Funding friends

Houston fintech startup partners with local coworking space to grow investment opportunities

LetsLaunch, a Houston-based fundraising platform, has teamed up with The Cannon. Courtesy of LetsLaunch

A Houston fintech software company has joined forces with The Cannon to help connect its members to capital. LetsLaunch, a platform that allows for smaller investments from non-accredited investors, and The Cannon — along with its venture arm, Cannon Ventures — have officially entered a partnership as of this month.

"We're basically providing a transactional tool to allow Cannon Ventures to access more members who, legally, they couldn't access before," says Nick Carnrite, co-founder and CEO of LetsLaunch. "For us, it's a good thing because instead of having to go out and create a community of startups and investors, that gets brought to us."

The partnership will allow for The Cannon's members to have access to the platform, and LetsLaunch can piggyback off the Cannon's existing network and programming. For instance, if The Cannon hosts a pitch night, LetsLaunch could enable live investing so that anyone in the crowd could invest that night.

Additionally, companies backed by Cannon Ventures can easily do a dual raise — one side open to accredited investors writing big checks and the other on LetsLaunch open to anyone. For this setup, LetsLaunch investors get the perk of having the company vetted by the Cannon Ventures investors.

"[The partnership] allows us to further the vision of Cannon Ventures, which is to truly democratize angel investing," says Lawson Gow, founder and CEO of The Cannon and Cannon Ventures. "We want to activate and allow anyone who is interested in making investments of any size and in any way." (Gow is the son of the CEO of InnovationMap's parent company.)

LetsLaunch opened for business at the end of last year. The site works, in many ways, like a crowdfunding site, only investors receive equity for their money. Due to regulations, investment campaigns max out at around a million dollars, and how much one can invest depends on their annual income. For LetsLaunch's demographic, most users can invest up to $20,000 a year, Carnrite says. There is a minimum of a $250 investment per transaction, but Carnrite says he expects the average investment to be closer to $1,000 per transaction.

According to Carnrite, LetsLaunch is solving the exclusivity problem that traditional investing creates. Such a small pool of people can invest in companies for equity.

"There's something like 30 million people globally that have a $1 million net worth, which is the definition of being an accredited investor," Carnrite says. "Thirty million people out of 7.7 billion, so it's a little less than half a percentage."

And, according to Gow, this is a huge problem in Houston for companies who don't have access to funding.

"We had a company leave The Cannon last week and move to New York because they couldn't get funding in Houston," Gow says. "We're still losing battles every day — and one of the main reasons is getting early stage funding in companies."

From startup competitions to thought-provoking talks, here's where you need to be in August. Getty Images

If you subscribe to the idea that your net worth is your network, then here's your guide to networking this month in Houston's innovation ecosystem. August has meetups, pitch nights, and networking aplenty.

If you know of innovation-focused events for this month or next, email me at natalie@innovationmap.com with the details and subscribe to our daily newsletter that sends fresh stories straight to your inboxes every morning.

August 1 — Sixth Annual Bayou City Startup Showcase

Rice University's OwlSpark and University of Houston's RED Labs are coming together again for a startup pitch and showcase — this time in The Cannon's new building.

Details: The event is from 3 to 5:30 pm on Thursday, August 1, at The Cannon/Bayou City Fellowship (1400 Brittmoore Road). Learn more.

August 6 — Houston Unfiltered with Jeff Garoon, COO of FlowCommand

Station Houston has rebooted its Open Coffee series to Houston Unfiltered. Each month has a new speaker, and in August, startups can hear from Jeff Garoon, COO of FlowCommand.

Details: The event is from 8 to 9 am on Tuesday, August 6, at Station Houston (1301 Fannin Street, #2440). Learn more.

August 6 — Managing Your Sales Function 

Capital Factory's next Houston Founder's Academy installation is focused on sales.

Details: The event is from noon to 2 pm on Tuesday, August 6, at The Cannon (1336 Brittmoore Road). Learn more.

August 7 — Deep 6 AI: Advancing Clinical Research @ TMC

Imagine knowing every patient you want to recruit on day 1 of your trial. Doug Cassidy, vice president of Clinical and Academic Research at Deep 6 AI, explains how Deep 6 AI can help you find more better matching patients for trials in minutes, not months.

Details: The event is from 4:30 to 5:30 pm on Wednesday, August 7, at Third Coast Restaurant (6550 Bertner Avenue, 6th Floor). Learn more.

August 8 — Summer Salon: Broadband Internet Access & Digital Inclusion

The Center for Houston's Future is hosting a fireside chat to focus on all things digital.

Details: The event is from 6:30 to 8:30 pm on Thursday, August 8, at the Omni Houston Hotel (4 Riverway). Learn more.

August 13 — Entrepreneurship Burn-out: The Power of Nutrition Psychology

Entrepreneurs are creative, highly driven, and high-performing individuals. But in the pursuit of success, entrepreneurs often neglect their health. Our guest speaker will share practical tips/advice for entrepreneurs to prioritize nutrition to prevent burnout and/or help in the recovery process.

Details: The event is from 5:30 to 7:30 pm on Tuesday, August 13, at Impact Hub Houston #PopHUB @HX (410 Pierce Street). Learn more.

August 15 — SPE Talk: The Energy Dot

This inaugural digital innovation event will combine oil and gas, academia, and Silicon Valley innovation with multiple tracks of engaging programming.

Details: The event is from 8 am to 5 pm on Thursday, August 15, at Midtown Arts and Theatre Center (3400 Main Street). Learn more.

August 17 — Enventure Basecamp - Business Building Workshop

Basecamp is an inclusive environment for those who are interested in adapting their life science experiences to real business applications. All are welcome, and the event is free.

Details: The event is from 9 am to noon on Saturday, August 17, at the TMC Innovation Institute (2450 Holcombe Blvd). Learn more.

August 17 — re:3D's sixth birthday, discount print day, and design contest

re:3D is turning six, but the party is actually for you. Discount printing, plus a contest with $100 credit on the line.

Details: The event is from 10 am to 2 pm on Saturday, August 17, at re:3D Houston HQ (1100 Hercules Ave, STE 220). Learn more.

August 22 — TMCxAlpha: August meeting with Ashok Gowda

TMC alpha provides a pathway for any innovator affiliated with a TMC member institution to find support for the development and commercialization of their idea or product. Lunch and parking validation will be available.

Details: The event is from noon to 1 pm on Thursday, August 22, at the TMC Innovation Institute (2450 Holcombe Blvd). Learn more.

August 22 — Federal Funding 101 Introduction to the SBIR

This program is purpose-made to provide seed money of up to $1.5M to small businesses to enable them to break into the market. Following the workshop, Inspiralia experts will be available for one-on-one technology validation meetings.

Details: The event is from from 3 to 7 pm on Thursday, August 22, at the CUBIO Innovation Center (7707 Fannin St., Ste 200). Learn more.

August 28 — Enventure Biodesign Workshops

Biodesign workshops is a free course designed to provide new entrepreneurs with an understanding of the innovation process, teaching them how to evaluate a life science technology as the basis for starting a new business. Whether you're an engineer, scientist, physician, or business expert, this class will bring you up to speed on the medical innovation process.

Details: The event is from 6 to 8 pm on Wednesday, August 28, at the TMC Innovation Institute (2450 Holcombe Blvd). Learn more.

​August 29 — The Greenlight Guru True Quality Roadshow

Enjoy specially selected drinks, hors d'oeuvres, and intimate networking with medical device professionals. Finish the night hearing from leaders in the industry.

Details: The event is from 4:30 to 6:30 pm on Thursday, August 28, at the JLABS @ TMC (2450 Holcombe Blvd). Learn more.