Tim Draper Donates $500,000 to Utah Entrepreneur Challenge

Salt Lake City, Utah, January 27, 2025

Legendary Silicon Valley venture capitalist, founder, philanthropist and entrepreneurship thought-leader Tim Draper is supporting young entrepreneurs across Utah with a $500,000 gift to support the Utah Entrepreneur Challenge and related High School Utah Entrepreneur Challenge.

The Utah Entrepreneur Challenge is a business-model competition for college students at participating universities across the state, while the High School Utah Entrepreneur Challenge is a business-idea competition for students ages 14-18 across the state.

Both competitions are managed by the Lassonde Entrepreneur Institute, a top-10 ranked, interdisciplinary division of the University of Utah’s David Eccles School of Business.

“Young entrepreneurs can change the world, and I’m proud to be supporting them across Utah, one of the best, fastest-growing and most vibrant states for startups, entrepreneurship and business,” said Draper. “Our country needs more passionate young inventors and business leaders who can create tomorrow’s life-changing inventions and build sustainable businesses around them. We can all do more to support them and make it possible.”

To recognize his contribution, the Utah competitions will be renamed as the Tim Draper Utah Entrepreneur Challenge and Tim Draper High School Utah Entrepreneur Challenge.

“We look forward to the future of these competitions with Tim’s vision, influence and inspiration,” said Troy D’Ambrosio, executive director of the Lassonde Entrepreneur Institute, vice president for innovation at the University of Utah, and assistant dean at the Eccles School. “We have seen many students with incredible business ideas in these competitions, and we are excited to see what else they can accomplish in this program by testing their ideas, learning about entrepreneurship and gaining the confidence to lead.”

Draper is the founder of Draper Associates, a seed-stage capital firm; Draper Fisher Jurvetson (DFJ), a venture capital firm; and Draper Venture Network, a global network of venture capital funds. He has funded Baidu, Tesla, Skype, SpaceX, Twitch, Hotmail, Focus Media, Robinhood, Athenahealth, Box, Cruise Automation, Carta, Planet, PTC and other unicorns at the seed stage.

He is a supporter and global thought-leader for entrepreneurs and a leading spokesperson for Bitcoin, blockchain, ICOs (initial coin offerings) and cryptocurrencies, having won the Bitcoin US Marshall’s auction in 2014, invested in over 50 crypto companies and led investments in Coinbase, Ledger, Tezos and Bancor, among others.

Draper is the founder of Draper University of Heroes, an innovative 5-week program for entrepreneurs. He has a BS in electrical engineering from Stanford and an MBA from Harvard. He was a pioneer in viral marketing and is the author the book “How to be The Startup Hero: A Guide and Textbook for Entrepreneur and Aspiring Entrepreneurs.”

“Tim is a leading entrepreneur with decades of exceptional experience and accomplishments,” D’Ambrosio said. “His participation in the Utah Entrepreneur Challenge will inspire students across the state to dream big and accomplish their dreams. We invite everyone to learn more about the competitions, apply to participate, encourage their kids and students to apply, and become a mentor.”

The Utah Entrepreneur Challenge and High School Utah Entrepreneur Challenge are both designed to foster student entrepreneurs across the state. They provide money and prizes to support student ideas and reward them for their hard work to launch a startup company. They also get a unique experience to interact with professionals and learn what it means to be an entrepreneur and a member of the business community.

Many startups are launched through the business competitions, and many more entrepreneurs are formed through them. Students who participate in these programs learn the entrepreneurial mindset and skills they apply to other companies, their educations and their careers.

“The Utah Entrepreneur Challenge is an incredible opportunity for aspiring entrepreneurs to put their idea in front of judges and get the experience and money they need to grow and find success,” Draper said. “I encourage all college and high school students in Utah to take this opportunity to pursue a business idea to maybe build a career as an entrepreneur and learn invaluable entrepreneurial skills that will help for any career.”

Learn more about the Tim Draper Utah Entrepreneur Challenge at lassonde.utah.edu/uec.

Learn more about the Tim Draper High School Utah Entrepreneur Challenge at lassonde.utah.edu/hsuec.