Short stories

Houston energy company exits, 3 recent investments from local fund, and more innovation news

From a Houston startup exit to the growth of a Rice University startup, here's the short stories of Houston innovation news you may have missed. Pexels

Houston's innovation ecosystem has been booming with news, and it's likely some might have fallen through the cracks.

For this roundup of short stories within Houston innovation, Texas Halo Fund makes three new investments, a Houston energy company exits, a growing Rice University startup gets grants, and more.

Octopus Energy acquires Houston-founded Evolve Energy

The $5 million deal means a new focus on Texas for the new parent company. Photo via evolvemyenergy.com

London-based renewable energy company Octopus Energy announced that it's acquired Houston-founded Evolve Energy in a $5 million deal, which represents Octopus's $100 million expansion into the United States market.

Octopus, which reached Unicorn status with a $1 billion valuation in April, will start its expansion in Texas, according to a news release, operating under the new name Octopus Energy US. Evolve Energy, which was founded in 2018 by Michael Lee, is a Texas-based Capital Factory portfolio company and finished first place in the 2019 EarthX startup competition. The company also has a Silicon Valley office, in addition to its local operation in Houston's Galleria area.

"Octopus Energy is inspirational in growing a customer base of over 1 million households in just four years. It has done so while also achieving customer satisfaction scores similar to Netflix and Amazon. It matches our aspiration for innovation and we're thrilled to be part of the Octopus family," says Lee in the release. "The US energy market is rapidly moving towards ultra-low cost renewable energy and is prime for a true digital transformation."

Texas Halo Fund makes three new investments

Texas Money

Here are the three latest investments from Texas Halo Fund. Getty Images

Houston-based Texas Halo Fund has made three recent investments in August and September.

  • Nexus AI, based in Chicago, the workforce management tech company uses artificial intelligence and organizational behavioral science to predict the best teams or individuals for a project on the startup's cloud-based platform.
  • Rellevate is a Connecticut-based digital fintech company that optimizes employer-based digital account and financial services.
  • MFB Fertility, a Colorado company, has created game-changing at-home test stripts for assaying the hormone progesterone branded as Proov.

Rice University program seeking data projects

The Rice D2K Lab wants to help startups and small businesses solve business concerns with data science. Photo courtesy of Rice

Adata-focused lab at Rice University is seeking data challenges for its group of next generation of data scientists to solve. The Rice D2K Lab is looking for sponsors for its Rice D2K Capstone project in Spring 2021. Rice's D2K Capstone program forms interdisciplinary teams of advanced undergraduate and graduate students to solve pressing real-world data science challenges. The program is accepting project proposals for the Spring 2021 semester through Monday, October 19.

Click here to learn more about the program, and click here to get involved.

California startup joins Chevron's Catalyst Program

CTV has a new startup in its Catalyst Program. Photo via Getty Images

Houston-based Chevron Technology Ventures announced that Oakland, California-based Brimstone Energy Inc. has joined CTV's Catalyst Program to continue its development of its decarbonization platform, which focuses on the generation of low-emissions hydrogen, as well as various commodity products, according to a release.

"Brimstone Energy is excited to be supported by Chevron, a multi-national industrial company," says Cody Finke, Ph.D., co-founder and CEO of Brimstone Energy, in the release. "It is good to see Chevron continue to back companies with decarbonization in their mission."

Rice University-born startup racks up $12.5 million in grants

OpenStax is growing its access to free online textbooks. Image via openstax.org

Rice University's OpenStax is able to greatly expand its library of free online textbooks thanks to new grants totaling $12.5 million. The funds derive from Bill & Melinda Gates Foundation, the William and Flora Hewlett Foundation, the Charles Koch Foundation and the Stand Together community, according to a press release from Rice.

The new funds will more than double OpenStax's files from 42 books to 90. Already, the platform has saved 14 million students around the world more than $1 billion.

"Nine years ago, we dreamed about solving the textbook affordability and access crisis for students," says Richard Baraniuk, the Victor E. Cameron Professor of Electrical and Computer Engineering at Rice and founder and director of OpenStax, in the release. "Now, with this tremendous investment in open education, we will be able to not only accelerate educational access for tens of millions of students but also drive innovation in high-quality digital learning, which has become commonplace due to COVID-19."

OpenStax is planning to raise $30 million for continued library expansion as it aims to lower the barrier to higher education.

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Building Houston

 
 

In today’s employee-driven job market, here's what top candidates are looking for. Photo via Getty Images

One of the most disappointing (and costly) things as a hiring manager is when your top candidate declines the job offer. You spend months defining target skills and characteristics, reviewing résumés and interviewing candidates to narrow down to your finalist of choice. You put together what you believe is a strong offer, and the candidate says “no.” What went wrong?

It’s not an employer’s job market anymore. In this transformed workplace, and at a time of historically low unemployment, it is very much an employee’s market, and he/she can afford to be selective. Below are some common reasons candidates turn down job offers and what you can do to prevent them.

No. 1: The interview process took too long

It takes time to identify the right fit, and a typical hiring process will often involve 2-3 interviews with decision makers in different locations. You also want to pinpoint a candidate you like and compare him/her to other candidates. When all is said and done, you’re often looking at an interview process that can take 6-8 weeks. During this time, it’s critical to stay in touch with the candidate. A simple email with a status update will help keep them engaged. This is also a great time to check references, showing the candidate your continued interest.

While you’re focused on filling the position, it’s easy to forget candidates have deadlines, too. A lengthy interview process with periods of little interaction can make a candidate feel you don’t respect his/her time or make your company appear disorganized, something they may be leery of based on past experience. Setting expectations upfront and maintaining open lines of communication are key in this candidate-driven environment.

Equally important to an efficient hiring process is encouraging non-essential decision makers to let go after a certain point. For example, once a small sized business graduates to a midsized company, a CEO should not make the mistake of thinking they have to talk to every single prospect. They need to approve them. Delegating and trust are key.

No. 2: You didn’t ‘sell’ the opportunity enough

It’s easy to forget interviews are as much about the candidate interviewing you as you interviewing the candidate. While you want to assess the person’s skills and cultural fit, the candidate wants to know how the role will match his/her personal and professional goals. Heck, they want to know how it stacks up against other jobs for which they might be applying!

Career growth is something every candidate wants. It’s critical for the hiring manager to discuss training and personal development opportunities. This is particularly important for millennials, who are often more motivated by the ability to learn and grow than they are by an increase in financial compensation. It’s also important to talk about the company culture and what makes you stand out. Bottom line: You want the candidate to leave the interview knowing he/she will be appreciated by your company and will get an experience that can’t be found elsewhere. To this end, expressing genuine interest in their life outside of work (loved ones, what makes them tick, etc.) can make all the difference.

No. 3: Lack of employer brand appeal

Companies spend a lot of time branding their products and services but don’t always think about how they look to future employees. Your M.O. is how you show candidates what it’s like to work for you. This includes their overall interview process experience, reviews on websites like Glassdoor, as well as posts your company and employees share on social media.

Let candidates get to know your company through posts. Show your team having fun together, being involved in the community and as customer-focused professionals. Employees also give hints about their work experience in their own social content. If they’re happy, it’ll show in their online activity.

These first three reasons for why a job offer might be turned down are all about how a hirer makes a candidate feel, but the fine print matters too.

No. 4: Job duties

It may seem like a no-brainer that a job description should be well-written, but more often than not, it’s unclear what will be expected of said employee. When you do the internal work ahead of time, getting alignment on what’s required and the intricacies of the existing (or new) position, it leaves little room for misunderstanding and/or disappointment post-hire.

No. 5: Compensation and benefits

Lastly, a strong compensation and benefits package is critical in securing your top pick. For some roles, that will mean an offer heavily weighed on the salary side. For others, it will be uncapped commissions or the opportunity for equity. Make sure the package is competitive with the industry, and will appeal to your ideal candidate and make him/her want to join your team.

Remember to think “outside the box” with extra benefits like flexible work hours, the ability to work remotely, PTO/unlimited sick days or vacation. The cost to implement these perks is low, but they often mean more to the candidate than higher pay.

In today’s employee-driven job market, top candidates are looking for a comprehensive package, growth opportunities, and a welcoming work environment that will provide lasting happiness and satisfaction.

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Hazel Kassu is the managing director of Houston-based recruiting firm, Sudduth Search.

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