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5 most popular innovation stories in Houston this week

Memorial Park getting ready to deliver a few projects from its 10-year master plan was one of this week's top stories. Courtesy of Memorial Park Conservancy

This week was flooded with more than just the tropical disturbance that hit Houston. The city hosted a slew of events — from Plug and Play's Houston Innovation Week and Capital Factory's Texas Startups Roadshow to TMCx's Demo Day and the Low Carbon Energy Summit hosted by KPMG and the Center for Houston's Future.

Spoiler: More events are coming. Stay tuned to our June innovation events guide for the latest.

This week on InnovationMap, we launched our first series of profiles for Pride Month and featured a Texas startup force, Marissa Limsiaco from Tenavox, and we broke the news that Plug and Play will launch its accelerator by end of the year.

Scroll through the stories below to read snippets of the top trending stories in Houston innovation.

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Memorial Park Conservancy plans to deliver its first project of its master plan redevelopment next year

Memorial Park Conservancy is gearing up to unveil one if its first projects within its 10-year master plan redevelopment. Photo courtesy of MPC

Memorial Park Conservancy has until 2028 to deliver on its master plan redevelopment project, but if MPC president and CEO Shellye Arnold has anything to say about it, the plan will be completed way ahead of that.

The project is a collaborative effort between MPC, Uptown Houston TIRZ, and Houston Parks and Recreation Department to redevelop the 1,500-acre park. In 2011, a major drought decimated the park and areas saw losses of 50 to even 90 percent of the canopy of trees. Continue reading the story.

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

Check out these conferences, pitch competitions, networking, and more. Getty Images

Summer's here and living isn't necessarily easy — especially when it comes to scheduling. Houston's busting at the seams with networking, panel, and pitch events this month. Continue reading the story.

Houston nonprofit that's upcycling textiles and clothing opens new store

Magpies & Peacocks has prevented over 220,000 pounds of textiles in landfills by upcycling fabrics for new fashion items. The nonprofit now has a new store to keep up with demand. Magpies & Peacocks/Instagram

Magpies & Peacocks, the nation's only nonprofit design house that collects and reuses post consumer textiles, clothing, and accessories, opens their first permanent retail space in Houston on Saturday, June 1. The Co:Lab Marketplace will be located inside the organization's current warehouse space in Houston's East End.

The 6,000-square-foot space holds luxury upcycled sustainable clothing, jewelry, accessories, and home decor, along with partner sustainable and ethical brands. There will also be a bar offering cocktails and coffee, a lounge area, and a capsule gallery featuring the work of local artists. Continue reading the story.

3 TMCx companies have raised funds while completing the Houston accelerator

Three companies in TMCx's current cohort are leaving the program with new funds. Courtesy of TMCx

According to the CDCThe Texas Medical Center's accelerator program is wrapping up its Digital Health cohort this week with the culmination of its TMCx Demo Day, and, while all of the companies have something to celebrate, three have announced that they are leaving the program with fresh funds.

Meru, Roundtrip, and Sani Nudge have raised over $10 million between the three companies. All three will be presenting at the TMCx Digital Health Demo Day on June 6 with the 16 other companies in the cohort. Continue reading the story.

5 things you need to know about Houston's Microsoft- and Intel-backed accelerator program

The inaugural Smart Cities accelerator in Houston will have its cohort create solutions for a set of problems the city faces. Sky Noir Photography by Bill Dickinson/Getty Images

At a Microsoft IoT in Action event in April, Mayor Sylvester Turner announced that the city would launch the Ion Smart Cities Accelerator — a program that would task a set of startups and entrepreneurs with creating digital and technical solutions to key problems within Houston.

"As a result of incorporating smart technologies, Houston will have the ability to create a more resilient and mobile-friendly city, and in turn accelerate our city's economic growth and prepare for the needs of 21st Century citizens," Mayor Turner says in a release. Continue reading the story.

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Building Houston

 
 

New study shows Houston has minority-owned startups than any other Texas city. Photo by Tim Leviston/Getty Images

Both Houston and the state of Texas earned high rankings on a recent study by Self Financial that looked at the percentage of minority-owned startups in regions across the U.S.

"Today there are nearly 170 thousand minority-owned startups in the U.S., employing over 700 thousand people and generating close to $100 billion in annual revenue," the report said. "Based on demographic trends, these numbers are likely to grow as the population continues to diversify on racial and ethnic lines."

According to the report, about 30 percent of startups in Greater Houston are minority-owned. This is the fifth highest percentage in the country. There are nearly 5,600 minority-owned startups in the MSA, employing more than 22,700 people and bringing in more than $3.1 billion annually, the report found.

The Bayou City outranked New York but just a tenth of a percentage. But neighboring San Antonio edged out the Bayou City for the No. 4 spot, with roughly 31 percent of startups being minority-owned.

The top three cities on the list were all in California. The San Jose-Sunnyvale-Santa Clara metro had the highest percentage of minority-owned start ups. Roughly 46 percentage of startups there are minority-owned. The Los Angeles area and San Bernardino area followed in the second and third spots, respectively.

Dallas was the only other Texas metro to make the cut. According to the study, roughly 24 percent of startups there are minority-owned, earning it a No. 9 spot on the list.

The state earned a No. 4 spot on a similar ranking. According to that report, nearly 27 percent of startups in Texas are minority-owned and are responsible for employing more than 87,000 individuals and turn out roughly $11.5 billion in sales annually.

Still, Self Financial argues that minorities are underrepresented in the startup economy in cities, states, and throughout the U.S.

"Non-Hispanic whites, who represent around 60 percent of the U.S. population, own nearly 80 percent of the nation's startup businesses," the report says.

In Houston, nearly 64 percent of the population is considered a minority. And yet, those individuals only represent about 30 percent of startup ownership. Even in top-ranked San Jose the gap is wide. The population in the metro has a 68 percent minority share, and only 46 percent of startups are minority-owned.

St. Louis had the narrowest margin among large, high-rated metros. Minorities represent about 26 percent of the population there, and 25 percent go startups in the city are minority-owned.

In Texas minorities represent about 59 percent of the population, but only 27 percent of startup ownership. Nationwide minorities represent about 40 percent of the population but own about 20 percent of startups, according to the study..

Nationally minorities are most represented in the start-up economy in the accommodation, food services, and retail sectors. And the report adds that the demographic has faced exceptional challenges in 2020—from a business perspective, the largest roadblock was (and is often) access to capital.

"Minority households have lower pre-existing levels of wealth and savings to put towards a new business, while banks and other creditors are less likely to approve loans for Black or Hispanic small-business owners than they are for white business owners," the report says. "Without upfront capital to invest in a growing business, minority entrepreneurs struggle to run and scale their operations.

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