Highly successful businessman and UT alum Jon Brumley recognizes the potential of the Texas Venture Labs program. Texas Venture Labs is now two years old and it was set up as a business incubator program to encourage entrepreneurship among graduate students. Jon Brumley has offered a $6 million gift to Texas Venture Labs and it will now be renamed Jon Brumley Texas Venture Labs.
Brumley is an entrepreneur and highly successful businessman from Fort Worth. He has actually started six oil and gas companies which have all been listed on the NYSE. Forbes magazine even honored Brumley and his son Jonny as its Entrepreneurs of the Year in 2005.
This Texas Venture Labs program is also part of the McCombs School of Business at the University of Texas and the students will be able to get class credit for any work they do with the startups.
Texas Venture Labs is no small time program, however, as it has already worked with as many as 40 companies and has raised over $25 million of capital to be used in investment activities.
Texas Venture Labs encourages MBA students across the globe to be able to pitch their business ideas through its sponsorship of the Global Venture Labs Investment Competition. More investors should now starting taking note of Texas Venture Labs and it should attract more entrepreneurs and investors alike after such a generous gift from a businessman of the likes of Jon Brumley.
It seems to be a great last few weeks for the University of Texas!