Lubbock, Texas (June 13, 2025) – Texas Tech University has announced the launch of a $50 million startup fund designed to support emerging entrepreneurs and foster innovation across the state. The Texas Tech Startup Fund aims to provide seed funding, mentorship, and resources to students, faculty, and alumni looking to launch new businesses in Texas.
Building a Strong Entrepreneurial Ecosystem
The new initiative is a major part of Texas Tech’s broader commitment to fostering entrepreneurship and supporting innovation in the state. By providing financial backing to early-stage startups, the university hopes to play a key role in diversifying Texas’s economy, which has traditionally been driven by industries such as oil and gas, agriculture, and technology.
The fund will focus on high-growth industries, including technology, healthcare, clean energy, and advanced manufacturing, providing entrepreneurs with the resources they need to bring their ideas to life. Texas Tech President Dr. Lawrence Schovanec noted that the fund is designed to catalyze economic development, create jobs, and establish the state as a hub for innovative companies.
“Texas Tech is committed to shaping the future of innovation in the Lone Star State,” said Dr. Schovanec. “This fund will provide the capital and support that entrepreneurs need to develop cutting-edge ideas and turn them into successful businesses.”
Program Structure and Benefits for Entrepreneurs
The Texas Tech Startup Fund will provide more than just financial support. The initiative is designed to offer entrepreneurs a comprehensive package of resources, including:
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Seed funding of up to $500,000 for qualifying startups
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Access to a network of successful entrepreneurs, investors, and business leaders for mentorship and guidance
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Opportunities to collaborate with other startups and innovators within Texas Tech’s ecosystem
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A dedicated team of business advisors to help navigate the complexities of starting a business
The fund is open to Texas Tech students, faculty, and alumni, as well as entrepreneurs with a proven track record or innovative business ideas. In addition to the financial investment, startups will have access to office space, networking events, and workshops designed to help them grow.
Targeting High-Growth Industries
The fund is designed to target industries that are poised for significant growth, both within Texas and globally. One of the most exciting areas for investment is in clean energy, as Texas has long been a leader in renewable energy production. Startups focusing on solar power, wind energy, and energy storage systems will be well-positioned to take advantage of Texas’s abundant natural resources.
In addition to clean energy, the Texas Tech Startup Fund is also targeting sectors such as telemedicine, AI and robotics, and sustainable agriculture—industries that are rapidly transforming the state’s economy. Texas Tech’s Innovation and Entrepreneurship Center is working with local venture capital firms and industry leaders to identify the most promising startups for funding.
Mentorship and Networking: The Key to Success
One of the major advantages of the Texas Tech Startup Fund is its emphasis on mentorship. Entrepreneurs will be paired with mentors who have successfully navigated the challenges of building a business from the ground up. These mentors will provide valuable guidance on everything from product development to fundraising and marketing.
“We’ve seen firsthand how important mentorship is in the startup ecosystem,” said Dr. Nancy Schaum, Director of the Innovation and Entrepreneurship Center at Texas Tech. “We’re giving entrepreneurs access to experienced mentors who can help them avoid common pitfalls and build strong, sustainable businesses.”
Creating Jobs and Stimulating Economic Growth
The ultimate goal of the Texas Tech Startup Fund is to create jobs and stimulate economic growth across the state. By supporting startups, the initiative will contribute to the diversification of the Texas economy and foster innovation in key industries. The fund is expected to result in the creation of thousands of new jobs, both directly within startups and through the broader economic impact of successful companies.
In addition to generating jobs, the fund will help attract talent to Texas from other parts of the country and the world. By supporting high-growth startups and providing the infrastructure for their success, Texas Tech is positioning the state as a leader in innovation and entrepreneurship.
The Long-Term Impact of the Startup Fund
The Texas Tech Startup Fund is part of a larger initiative to create an entrepreneurial ecosystem that fosters innovation, supports job creation, and drives economic development. As more successful startups emerge from Texas Tech, the university hopes to establish a sustainable pipeline of new businesses that can continue to grow and attract investment.
“Texas has long been a state known for its entrepreneurial spirit,” said Dr. Schovanec. “This fund is designed to ensure that Texas remains at the forefront of innovation, creating a new generation of businesses that will power our economy for years to come.”
Conclusion
The Texas Tech Startup Fund is a bold initiative that has the potential to transform Texas into a national hub for innovation and entrepreneurship. With its focus on high-growth industries and its commitment to mentorship and community support, the fund is set to make a significant impact on the state’s economy and entrepreneurial landscape.
