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Houston venture capital fund launches energy-focused startup accelerator program

A new energy-focused startup accelerator hopes to better connect the dots between big companies and tech startups. Getty Images

While being renown as the energy capital of the world, Houston doesn't have an active oil and gas-focused accelerator program for the various startups rising in the energy industry. That is, until now.

Houston-based BBL Ventures, an early stage capital fund for energy startups, has announced BBL Labs, a new accelerator is based in Station Houston. BBLL is accepting applications for its inaugural cohort by February 22.

"BBLV looks forward to engaging in this partnership to drive entrepreneurial innovation focused on identified challenges and technology gaps in the global energy and natural resources industry," says Patrick Lewis, managing partner at BBLVentures, in a release.

BBLL will use BBLV's data on what the oil and gas industry needs from new tech startups as well as its connections to big energy companies to better connect the dots within the accelerator program.

Historically, tech startups focused on oil and gas solutions have a lot of trouble finding funding and validation in the industry — for a few reasons, Lewis says. On one hand, there's a disconnect between oil and gas companies and the startups that have solutions to industry problems, and on the other, the VC funds aren't there.

"Energy tech is a grossly underfunded industry. Venture capitalists hate it — the hyper cyclical industry, extremely long sales cycles, slow adopters — but that creates opportunities," Lewis says.

So what BBL's venture arm has done is flip the script on this way energy startups and big oil companies have traditionally functioned. Currently, it's up to the energy startups to tell large energy companies why their company or industry needs new technology to solve a problem. But what BBL has realized with it's venture arm is that it's much more efficient if the industry figures out its greatest technology needs and then looks for companies solving that problem. To do that, BBL's Innovation Navigator Software acts as a tool for energy employees to identify pain points.

"We've built software that's meant to be used pervasively across the organization — from the drilling engineer out in the field to the global office manager to the CTO," Lewis says.

These employees can log their daily pain points in the system, categorize them, and flag their priority. BBL takes that information, develop a reverse pitch, and market it to the startup ecosystem globally to identify companies that are addressing the problems of these energy employees.

BBL will use this proprietary pain point data to drive the new accelerator to produce a cohort of 10 startups creating technology that oil and gas companies have already indicated they need. Each cohort will go through six months of programing located in Station Houston. The two entities will collaborate on resources including lab space, investment, advisory services, mentorship, and more.

"Station Houston exists to support startups and with BBL Labs now inside our four walls, we can offer the Houston startup community access to even more resources and support," says Station CEO Gabriella Rowe. "At the same time, our 130 mentors are ready to roll up their sleeves and help these businesses get off the ground and start making an impact."

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Building Houston

 
 

HCC is working on a new center focused on resiliency on its Northeast Campus. Image via HCC

Houston’s initiative to protect the city from catastrophes is getting a big boost from Houston Community College.

The college is developing the Resilience Center of Excellence to aid the city’s resilience campaign. At the heart of this project is the 65,000-square-foot, $30 million Resiliency Operations Center, which will be built on a five-acre site HCC’s Northeast campus. The complex is scheduled to open in 2024.

HCC estimates the operations center will train about 3,000 to 4,000 local first responders, including police officers and firefighters, during the first three years of operation. They’ll be instructed to prepare for, manage, and respond to weather, health and manmade hazards such as hurricanes, floods, fires, chemical spills, and winter freezes.

According to The Texas Tribune, the operations center will include flood-simulation features like a 39-foot-wide swift water rescue channel, a 15-foot-deep dive area, and a 100-foot-long “rocky gorge” of boulders.

The college says the first-in-the-nation Resilience Center of Excellence will enable residents, employers, civic organizations, neighborhoods, and small businesses to obtain education and certification aimed at improving resilience efforts.

“Our objective is to protect the well-being of our citizens and our communities and increase economic stability,” Cesar Maldonado, chancellor of HCC, said when the project was announced.

Among the programs under the Resiliency Center of Excellence umbrella will be non-credit courses focusing on public safety and rescue, disaster management, medical triage, and debris removal.

Meanwhile, the basic Resilience 101 program will be available to businesses and community organizations, and the emergency response program is geared toward individuals, families, and neighborhoods.

HCC’s initiative meshes with the City of Houston’s Resilient Houston, a strategy launched in 2020 that’s designed to protect Houston against disasters. As part of this strategy, the city has hired a chief resilience and sustainability officer, Priya Zachariah.

“Every action we take and investment we make should continue to improve our collective ability to withstand the unexpected shocks and disruptions when they arrive — from hurricanes to global pandemics, to extreme heat or extreme cold,” Mayor Sylvester Turner said last year. “The time is now to stop doing things the way we’ve always done them because the threats are too unpredictable.”

In an InnovationMap guest column published in February 2021, Richard Seline, co-founder of the Houston-based Resilience Innovation Hub, wrote that the focus of resilience initiatives should be pre-disaster risk mitigation.

“There is still work to be done from a legislative and governmental perspective, but more and more innovators — especially in Houston — are proving to be essential in creating a better future for the next historic disaster we will face,” Seline wrote.

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