About 40 percent of proceeds from the venture will go to scholarships, fellowships and internships for UT students. Other proceeds will go to operations and profits. The product is called H2Orange, a reference to the school's colors.
The firm's tagline for the water -- Drink Water. Bleed Orange. Fund Scholarships.
"The toughest challenge was convincing The University to license the image of its iconic tower," said Gurasich. Once they explained that the sales of H2Orange could fund $1 million annually in academic scholarships, fellowships, and internships, UT’s decision became much easier. For the first time ever, The University of Texas at Austin decided to license its legendary Tower for a consumable product.
“We have an H2Orange website,” says Gurasich, “that allows UT students and fans to see just how much scholarship money their H2Orange purchases are generating.” There are also Facebook and Twitter links, and a burgeoning blog. “It’s a brand that can literally talk to its customers daily,” Gurasich explains.
Among the bottled water company's investors -- all of whom attended UT -- are golfer Ben Crenshaw, business giant Red McCombs and former quarterback James Street.