Texas Startup Incubator Receives $6 Million And Takes A Name Change

A startup accelerator in Texas has just received a huge cash infusion and changed it’s name to honor it’s donor. Texas Venture Labs at the University of Texas, Austin, has just received $6 million dollars from Texas millionaire entrepreneur Jon Brumley.

Brumley made his fortune in energy, having founded six publicly traded oil and gas companies in the oil rich state of Texas. He also led the merger of Fort Worth Children’s Hospital and Cooks and was the chairman of the Texas state board of education in 1985. In 2005 Forbes named Brumley and his son, Johnny, “Enrepreneurs of the Year”.

“Texas Venture Labs is a gem in the Texas entrepreneurial ecosystem,” Brumley told The Statesman. “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.”

Brumley is a University of Texas Alumni. Texas Venture Labs, which is part of the McCombs school of business, hopes to expand the program to other UT campuses with Brumley’s gift. ¬† UT has renamed the accelerator the Jon Brumley Texas Venture Lab.

The announcement comes on the heels of the annual “Global Venture Labs Investment Competition” which was held on the campus this week.


More on The Jon Brumley Texas Venture Lab here at their site

Source: The Statesman

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