Must be the money

5 Texas entrepreneurs rank among Forbes' richest self-made women

Kendra Scott is one of the five richest self-made women in the state. Photo by Tyler Schmitt, ARF

It's common knowledge Houston Rockets owner Tilman Fertitta and Gulf States Toyota owner Dan Friedkin rank among the wealthiest people in Texas. But did you know that five other entrepreneurs — collectively worth more than $4 billion — stand among the richest self-made women in the country?

Billionaire Thai Lee and millionaires Kendra Scott, Kathleen Hildreth, Whitney Wolfe Herd, and Suzy Batiz appear on Forbes magazine's new list of America's 80 richest self-made women — women who garnered wealth on their own, rather than by inheriting or winning it. And they're in great company, joining the likes of Taylor Swift, Oprah Winfrey, Kylie Jenner, Rihanna, Madonna, Celine Dion, and Beyoncé.

Thai Lee, with an estimated net worth of $3 billion, appears at No. 5 on the Forbes list. She is president and CEO of SHI International Corp., a provider of IT products and services whose more than 17,000 customers include AT&T and Boeing. Revenue at the New Jersey-based company hit $10 billion in 2018; more than 4,000 people work at SHI. Austin is home to SHI's corporate call center and is the hub for its sales division catering to small and midsize businesses.

"In early 2015, we mapped a five-year goal to reach $10 billion in revenue by the end of 2019. Through the hard work of our employees, the strength of our partnerships, and our ability to discern and solve our customers' most pressing IT and business challenges, we reached that goal 12 months early," Lee says in a February release.

At No. 40 on the list, with an estimated net worth of $550 million, is Kendra Scott. She is founder and CEO of Kendra Scott Design Inc. Annual sales at the Austin-based jewelry company hover around $360 million.

In 2017, Boston-based private equity firm Berkshire Partners invested in Scott's company at a valuation of more than $1 billion. Scott started the company in 2002 in the spare bedroom of her home. Today, Scott's business operates 100 jewelry stores, runs massive e-commerce and wholesale units, and employs more than 2,000 people. Last year, the company opened its flagship store on South Congress Avenue.

"There were so many ups and downs through this journey. There were many times that I thought I was going to lose my business. I had no investment capital. I was carrying it all on my shoulders — bootstrapping it, literally," Scott told CNN in 2018.

Kathleen Hildreth, co-founder of aviation-maintenance company M1 Support Services, appears on the list at No. 57, with an estimated net worth of $370 million. She is a West Point graduate and Army veteran who served as a helicopter pilot. Before M1 Support, she worked with defense contractors, including Lockheed Martin and DynCorp. Hildreth calls Aubrey, Texas, in the DFW area, home.

"Anything in the government's [aircraft] inventory, we do work on," Hildreth told Forbes. "You name it." Forbes adds, "The U.S Air Force, U.S. Army, U.S. Navy, and NASA are all clients of M1 Support, which relies entirely on the federal government for business. Most of its revenues come from maintaining military aircraft, including fighter jets such as F15s, F16s, and A10 Thunderbolts."

The fourth Texas entrepreneur on the list is Whitney Wolfe Herd, founder and CEO of Austin-based Bumble Trading Inc., developer of the Bumble dating app for women, and the related Bumble BFF friend-finding app and Bumble Bizz networking app. Herd launched Bumble in 2014 after co-founding dating app Tinder. With an estimated net worth of $290 million, Herd claimed the No. 72 spot on the Forbes list. This is her first year to be ranked.

Bumble counts more than 60 million users in 150 countries. The company's estimated annual revenue totals $175 million, according to Forbes. Russian billionaire Andrey Andreev is the majority owner of Bumble.

"I want to take this sucker around the planet," Herd told Marie Claire last year about the future of Bumble. "Then, who knows, maybe we'll work with [Jeff] Bezos and [Elon] Musk and take it beyond."

At No. 77, with an estimated net worth of $270 million, is Dallas' Suzy Batiz, founder of Poo-Pourri, the before-you-go toilet spray available at major retailers. More than 60 million bottles have sold since the company's founding in 2007; Pou-Pourri is now expanding into shoe and pet odors and a cleaning line.

Asked in 2016 what the riskiest thing was she had ever done professionally, Batiz said not selling her company or taking on investors.

"I had no idea if it was going to work out. It's like being on a game show," she told Forbes. "They hand you the big briefcase and you think, 'You can take this thing of money, or you can gamble and try to stay in the game.' Somehow I knew that my baby, the company, was very similar to a child. It just wasn't ready to be released into the world yet without me."

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This story originally appeared on CultureMap.

A new report from the Greater Houston Partnership found that Houston saw over $33 billion in foreign investments over the past 10 years. Photo by Scott Halleran/Getty Images

Throughout the past decade, over 500 foreign-owned companies from 36 countries have planned investments in Houston. The investments are spread across more than 600 deals within 63 industries in Houston. Adding up the amount of disclosed valuations, the total exceeds $33 billion.

The city has a lot to offer these companies from all over the world, says Greater Houston Partnership's senior vice president of research, Patrick Jankowski, in a release.

"These foreign-owned companies came to Houston for a variety of reasons, from being closer to their clients to establishing a beachhead for entering the U.S. market," Jankowski says in the release.

The information is compiled in the new Global Houston report from the GHP that analyzes data on foreign investment over the past decade. The research shows that now

The foreign investment movement greatly impacts the local economy, Jankowski adds.

"It infuses new capital into the region, expands the manufacturing base, helps underpin jobs, facilitates the exchange of ideas and best practices, increases trade, adds to the tax base and stimulates growth," he says.

Aside from the investments, the report found that locally, more than 2,500 Houston manufacturing firms have their hands in global trade. Around 17.3 percent of Houston's economy is related to exports, which amounts to double than what was recorded in 2003, according to the Brookings Institution. The Bayou City regularly leads the nation in exports, such as oil field services, refined products, chemicals, and fabricated metals.

The report also took into account Houston's diversity, which has also evolved over the past 10 years. About one in four residents are born outside the country, and a third of the population growth is attributed to immigrants — who account for 390,000 of the city's new residents. In 2017 alone, foreign-born Houstonians made up almost a third of the total GDP of Houston, or $142.1 billion.

"Over the last couple of decades, Houston's economy has become more diversified," says Bob Harvey, GHP president and CEO, in a news release. "We've surged beyond traditional oil and gas to include a burgeoning energy tech and renewables industry, a thriving life sciences and healthcare sector, and a robust advanced manufacturing ecosystem. And in that time, as this report shows, Houston's trade and investment ties with the rest of the world have grown as well. These global connections are essential to our long-term success."

In 2018, Houston's top five trade partners all increased activity. The top countries are, Mexico ($24.6 billion in 2018, compared to $20.1 billion in 2017), China ($20.3 billion, compared to $18.8 billion in 2017), Brazil ($12.9 billion, compared to $12.6 billion in 2017), The Netherlands ($10.4 billion, compared to $8.6 billion in 2017), and South Korea ($10.3 billion, compared to $6.8 billion in 2017).

By the numbers

Here are some key findings from the report.

  • The Houston/Galveston Customs District handled 289.2 million tons of cargo in 2018, or 33,000 metric tons every hour.
  • The Houston/Galveston Customs District ranked first in the nation in foreign tonnage handled and 7th in the nation by dollar value in 2018.
  • The three ports of Houston, Galveston and Freeport support 343,525 jobs, according to a report from Martin & Associates and Texas A&M University
  • Of Houston's 1.6 million foreign-born residents, 39.8 percent are naturalized (i.e. U.S. citizens). That's up from 32.3 percent a decade ago.
  • Latin America leads among regions of origin for Houston's foreign-born population with 1.02 million people in 2017, up 42 percent from 2008. Asia follows at 409,395, up 37 percent and Africa with 95,017, a 14 percent increase.