Entrepreneur and investor Wade Myers built Pro-Forma to help founders avoid the fundraising blind spots he once hit himself.

Now his Fort Worth–based startup is taking that mission further with the launch of the Texas AI Challenge—a new statewide pitch competition for early-stage artificial intelligence companies. The top teams will compete for $100,000 in funding and services during Dallas Startup Week this August.

Wade Myers, whose Fort Worth–based company Pro-Forma launched the Texas AI Challenge, will serve as one of more than 40 judges. [Photo: Wade Myers]

Backed by Cowtown’s Eagle Venture Lab and the Spears Institute at Southern Methodist University in Dallas, the competition will bring top AI talent from across Texas to pitch live on Thursday, August 7—the final day of DSW 2025, which runs August 3–7 on the SMU campus.

“Texas has always been a state of bold ideas and serious execution,” said Dustin Logan, CEO of Pro-Forma. “The Texas AI Challenge is about surfacing the next generation of AI startup founders and giving them the resources and visibility they need to scale.”

Applications to pitch close July 11. Finalists will be announced July 31, according to organizers.

Judges, founders, and a live finale

A panel of over 40 judges from venture capital, industry, and academia will evaluate submissions and give hands-on feedback to selected teams. Finalists will pitch live in front of founders, investors, corporate innovation leaders, and regional stakeholders gathered for the region’s annual startup celebration.

One of the judges is Myers, founder and chairman of Pro-Forma. He also serves as general partner at Eagle Venture Fund, which backs purpose-driven tech companies with long-term potential.

A U.S. Army veteran and serial entrepreneur, Myers says he has founded, backed, or advised more than 90 companies over the course of his career. His LinkedIn profile lists a long trail of ventures dating back to 1996, following early roles at Mobil and Boston Consulting Group.

And as he puts it, he’s learned a few lessons the hard way.

From missed returns to 68x gains

In 1999, Myers raised $75 million for his first SaaS company—only to scale too fast and exit without returning capital to early investors. “The lesson I learned was that I hadn’t carefully thought through my launch plan,” he writes on Pro-Forma’s website, calling it “flying blind” in terms of cash needed to raise, breakeven timing, burn rate, and more.

That became the starting point for the tool he wished he’d had from day one.

He built an early version of what would become Pro-Forma while preparing for his next venture—one that went on to raise $12 million and deliver a 68x return to investors. After refining the model over years of startups, acquisitions, and exits, he decided to make it available to others.

Tools built for founders

Today, Pro-Forma helps early-stage founders map out their financials without needing a finance degree. The platform includes tools like VentureForecast, VentureGrade, and VentureValue—used to build solid projections, understand valuation, and prep for due diligence.

To learn more or register, go here.

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