Texas Venture Labs at the McCombs School of Business has received a $6 million gift from Fort Worth businessman Jon Brumley.The University of Texas at Austin announced today that the
And the incubator will be renamed the Jon Brumley Texas Venture Labs.
“This investment is a game changer that enables us to expand the scale and accessibility of the Texas Venture Labs model,” McCombs Den Thomas Gilligan, said in a statement. “It’s a vote of confidence as well, because of the reputation of Jon Brumley as an entrepreneur, a business build and a distinguished graduate of McCombs and the Wharton School of Business.”
Brumley made his money in the oil and gas industry. He founded six companies.
“Texas Venture Labs is a gem in the Texas entrepreneurial ecosystem,” Brumley said in a statement. “It provides critical, hands-on experience for aspiring entrepreneurs who learn as students the effort required to get a new venture through the financing process. For me, this gift is an opportunity to build our capacity to grow the economy of Texas, while giving a leg up to young entrepreneurs, who remind me a lot of myself at that age.”
Founded in 2010, the Texas Venture Labs has worked with 40 companies that have raised more than $25 million in investment capital. The incubator provides help to graduate students in business, engineering, law and natural sciences. Texas Venture Labs also sponsors the annual Venture Labs Investment Competition, being held this week.