Houston Vietnamese restaurant wins $1M VC investment in top industry competition

EXTRA-ORDINARY NEWS

Saigon Hustle owners Sandy Nguyen and Cassie Ghaffar. Courtesy of Saigon Hustle

Anew Houston restaurant will be able to expand courtesy of a $1 million venture capital investment. The Savory Fund selected Houston Vietnamese restaurant Saigon Hustle as the winner of its Million Dollar Restaurant Launch competition.

The private equity firm picked the Houston restaurant from a pool of more than 240 applicants, according to a release. In addition to the money, the investment brings marketing support and access to tools that allow a restaurant to assess its financial performance.

First launched as a ghost kitchen in 2020, Saigon Hustle opened a dedicated brick and mortar restaurant in February. The fast casual concept offers both well-executed takes on classic Vietnamese fare as well as creative interpretations, such as honey-glazed salmon rolls or a twist on the classic bánh xèo: a flour and turmeric crepe filled with braised pork belly, shrimp, and vegetables.

Winning the competition will allow Saigon Hustle founders Cassie Ghaffar and Sandy Nguyen to open a second location of the fast casual restaurant. Nguyen tells CultureMap that the duo have been looking in a number of neighborhoods, including Katy, Memorial, and Bellaire-Meyerland.

"I had tears in my eyes from the overwhelming emotions and we both screamed," Nguyen writes in a message about how she reacted to the news. "This partnership means so much to us."

Asked to elaborate, she notes that Savory Fund's founders have a background in the restaurant industry. They have experience growing restaurants into multi-unit operations.

"More importantly the managing partner also comes from the tech industry," she explains. "They have an amazing team for every aspect to run a successful brand, and that’s what’s so admirable and respectable. We are beyond thrilled at the opportunities we have with them."

Saigon Hustle is one of three establishments Ghaffar and Nguyen operate as part of their Ordinary Concepts hospitality group. They also own Sunday Press, a coffee shop and cafe in Garden Oaks that's adjacent to Saigon Hustle, and Ginger Kale, a healthy eating restaurant in Hermann Park.

“We are thrilled to partner with Cassie and Sandy and select Saigon Hustle as the winner of our Million Dollar Restaurant Launch opportunity,” Savory managing director Andrew K. Smith added. “We are passionate about helping as many restaurateurs as we can because we are restaurant operators at our core. We know the journey from concept to first location and we know the challenges and struggles that accompany growth from first to second unit and we understand them intimately. We hope to create a lifetime worth of success and inspire other concepts to never give up on themselves."

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This article originally ran on CultureMap.

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Inflation: Why Houston employers should prioritize employee financial well-being

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Inflation impacts everyone, including individuals, the workforce and business leaders. As the cost of living continues to rise, employees face diminishing purchasing power, shrinking retirement savings and higher stress levels.

In PwC’s 2023 Employee Financial Wellness Survey, 57 percent of respondents named finances as the top cause of stress in their lives. With these factors in play, employers should consider the support they provide for employees’ financial health, which directly impacts them emotionally and physically. When any one of these elements are out of alignment, employee productivity and engagement suffer, in turn impacting business success.

The Inflation Conundrum

Inflation is the silent financial predator that affects every aspect of life. Coupled with the financial responsibilities of the workforce, like child or elder care and college tuition, inflation erodes the value of money over time. As prices surge and the purchasing power of the dollar declines, the effects can ripple through a person’s life, including the workplace. Here are several ways inflation can impact employees:

  • Diminished Salary Satisfaction: Inflation does not discriminate. When prices rise, compensation does not follow suit at a one-to-one ratio. This can lead employees to feel their salaries are no longer sufficient to maintain their desired standard of living. Employees who do not have enough for their daily needs are not saving for their future goals, which exacerbates salary dissatisfaction.
  • Eroding Retirement Savings: A 401(k) is a critical component for many employees’ long-term financial strategy. However, inflation can interfere as the cost of living finds employees allocating less to their retirement accounts. Fewer contributions can have a significant long-term impact on the workforce’s financial goals.
  • Increased Stress and Anxiety: Financial insecurity and the higher cost of living can impact mental health. The stress and anxiety common with financial challenges often makes its way into the workplace, resulting in decreased productivity and engagement, interpersonal tension and employees seeking additional or alternative employment opportunities.

The PwC survey underlines how financial stress impacts employees beyond their pocketbooks with 50% or more reporting a negative impact on sleep, mental health and self-esteem. While physical health and relationships at home are not far behind at 44 percent and 40 percent, respectively.

The Holistic Approach to Employee Well-being

In times of economic uncertainty, it becomes vital for employers to prioritize their employees' well-being. A holistic approach, proactively addressing emotional, physical and financial health, can mitigate the negative impacts of inflation and foster a more engaged workforce. A few strategies to consider include:

  • Employee Assistance Programs (EAPs): Employee Assistance Programs are a valuable resource for employees facing personal or financial challenges. These programs provide access to counseling services, financial advice and other forms of support. Offering EAPs demonstrates an employer’s commitment to the overall well-being of their workforce.
  • Greater 401(k) Contributions: Employers can consider increasing the company’s 401(k) contributions in recognition of the strain inflation places on employees' retirement savings. A higher match encourages employees to save more and helps offset the erosion of their retirement savings due to inflation. It is important to note, this is not a short-term solution. Once implemented, it is difficult to walk back these changes without negatively impacting employee morale.
  • Open Communication: Open and transparent communication with employees is always key but is especially paramount to understanding their concerns and needs during periods of inflation. Regular surveys or meetings to gauge employees' financial stress levels and field suggestions for improvement can provide valuable insights.
  • Financial Incentives: Though it is not an immediate fix to immediate financial needs, incentivizing employees to save and invest can be a win-win strategy. Employers can offer financial literacy programs, workshops, or provide bonuses or incentives tied to employees' financial goals. These resources, trainings and initiatives can empower employees to make better informed financial decisions.

The Consequences

Business leaders should realize inflation impacts more than balance sheets, sending shockwaves deep into the health, morale and productivity of their workforce. And when employees are suffering with their mental, physical or financial health, they are more prone to look for employment where these needs are met.

Employers are at a crossroads where they can create a workplace culture that not only supports employees during times of inflation but also fosters resilience and loyalty. EAPs, increased 401(k) contributions, open communication, and financial incentives are just a few of the strategies that employers can implement to ease the burden of inflation on their workforce.

When employers recognize the interconnectedness of employee wellbeing and business success, they lay the foundation for a sustainable future for their organization. Employees can weather the storm and eventually thrive when armed with the proper support and tools.


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Kelly Yeates is vice president of service operations with Insperity, a leading provider of human resources and business performance solutions.

2 Houston universities score big for patents, MBA programs

academic standouts

Two new rankings have put the University of Houston and Rice University in the academic limelight.

UH ranks 60th on the National Academy of Inventors’ list of the top 100 universities for utility patents granted last year in the U.S. Meanwhile, Rice has moved up dramatically on Bloomberg Businessweek’s annual list of the top full-time MBA programs.

In 2022, UH received 32 utility patents. The university explains that utility patents are among the world’s most valuable assets because they give inventors exclusive commercial rights for producing and using their technology.

UH joins the University of Texas (No. 3), Texas A&M University (No. 37), Texas Tech University (tie for No. 75), and Baylor University (tie for No. 75) as the only Texas schools on the patent list.

“This recognition further underscores our commitment to innovation and the impactful research taking place at UH,” says Ramanan Krishnamoorti, the university’s vice president of energy and innovation. “It is a testament to the dedication and ingenuity of our faculty, researchers, and students who continue to push the boundaries of knowledge and drive positive change in our world through their hard work and inventive contributions.”

Rice also is sharing in recent academic accolades.

Rice’s Jones Graduate School of Business climbed 10 spots — to No. 19 — in Bloomberg Businessweek’s 2023-24 ranking of full-time MBA programs. Rice holds the No. 1 spot among Texas programs.

The Jones School gained ground in the ranking’s learning, networking, diversity, and entrepreneurship categories.

“Rising in the rankings for networking and diversity shows how Rice’s faculty and staff are dedicated to creating an entire environment and ecosystem that benefits our students, not just what happens inside the classroom,” says Peter Rodriguez, the business dean at Rice. “I am especially proud of these metrics that highlight Rice’s ability to bring people together.”

Photos: City of Houston reveals $4.4M facilities upgrades to repair Hurricane Harvey damage

new and improved

Where some might see just a basement, Mayor Sylvester Turner sees an opportunity to tell a story of Houston's resiliency and dedication to sustainability.

When Hurricane Harvey hit Houston, it left 18 to 20 inches of floodwaters in the basement of Houston City Hall. The city received funding from FEMA to support the $4.4 million renovation project that commenced in 2020. After facing challenges — including a defaulted contractor — the city revealed the new space this week, which was completed by contractor Dunhill Construction.

"The City Hall Basement renovation is a testament to the resilient spirit of Houston," says Turner in the news release. "We encountered some challenges, but we've revitalized this space while preserving our history and embracing innovation. This space truly embodies our commitment to a sustainable future."

The new basement holds conference rooms, training facilities, and a wellness center that was donated by Cigna. The project was focused on implementing sustainability and efficiency and included replacing aging air handling units with more efficient technology, LED lighting equipped with sensors to avoid energy waste, and a sliding floodgate to prevent history from repeating itself should another storm hit Houston.

The project also incorporated 18 pieces of Houston-focused art by artists including Mark Chen, Syd Moen, Nancy Newberry, and David Reinfeld. The 49 Houston mayor portraits, which were rescued by a staffer during the storm, were conserved, reframed, and rehung.

The space will also be the home to Houston's first walk-in 311 center, per the release, and the 311’s Continuity of Operations Plan, or COOP, and will be a secondary location in case the main call center fails.

With the completion of the project, the city has a few more upgrades — including additional training facilities, the mayor's dining room, and kitchen — coming soon and set to be completed in November.

Houston Mayor Sylvester Turner celebrated the opening of the renovated City Hall basement that was damaged in Hurricane Harvey. 

Photo via houstontx.gov

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