On Monday evening,?Jackie Kimzey, executive director of The Institute for Innovation and Entrepreneurship at UT Dallas, sent an email to supporters asking for sponsorship money for its annual Business Idea Competition.
By early this morning, the institute?s assistant director Nancy Hong received good news. Someone was stepping up and providing the necessary $20,000 for prices?and awards for the winning teams.
The sponsor was no other than Mark Cuban. Contacted via Twitter, Cuban confirmed the donation and said, ?Happy to be part of it!?
?Mark is obviously a great entrepreneur and good businessman, and he has a real heart not only for the community but for entrepreneurs,? Kimzey said, noting that people could still give. ?I was surprised but I wasn?t.
The Mavericks owner knows a thing or two about business competitions. He?s a judge on ABC?s Shark Tank, which gives budding entrepreneurs an opportunity to sell their products or ideas. ?Sharks? like Cuban can invest their own money to help fund these entrepreneurs.
In 2009, Cuban, who founded HDNET, spoke at UT Dallas as part of Entrepreneurship Exchange, a speaker series hosted by the campus Entrepreneurship Club and the institute.
As for the Business Idea Competition, the UT Dallas faculty has evaluated interested teams and have narrowed the field to 12 undergraduate and 12 graduate teams, Kimzey said. Staff is now coaching the students for their final presentations before outside judges on Nov. 16.
First place winners in each division will receive $5,000 a piece. Second place is $2,500; third place $1,500 and fourth place $1,000.
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