comcast cares

Tech company to grant funds to Houston-area BIPOC small business owners

Comcast is looking out for the one-third of businesses in the Houston metro area that are minority-owned. Photo courtesy of comcast.

Comcast, the telecom, media, and entertainment conglomerate, is awarding $1 million in grants to small businesses in Houston owned by entrepreneurs who are Black, indigenous or people of color (BIPOC).

In all, 100 grants of $10,000 each will be given to BIPOC-owned small businesses in Houston. Local businesses can apply for the grants March 1-14. Grant recipients will be announced in April and awarded in May.

"Unfortunately, many small businesses in Houston were not able to withstand the many months of suppressed revenues [amid the pandemic]. While we remain optimistic about our economic recovery, public-private partnerships will play a vital role in minimizing the disruptions that so many small businesses, specifically minority-owned businesses, are facing," says Vice Mayor Pro Tem Martha Castex-Tatum, who chairs the Houston City Council's Economic Development Committee.

The Houston grants are part of a $5 million investment fund sponsored by Comcast RISE, which launched last year to provide resources to BIPOC-owned small businesses around the country. Under this initiative, grants also will be awarded in Atlanta, Chicago, Detroit, and Philadelphia.

Studies show BIPOC-owned small businesses have been particularly hard hit by the pandemic, and recent research by JPMorgan Chase Institute found that Atlanta, Chicago, Detroit, Houston and Philadelphia were among the top markets for sharp declines in local spending. Additionally, the majority of applications for the marketing and technology services component of Comcast RISE are from these five cities.

To qualify for a Comcast RISE grant in Houston, a BIPOC-owned small business:

  • Must be located in either Harris County or Fort Bend County.
  • Must have been in business for at least three years.
  • Must employ no more than 25 people.

To drive outreach about the program and provide support, training, and mentorship, Comcast also has awarded more than $2 million to six Houston business groups: Houston Hispanic Chamber of Commerce, Greater Houston Black Chamber, Asian Chamber of Commerce, Greater Houston LGBT Chamber of Commerce, Houston East End Chamber, and Cámara de Empresarios Latinos de Houston.

"Small businesses have always played an integral role in Houston's growth and future," Ralph Martinez, senior vice president for Comcast's Houston region, says in a February 9 release. "In the midst of the pandemic, these entrepreneurs provided many of the services and resources that have kept our communities up and running."

About one-third of businesses in the Houston metro area are minority-owned. Among largest metros in the U.S., Houston ranks fifth for the percentage of minority-owned startups (30.45 percent).

Comcast RISE is part of a broader $100 million diversity, equity, and inclusion initiative that launched last summer. In June, Comcast NBCUniversal announced a multiyear plan to allocate $75 million in cash and $25 million worth of media over the next three years to fight injustice and inequality against any race, ethnicity, gender identity, sexual orientation, or ability.

Trending News

Building Houston

 
 

BUCHA BIO has raised over $1 million to grow its team, build a new headquarters, and accelerate its go-to-market strategy. Image courtesy of BUCHA BIO

A Houston company that has created a plant-based material that can replace unsustainable conventional leathers and plastics has announced the close of its oversubscribed seed funding round.

BUCHA BIO announced it's raised $1.1 million in seed funding. The round included participation from existing partners New Climate Ventures, Lifely VC, and Beni VC, as well as from new partners Prithvi VC, Asymmetry VC, and investors from the Glasswall Syndicate, including Alwyn Capital, as well as Chris Zarou, CEO & Founder of Visionary Music Group and manager of multi-platinum Grammy-nominated rapper, Logic, the startup reports in a news release.

“I’m excited to back BUCHA BIO’s amazing early market traction," Zarou says in the release. "Their next-gen bio-based materials are game-changing, and their goals align with my personal vision for a more sustainable future within the entertainment industry and beyond.”

The company, which relocated its headquarters from New York to Houston in February, was founded by Zimri T. Hinshaw in 2020 and is based out of the East End Makers Hub and Greentown Houston.

BUCHA BIO has created two bio-based materials using bacterial nanocellulose and other plant-based components. The two materials are SHORAI, which can be used as a leather alternative, and HIKARI, a translucent material that is expected to be formally introduced in November.

The fresh funding will help the company to accelerate its move into the marketplace next year by securing co-manufacturers to scale production. Additionally, the company is growing its team and is hiring for a new supply chain lead as well as some technician roles.

Per the release, BUCHA BIO is working on constructing a new headquarters in Houston that will house a materials development laboratory, prototype manufacturing line, and offices.

BUCHA BIO has the potential to impact several industries from fashion and automotive to construction and electronics. According to the Material Innovation Initiative, the alternative materials industry has seen an increased level of interest from investors who have dedicated over $2 billion into the sector since 2015.

“The time for rapid growth for biomaterials is now," says repeat investor Eric Rubenstein, founding managing partner at Houston-based New Climate Ventures, in the release. "BUCHA BIO's team and technical development are advancing hand in hand with the demands of brand partnerships, and we are excited to support them as they capitalize on this global opportunity.”

Trending News