has a distinctive collection of commercialization and entrepreneurship-support assets including Moot Corp, I2P, OTC, the MSTC Program and ATI, all with proven track records dating back decades that Texas Venture Labs will leverage.
What is the relationship between TVL and other entrepreneurial organizations in the business community?
Texas Venture Labs works with all entrepreneurial organizations both on and off campus and is designed to use its offerings to assist their companies without reproducing any of the services these organizations offer.
What is the relationship between Texas Venture Labs and the McCombs School of Business?
Texas Venture Labs is a part of the McCombs School of Business and Texas Venture Labs is a cross-campus organization.
What is the relationship between Texas Venture Labs and UT’s Austin Technology Incubator?
The McCombs School and Cockrell School faculty members who designed Texas Venture Labs worked closely with the Austin Technology Incubator and TexasVenture Labs will continue to partner with Austin Technology Incubator going forward. Austin Technology Incubator’s strong track record – over the past two years, they have helped their member companies raise close to $50 million in investor capital – was one of the reasons that TexasVenture Labs was created: to drive that success more aggressively across campus. We anticipate that significant portions of Texas Venture Labs’ work will be executed in partnership with the Austin Technology Incubator, and that Texas Venture Labs will provide additional resources to the Austin Technology Incubator and its community. This close relationship with Austin Technology Incubator also means that TexasVenture Labs should generate strong candidates for incubation.
What is the relationship between Texas Venture Labs and the Cockrell School of Engineering?
The Cockrell School of Engineering is a founding partner of Texas Venture Labs. In that role, Texas Venture Labs works directly with the Cockrell School in providing educational opportunities for students interested in entrepreneurship and a resource for the school’s programs in technology commercialization.
What is the relationship between Texas Venture Labs and UT’s Office of Technology Commercialization (OTC)?
Texas Venture Labs works with OTC to help their commercialization efforts. Currently Texas Venture Labs is working with OTC to identify technologies from OTC that Texas Venture Labs can help build into sustainable businesses.
What are the differences between the OTC and Texas Venture Labs?
OTC is the university unit that is responsible for disclosure, patenting and licensing of intellectual property developed at the university. Texas Venture Labs is a program to drive cross campus entrepreneurship, innovation and company formation.