Texas Venture Lab Preps Entrepreneurs by: Jeff Schmitt on May 11, 2015 | 2,369 Views May 11, 2015 Copy Link Share on Facebook Share on Twitter Email Share on LinkedIn Share on WhatsApp Share on Reddit Austin, Texas A D.C. resident with previous incubator experience, Ferguson focused on how she could build her business in Texas as part of her pitch. In her presentation, she noted that Texas – and Austin in particular – was among the nation’s largest consumers of frozen treats. And she outlined how McCombs offerings like the Global Venture Lab Investment Competition and the MBA+ Leadership Program could help her with her company’s long-term plans. In the semifinals, Ferguson encountered several thought-provoking questions from the judges. And she used their feedback to “adjust” her approach and “bring it home” in the finals. “This platform is like an interview where people can see what you can bring,” Ferguson points out. “You can’t really see those kinds of things on paper. It gives you a visual on the type of student they want and the type of representative you’ll be.” Tenaj Ferguson During her presentation, Ferguson argued that Austin’s startup scene made it the perfect spot to grow her business. Since winning the Texas Venture Lab Scholarship Competition, her interactions with McCombs alumni and Austin startups have only reinforced that sentiment. “I’ve had so many random people I didn’t know welcome me to Austin. They invite to come to this meeting…or be part of this group or incubator…Texas has such a vibrant, plugged in social media presence.” JUST ONE PIECE OF A LARGER PUZZLE The competition, however, is only one piece of McCombs’ entrepreneurial offerings. The Texas Venture Lab, for example, facilitates several consulting projects for students in partnership with area startups. It hosts an accelerator that houses 10-14 startups each semester. It runs a new venture creation course, where MBA students can turn a new idea into a business plan. And it sponsors the Global Venture Labs Investment Competition, dubbed “the Super Bowl of investment competitions,” where graduate teams raise capital for their ideas and ventures. Rob Adams, director of the Texas Venture Lab In addition, the Texas Venture Lab offers a practicum, where graduate students from across the UT campus join together on cross-functional teams. Featuring students from disciplines like law, engineering and the sciences, these students work with startups in the local Austin community that are either trying to commercialize technology or raise money. According to Adams, the program has been phenomenally successful. “Our track record is that 40% of the stuff we work on raises money. And it’s not our money. It’s outsiders’ money.” And these efforts, coupled with the Texas Venture Lab Scholarship Competition, are helping McCombs upend the “urban legend” (as Adams calls it) that MBAs aren’t very helpful in the startup world. “The reality is,” Adams argues, “entrepreneurs are just good business people who are dealing with a restraint of resources. Our point is this: If you want to increase the probability that your startup is going to work, bring it through an MBA program – and what comes out is not going to be what you started with. Take 18 months of acceleration, get a degree, and have a much better business plan that’s much more fundable when you’re done.” If you win the scholarship competition, you won’t have much student debt on the back end either. DON’T MISS: THE BEST MBA PROGRAMS FOR ACCOUNTING Previous PagePage 3 of 3 1 2 3