Where to be at OTC

6 can't-miss innovation events at the 2019 Houston Offshore Technology Conference

Here are five events you have to check out if you're interested in offshore innovation. Zukiman Mohamad/Pexels

It's the 50th year of the Houston Offshore Technology Conference — and a lot has changed about the program since 1969.

"In 1969 at OTC, you could see the suit we'd put humans in to go under water," Wafik Beydoun, chairman of the OTC board of directors tells InnovationMap. "Now, you can see the robots that explore the seafloor."

OTC, which takes place at NRG Park from May 6 to 9, is separated by a few different tracks. While there's no innovation track specifically, we've identified, with Beydoun's help, five different events to be sure to make if you're looking for startup involvement and innovative discussions.

May 5 — Data Gumbo's Pre-Party

Houston-based blockchain company, Data Gumbo, wants to help you start out OTC week right with a crawfish boil. Network outside of NRG Park — and with a beer in hand.

Details: The event is from 5 to 8 pm on Sunday, May 5, at The Cannon (1336 Brittmoore Rd). Learn more.

May 6 — The Rice Alliance Startup Roundup

Fifty promising energy technology companies will present to potential investors and OTC attendees. All of the startups have initial funding under their belts and are seeking their A, B, C, or later rounds with technology validation, field trial experience, and/or initial company revenue.

Details: The event is from 2 to 4:30 pm on Monday, May 6, at NRG Arena, level 2 in the Stockman's Club. Learn more.

May 6 — OTC Spotlight on New Technology® Award Program

Check out the latest and greatest from offshore tech at this awards presentation. Hey startups, here's the tech O&G companies care about.

Details: The event is from 4 to 5 pm on Monday, May 6, at NRG Center, level 1, Rotunda Area. Learn more.

May 6-8 — OTC University R&D Showcase 

The OTC University R&D Showcase provides universities the opportunity to share with attendees their current and planned R&D projects that are relevant to offshore technology and bend the ear of over 60,000 professionals.

Details: The event is from Monday, May 6, to Wednesday, May 8, at NRG Center, level 2, outside room 600. Learn more.

May 8 — Women in the Industry Sharing Experiences (WISE): Diversity Drives Innovation: Start the Conversation

Samina Farid leads the discussion on diversity, inclusion, and innovation.

Details: The event is from 7:30 to 9 am on Wednesday, May 8. Location not indicated. Learn more.

May 8 — Young Professionals: The Tech Young Professionals Need to Know About

This young professional event is inclusive, information-rich, and inspirational. The event consists of a panel discussion where you have the opportunity to learn from successful industry leaders about the future of oil and gas technology and networking where you can enjoy a game of networking Bingo and find your future business partner, new best friend, or both.

Details: The event is from 4 to 6 pm on Wednesday, May 8, in room 202. Learn more.

Bonus — Week-long exhibition 

Stop by the exhibit all week long to see examples of new offshore technology from leading companies. Learn more.

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Building Houston

 
 

Cheers Health has expanded its product line as it evolves as a wellness-focused brand. Photo courtesy of Cheers

Houston-based startup Cheers first got a wave of brand devotees after it was passed over by investors on Shark Tank in 2018. In the years since, Cheers secured an impressive investment, launched new products, and became a staple hangover cure for customers. When the COVID-19 pandemic disrupted businesses, the company rose to the occasion and experienced its first profitable year as drinking and wellness habits changed across America.

Cheers initially started its company under the name Thrive+ with a hangover-friendly pill that promised to minimize the not-so-fun side effects that come after a night out. The capsules support the liver by replacing lost vitamins, reduce GABAa rebound and lower the alcohol-induced acetaldehyde toxicity levels in the body. The company's legacy product complemented social calendars and nights on the town, providing next day relief.

With COVID-19 lockdowns and social distancing measures, the days of pub crawls and social events were numbered. Cheers founder Brooks Powell saw the massive behavior change in people consuming alcohol, and leaned into his vision of becoming more than just a hangover cure but an "alcohol-related health company," he says.

When the pandemic first hit, Powell and his team noticed an immediate dip in sales — a relatable story for businesses in the grips of COVID-19.

"There is a three day period where we went from having the best month in company history to the worst month in company history, over a 72 hour stretch," he remarks.

He soon called an emergency board meeting and rattled off worst-case "doomsday" scenarios, he says.

"Thankfully, we never had to do any of these strategies because, ultimately, the team was able to rally around the new positioning for the brand which was far more focused on alcohol-related health," he says.

"We found that a lot less people were getting hangovers during 2020, because generally when you binge drink, you tend to binge drink with other people," he explains.

He noticed that health became an important focus for people, some who began to drink less due to the lack of social gatherings. On the contrary, some consumers began to drink more to fill the idle time.

According to a JAMA Network report, there was a 54 percent increase in national sales of alcohol for the week stay-at-home orders began last March, as compared to the year prior.

"All of a sudden, you have all of these people who probably aren't binge drinking but they're just frequently consuming alcohol. Their drinks per week are shooting up, and they're worried about liver health," explains Powell.

Outside of day-after support, Cheers leaned into its long-term health products to help drinkers consume alcohol in a healthier way. Cheers Restore, a dissolvable powder consumers can mix into their water, rehydrates the body by optimizing sodium and glucose molecules.

For continued support, Cheers Protect is a daily supplement designed to increase glutathione — an antioxidant that plays a key role in liver detoxification — and support overall liver health. Cheers Protect, which was launched in 2019, became a focus for the company as they pivoted its brand strategy and marketing to accommodate consumer behavior.

"The Cheers brand is just trying to reflect the mission statement, which is bringing people together through promoting fun, responsible and health-conscious alcohol consumption," says Powell. "It fits with our vision statement, which is a world where everyone can enjoy alcohol throughout a long, healthy and happy lifetime,."

At the close of 2020, Cheers had generated $10.4 million in revenue and over $1.7m in profit — its first profitable year since launch.

During the brand's mission to stay afloat during the pandemic, the Cheers team was also laying the groundwork for its entry into the retail space. When Powell launched the company during his junior year at Princeton University, bringing Cheers to brick-and-mortar stores had always been a goal. He envisioned liquor and grocery stores where Cheers was sold next to alcohol as a complementary item. "It's like getting sunscreen before going to the beach, they kind of go hand in hand," he says.

"When we spoke with retailers, specifically bars and liquor stores, what we learned is that a lot of these places were hesitant to put pills near alcohol," he says. Wanting an attractive and accessible mode of alcohol-support, the Cheers team created the Cheers Restore beverage.

Utilizing the technology Cheers developed with Princeton University researchers, the Cheers Restore beverage incorporates the benefits of the pill in a liquid, sugar-free form. The company states that its in-vivo study found that the drink is up to 19 times more bioavailable than pure dihydromyricetin (DHM), a Japanese raisin tree extract found in Cheers products and other hangover-related cures.

"What we figured out is that if you combine DHM — our main ingredient — with something called capric acid, which is an extract from coconut oil, the bioavailability shoots way up," says Powell. He notes the unique taste profile and the "creaminess" capric acid provides. "Now you have this lightly carbonated, zero-sugar, lemon sherbert, essentially liver support, hangover beverage that tastes great in 12 ounces and can mix with alcohol," he explains.

The Cheers Restore beverage is already hitting the Houston-area, where its found a home on menus at Present Company. The company has also run promotions with Houston hangouts like Memorial Trail Ice House, Drift, and The Powder Keg.

Currently, the beverage is only available in retail capacity and cannot be ordered on the Cheers website. As Powell focuses on expanding Cheers Restore beverage presence in the region, he welcomes the idea of expanding nationally in the future to come. While eager customers await the drink's national availability, they can actively invest in Cheers through the company's recently-launched online public offering.

Though repivoting a company and launching a new product is exciting, the process did not come without its caveats and stressors. While Cheers profited as a business in 2020, the staff and its founder weren't immune to the struggles of COVID-19.

"I think 2020 was the first year that it really became real for me that Cheers is far more than just some sort of alcohol-related health brand and its products," says Powell. "Cheers is really its employees and everything that goes into being a successful, durable company that people essentially bet their careers on and their family's well-being on and so forth," he continues.

"It really does weigh on you in a different way that it's never weighed on you before," says Powell, describing the stress of the pandemic. The experience was "enlightening," he says, and he wants others to know it's not embarrassing to need help.

"There is no lack of great leaders out there that at long periods of their life they needed help in some way," he says. "For me that was 2020 and being in the grinder and feeling the stress of the unknown and all of that, but it could happen to anyone," he continues.

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