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5 most popular innovation stories in Houston this week

Here's what innovation news was trending in Houston this week. Getty Images

Editor's note: The first trending news story for Q2 of 2019 has some exciting news from us, powerful quotes from innovators, events to know about and more.

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Overheard: 5 powerful quotes from Houstonians speaking at the Houston Open Innovation Conference

Speakers at the third annual Houston Innovation Open Conference discussed policy, performance, and more. Photo by Zview/Getty Images

When it comes to Houston's innovation ecosystem, there's a lot to discuss. From accelerator programs to role of educational institutes, the third annual Houston Open Innovation Conference covered it all on Thursday, March 28.

I had the pleasure of attending the full-day conference, which was a meeting of the minds of Houston innovation. To catch you up and rid you of your fear of missing out, check out these five overheard quotes from the day.Read the full story here.

10+ can't-miss Houston business and innovation events for April

From enlightening talks to networking opportunities, here's where you need to be in April. Getty Images

Happy Q2, everyone. With 2019 already a quarter of the way through, it's a bit overwhelming to prioritize what networking and thought talks to attend. We've rounded up a list of over 10 (and growing) events for you to consider adding to your calendar. Read the full story here.

3 Houston innovators to know with exciting new announcements

New funds, new classes, and new opportunities for mentorship — these are this week's Houston innovators to know. Courtesy photos

While last week's innovators to know were all starting new jobs, these three for this week are starting new endeavors — from multi-million-dollar funds to education programs. Here are this week's three innovators to know. Read the full story here.

A CEO's message: From humble beginnings, our company has grown up

David Gow, right, with Houston Astros president Reid Ryan. Photo by Michele Lee Sparks/Archer Sparks

Last week, the son of a good friend came up to our office. It had been a couple of years since I had seen him, so I still envisioned that he would be an 18-year-old high-school kid. But, when he walked in the room, I did a double-take, as he was now a mature young man. The kid had grown up, and he was standing before me ready to talk business.

In some ways, the story illustrates Gow Media. Sometimes I come across people who will ask me: "How is 1560-The-Game doing?"

We are not that young kid anymore. We have matured from a sports radio venture to a multi-platform media company. And we, too, stand before you ready to talk business. Read the full story here.

Overheard: Experts give advice for Houston startups looking for corporate partnerships

Good things don't just come to those who wait. If you're wanting to get your startup in front of major corporations, you need to take matters into your own hands. Pexels

If you've ever wanted to know the best way to get your startup in front of a major corporation, according to experts from both sides of the table — here's your chance.

At the Houston Innovation Open Conference, five major players in Houston's innovation ecosystem sat on a panel and discussed startups, accelerators, and more. One question asked each panelist for their advice for corporate partnerships. Here's what they had to say. Read the full story here.

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Building Houston

 
 

Last weekend was a tumultuous one for founders and funders in Houston and beyond. Here's what lessons were learned. Photo via Getty Images

Last week, Houston founder Emily Cisek was in between meetings with customers and potential investors in Austin while she was in town for SXSW. She was aware of the uncertainty with Silicon Valley Bank, but the significance of what was happening didn't hit her until she got into an Uber on Friday only to find that her payment was declined.

“Being positive in nature as I am, and with the close relationship that I have with SVB and how they’ve truly been a partner, I just thought, ‘OK, they’re going to figure it out. I trust in them,'” Cisek says.

Like many startup founders, Cisek, the CEO of The Postage, a Houston-based tech platform that enables digital legacy planning tools, is a Silicon Valley Bank customer. Within a few hours, she rallied her board and team to figure out what they needed to do, including making plans for payroll. She juggled all this while attending her meetings and SXSW events — which, coincidentally, were mostly related to the banking and fintech industries.

Sandy Guitar had a similar weekend of uncertainty. As managing director of HX Venture Fund, a fund of funds that deploys capital to venture capital firms around the country and connects them to the Houston innovation ecosystem, her first concern was to evaluate the effect on HXVF's network. In this case, that meant the fund's limited partners, its portfolio of venture firms, and, by extension, the firms' portfolios of startup companies.

“We ultimately had no financial impact on venture fund 1 or 2 or on any of our portfolio funds or our underlying companies,” Guitar tells InnovationMap. “But that is thanks to the Sunday night decision to ensure all deposits.”

On Sunday afternoon, the Federal Deposit Insurance Corp. took control of SVB and announced that all accounts would be fully insured, not just up to the $250,000 cap. Customers like Cisek had access to their accounts on Monday.

“In the shorter term, the great news is SVB entity seems to be largely up and functioning in a business as usual manner,” Guitar says. “And they have a new leadership team, but their existing systems and predominantly the existing employee base is working well. And what we're hearing is that business as usual is taking place.”

Time to diversify

In light of the ordeal, Guitar says Houston founders and funders can take away a key lesson learned: The importance of bank diversification.

“We didn't think we needed one last week, but this week we know we need a resilience plan," she says, explaining that bank diversification is going to be added to "the operational due diligence playbook."

"We need to encourage our portfolio funds to maintain at least two banking relationships and make sure they're diversifying their cash exposure," she says.

A valued entity

Guitar says SVB is an integral part of the innovation ecosystem, and she believes it will continue on to be, but factoring in the importance of resilience and diversification.

"Silicon Valley Bank and the function that they have historically provided is is vital to the venture ecosystem," she says. "We do have confidence that either SVB, as it is currently structured or in a new structure to come, will continue to provide this kind of function for founders."

Cisek, who hasn't moved any of her company's money out of SVB, has similar sentiments about the importance of the bank for startups. She says she's grateful to the local Houston and Austin teams for opening doors, making connections, and taking chances for her that other banks don't do.

"I credit them to really being partners with startups — down to the relationships they connect you with," she says. "Some of my best friends who are founders came from introductions from SVB. I've seen them take risks that other banks won't do."

With plans to raise funding this yea, Cisek says she's already started her research on how to diversify her banking situation and is looking into programs that will help her do that.

Staying aware

Guitar's last piece of advice is to remain confident in the system, while staying tuned into what's happening across the spectrum.

“This situation that is central to the venture ecosystem is an evolving one," she says. "We all need to keep calm and confident in business as usual in the short term while keeping an eye to the medium term so that we know what happens next with this important bank and with other associated banks in the in our industry."

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