Posting Language
Title
Authorize negotiation and execution of an interlocal agreement with The University of Texas McCombs School of Business for Austin Economic Development to plan and execute a small business plan pitch competition for a term of two years in an amount not to exceed $250,000. Funding: $250,000 is available in the Fiscal year 2025-2026 Operating Budget of Austin Economic Development.
De
Lead Department
Austin Economic Development.
Fiscal Note
Funding in the amount of $250,000 is available in the Operating Budget of Austin Economic Development.
For More Information:
Michael Cummins, Director, Austin Economic Development, 512-974-2612; Xavier Zarate, Small Business Division Manager, Austin Economic Development, 512-978-2502.
Additional Backup Information:
The small business plan pitch competition is designed to draw small local businesses, either in ideation phase or early start-up phase, to present their business concepts and the problem the business intends to solve. Business owners compete for cash and non-cash prizes in front of a panel of expert judges, who ask questions, provide feedback, and select a competition winner based on the strength of the idea and potential for success.
Business Pitch competitions are a valuable tool to develop and strengthen small local business ecosystems by:
Fostering innovative solutions to real problems.
Building a robust network of investors and community partners.
Providing non-dilutive funding for local businesses to focus on growth.
Discovery of emerging industries and local talent that would be otherwise unnoticed.
Solidifying Austin, Texas as a start-up destination and innovation hub.
The University of Texas – TEXAS Entrepreneurship:
Austin Economic Development’s Small Business Division will partner with The University of Texas (UT) – TEXAS Entrepreneurship (TE) housed within the McCombs School of Business. “With more than 50 cutting-edge programs for undergraduate, graduate and professio...
Click here for full text