The E. Craig Nemec Elevator Challenge Award is a $1,000 prize given to the presenters of the top three elevator pitches at the Texas Venture Labs Investment Competition. The award is named after Edward Craig Nemec, who began his entrepreneurial pursuits while completing his business degree at UT. Over the next 25 years, he grew it into the commercial real estate firm Pearson Group Capital Management, owners and operators of office and industrial properties.