Summer school

Station Houston partners with universities to launch new accelerator program

This summer, Station Houston is connecting the dots for student and alumni entrepreneurs within Houston's innovation ecosystem. Station Houston/Facebook

Houston universities — namely the University of Houston and Rice University — have been providing student and alumni entrepreneurs with acceleration programming for some time now through RED Labs and OwlSpark, respectively. But nonprofit acceleration hub Station Houston is connecting the dots with these programs — and inviting more schools to join in — through a new summer acceleration program.

"One of the things we haven't historically had in Houston that other cities have are broad collaborations between our universities to help build on one another's resources and really demonstrate for our young people — the talent that we want to keep here — exactly how deep and strong the opportunity to be in Houston is," Gabriella Rowe, CEO of Station, tells InnovationMap.

The program will bring in 30 to 40 student and alumni from academic partners, which currently includes Rice, UH, and the University of St. Thomas, to Station. The schools will be responsible for selecting their participants and some of their own programming, and Station will provide additional resources, events, and full member access.

"We're not just going to depend on them bumping into someone at the coffee pot," Rowe says. "We're going to do meet and greets, some speed dating events, and some pitch practice events, so that they have the opportunity to have experienced entrepreneurs give them feedback and share their experiences."

The program, which is free to its participants, has derived out of planning for the Rice University's upcoming innovation district hub called The Ion, for which Station is the programming partner. Launching the student and alumni summer program ahead of The Ion's debut allows Station to get a couple summer cohorts under its belt.

"We have been for a number of months now — and will continue for the next two years — built out out a hub where all of the things that can be happening in The Ion," Rowe says. "We're piloting an building here first, so that, when the building opens, it can open in full force."

The plan is also to collect more universities in the area for the program and even expand it to provide more student and alumni access to resources.

"We have the ability at Station to give an expanding base as more schools choose to join them over time, so that hopefully we end up with something that is really robust in its ability to support students all year round — not just as a summer program," Rowe says.

Combining the forces of Houston's universities is unprecedented, Rowe says, but crucial to ensuring that these young entrepreneurs aren't leaving Houston for other major cities unaware of what their city has out there for them.

"For me, more than anything, it's about exposing these young, motivated entrepreneurs to all of the resources available in Houston," Rowe says. "By bringing them here into Station, we have the ability to show them first hand what entrepreneurs in Houston have access to. It allows them to see what an incredible place Houston is to stay and build and grow your company."

The Ion is expected to debut in 2021. Courtesy of Rice University

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Building Houston

 
 

Data Gumbo, founded and led by Andrew Bruce, has announced its latest funding. Photo courtesy of Data Gumbo

A Houston-based tech company has announced another round of funding to support its blockchain network growth as well as to establish a presence in the Middle East.

Data Gumbo has closed its series B funding round totaling $7.7 million with follow-on investments led by Equinor Ventures. The round includes participation from Saudi Aramco Energy Ventures and Bay Area and Houston-based venture firm L37. The round's first close was announced in September 2020 at $4 million. The additional funds to close the Series B will be used to scale Data Gumbo to serve demand for GumboNet™ and GumboNet™ ESG. Additionally, Data Gumbo plans to establish a presence in the Middle East to cover expected demand growth in the region.

"The successful close of our series B is continued proof of the efficacy and booming interest in our ability to capture critical cost savings, deliver trust and provide transparency across commercial relationships," says Andrew Bruce, founder and CEO of Data Gumbo, in a news release. "Compounded by the growing demand for transparent, accurate sustainability data and the launch of our automated ESG measurement solution, GumboNet™ ESG, Data Gumbo's trajectory is well-positioned to serve our growing customer base by ensuring economic productivity and value. This infusion of capital will support our expansion efforts as we bring more international users to our network."

With this latest raise, Data Gumbo's total funding raised to date is $18.4 million.

"Data Gumbo's success is marked by a wide variety of business use cases and opportunities for expansion," says Bruce Niven, chief investment officer at Aramco Ventures, in the release. "Our continued investment is a testament to our continued support as the company attracts new customers, experiences further demand for its network and gains traction in new markets."

The company's technology features smart contract automation and execution, which reduces contract leakage, frees up working capital, enables real-time cash and financial management, and delivers provenance with unprecedented speed, accuracy, visibility and transparency, per the release.

"Data Gumbo is the market leader for smart contracts backed by blockchain, and the coming year will be a period of exponential growth for the company as they penetrate new industrial markets," says Kemal Farid, partner at L37, in the release. "We believe strongly that GumboNet will become the de facto network for smart contracts across industries for capturing value and solving enormous pain points in contractual relations. Additionally, as companies move to meet increasing sustainability measurement demands and ESG improvements, there is a huge growth path available for Data Gumbo with the launch of GumboNet ESG."

Earlier this year, the company announced its environmental, social and corporate governance tracking and reporting tool.

"Equinor's recent pilot at the Johan Sverdrup field has demonstrated that GumboNet can create strong value for the partnership," says Gareth Burns, head of Equinor Ventures, in the release. "Our follow-on investment confirms Equinor Ventures' confidence in Data Gumbo's solution for our company and the broader energy industry."

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