Digital upgrade

Private securities investment company plans to use tech to simplify the process

The stock market has been using tech for years — why shouldn't the private sector have the same convenience? Getty Images

When private companies are trying to raise capital, it's a pretty antiquated process. You take meeting after meeting, exchange dozens of emails, and then, when it's actually time to make an investment, there's a lot of paperwork to do. Seeing this over complicated way of handling things, Rashad Kurbanov thought introducing technology into the process could help simplify the investing for both sides of the equation.

"What we do, and where technology helps us, is we can take the entire process of receiving interest from investors, signing the transactions, issuing the subscription agreements, and processing the payments and put that all online," says Kurbanov, CEO and co-founder of Houston-based iownit.us.

Iownit has been in the works for about 18 months now, and has major growth plans, which includes hiring over a dozen new employees focused on tech and support.

The company is still seeking regulatory approval, but once that happens, the technology and platform will be ready to launch. The platform is a digital site that connects investors to companies seeking money. The investors can review the companies and contribute all online while being encrypted and protected by blockchain.

Diversifying the investment ecosystem
Kurbanov says the convoluted process of private securities investment has meant that startup companies are much more likely to focus on receiving funding venture firms, because they want to have a one-stop-shopping experience. When entrepreneurs add in multiple investors, they end up juggling too much of the logistics side of things, rather than running their company. Iownit's platform simplifies this process, which then allows for a diversity of investments in the ecosystem that's in the past been dominated by huge VCs.

Another way to look at it is that when it comes to investments, public investments has operated in a digital way for years — think of the stock market, for instance. But the private market has been limited to a small amount of accredited investors. The Jobs Act put into effect by Congress in 2012 changed the game a little bit, but the tech hasn't played a role yet.

"We realized there's a big section of the overall capital market that has not necessarily been touched by technology, and that's the space of private securities," Kurbanov says.

Reaching out to underserved communities
Kurbanov is based in New York, but he chose to start his company in Houston because, being focused on diversifying investments, he saw a huge opportunity when you move away from either coast. Houston has a strong corporate environment, access to capital, and great universities, says Kurbanov, but when it comes to the startup companies, it's not as proportional as it is on the East and West Coasts.

"Our goal is to put our technology and platform in use to support the capital formation in the entrepreneurial ecosystems that today don't have easy access to capital."

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Building Houston

 
 

As the new UH medical school welcomes its second class, it's also planning for a new facility to support low-cost care. Photo via UH.edu

The University of Houston College of Medicine has announced it will open a low-cost health care facility thanks to a $1 million gift from The Cullen Trust for Health Care.

UHCOM will open the direct primary care clinic on the campus of Memorial Hermann Southwest Hospital, and, according to a news release from UH, it's only just the beginning of a network of clinics focused on treating those without health insurance.

"A direct primary care practice will add value to the local health care ecosystem by tackling one of the most pressing problems of our city: the lack of a comprehensive primary care system for the uninsured," says UH President Renu Khator in the release. "The Cullen Trust for Health Care shares our commitment to improving the overall health and health care of the population of Greater Houston and we are grateful for their support."

The direct primary care, or DPC, model is an alternative to insurance-based and fee-based care and eliminates third party payers. Instead, patients pay a monthly membership to receive primary care services — including telehealth, basic office procedures, at-cost laboratory testing, and access to medications at reduced prices. The clinic will offer same-day or next-day appointments as a guarantee and be staffed by faculty physicians and UH health professions students.

"The UH College of Medicine wants to restore primary care as the foundation of health care. We have developed a model with strong incentives to innovate the delivery of primary care designed to improve quality and more effectively control the cost of care," says Dr. Stephen Spann, founding dean of the UH College of Medicine, in the release. "We are building our model upon the four pillars of access, population health, social determinants of health and trusting relationships. In this framework, the physician is accountable for the health of their member panel and will demonstrate long-term cost and quality outcomes."

Dr. Stephen Spann is the founding dean of the UH College of Medicine. Photo via UH.edu

Founded in 2020, UHCOM's brief existence has been supported by generous donors – including a foundational $50 million gift as well as an endowment. This latest funding is from The Cullen Trust for Health Care — established in 1978 as an organization that grants financial assistance to institutions providing health care services in the Greater Houston area.

"The Cullen Trust for Health Care is proud to support this pilot endeavoring to bring a new form of patient-centered primary care to Houston's underserved communities. We are hopeful that the new UH College of Medicine direct primary care clinic will proactively engage patients to increase utilization and improve continuity of care," says Cullen Geiselman, chairman of the board for The Cullen Trust for Health Care.

This week, the school also announced its second-ever class of students. The UHCOM class of 2025 includes 30 students selected out of about 6,000 applicants. According to a news release, more than half of the second cohort received a $100,000 four-year scholarship. The future doctors will be celebrated with a White Coat Ceremony on Saturday, July 31, at the Hilton University of Houston.

More than half — 67 percent — of the new class is female and 60 percent of the group are Black or Hispanic. Sixty-three percent represent low socioeconomic status (as defined by Texas Medical Dental Schools Application Services).

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