UT Austin Comes Up With Unusual Fundraising Idea (Photo)
They say University of Texas fans bleed orange. Now, they can drink it, too.
Today, UT President William Powers Jr., along with GSD&M Idea City co-founders Steve Gurasich and Tim McClure, will announce a partnership to sell H2Orange, purified water packaged in a bottle that is a scale-model replica of the UT Tower.
About 40 percent of proceeds from the venture will go to scholarships, fellowships and internships for UT students. The founders of H2Orange said the goal is to raise at least $1 million annually for such projects. Just less than 60 percent of proceeds will go toward business operations and profits. Gurasich declined to disclose estimates for those because they “are not certain and can’t venture an amount this early.”
UT is not putting money into the deal, but the licensing agreement will yield 8 percent of the proceeds, the company estimates.
The iconic 307-foot UT Tower — perhaps the university’s most prominent symbol — was completed in 1937. At the center of the UT campus, it is lighted burnt orange to celebrate sports victories and graduations. It is used throughout the university’s logos and marketing and featured throughout the university’s website.