US Latinas are contributing to the Houston economy at a volume worth celebrating

guest column

Latina businesswomen are not just contributing to the economy; they are giving life to it. Photo via Getty Images

Hispanic Heritage Month provides an opportunity each year to reflect on the impact Hispanics have made in our culture. Whether we recognize it or not, we experience this impact year-round through our food, sports, business, politics, science, education and the arts. Yet, one of the most important and lasting impacts that isn’t often celebrated is the role the Hispanic community plays in accelerating economic growth.

The recently released U.S. Latina GDP Report, commissioned by Bank of America, reveals a powerful truth: Latinas are a driving force in the U.S. economy, contributing $1.3 trillion to the GDP in 2021.

In fact, Latina economic output has grown over 50 percent in a decade - far outpacing the growth rate of any other segment. Today, the Latina GDP is larger than the entire economy of Florida, and that of every other state except California, New York and Texas.

This rapid rise reflects the resilience, hard work and entrepreneurial spirit of Latinas across the country. Here in Houston, these statistics are evident in the contributions of Latina business owners who are driving our local economy and revitalizing our community.

Known as one of the most ethnically and culturally diverse cities in America, Houston is bolstered by an ever-growing Latino population. With over 2.8 million Hispanic and Latino residents in 2023, the Houston metropolitan area is home to the fourth-largest Hispanic and Latino population in the nation. Latina entrepreneurs are playing a vital role in shaping our economic landscape. About 25 percent of all Latino-owned businesses in Texas are owned by Latinas. To provide perspective, there are more than 11,000 Latino-owned businesses in Houston that are preserving the heritage of our community while fueling economic growth.

When it comes to college education, the number of Latinas with a bachelor’s degree or higher increased 103 percent between 2010 and 2021, while the number of highly-educated non-Hispanic females increased only 38.3 percent. And despite being just 9.3 percent of the U.S. population, Latinas are responsible for 30.2 percent of the U.S. labor force growth since 2010.

Through this increased educational attainment and powerful entrepreneurial mindset, Latinas continue to build thriving businesses that uplift their local communities, propel economic mobility and create generational wealth. They provide valuable services and act as role models, showing the next generation what is possible with dedication and opportunity.

As we celebrate Hispanic Heritage Month and the significant role Latinas play in our nation’s economic growth, we applaud the women who are strengthening our city, local communities and beyond.

These women are not just contributing to the economy; they are giving life to it.

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Elizabeth Romero is the managing director of business banking and Central and Southwest Region executive at Bank of America Houston.

Introducing the 10 startups participating in the Spring 2024 cohort of the DivInc Sports Tech Accelerator, a hybrid program based in the Ion. Photo via DivInc.com

10 sports tech startups named to Houston-based hybrid accelerator

game on

DivInc has named its latest sports tech-focused cohort of its hybrid accelerator that is housed out of the Ion.

The Sports Tech Accelerator has selected the 10 companies — with technology across human performance, fan experience, and more — for its 13th cohort to participate in the 12-week hybrid program this month and through July.

The program receives support from underdog venture team, Women In Sports Tech, The Collectiv, and HTX Sports Tech, with partners Bank of America, J.P. Morgan Chase & Co., Gunderson Dettmer, Brown Advisory, Ion, and Mercury.

The spring 2024 cohort includes:

  • Detroit-based Athlytic, which uses real-time data to develop a recommended minimum price per social platform for creator-athletes.
  • Ballin AI, from Tulsa, Oklahoma, is a unique scouting automation software, transforming the labor-intensive scouting process into a streamlined, data-driven operation that boasts improved efficiency over manual work.
  • Cache AI, founded in Bronx, New York, is a platform that uses AI to generate a score for athletes that brands can use to value them without bias.
  • Prosper, Texas-based DRAFTED is a platform to support the of Latina community in sports through digital storytelling, weekly newsletters, in-person and virtual programming, and collaborative brand partnerships.
  • From Chicago, Drip Tech Co. created an artificial intelligence concierge software that provides real-time hydration monitoring, digestible data, and actionable insights to both athletes and coaches.
  • Canadian company, Drive Hockey, founded in Coquitlam, British Columbia, developed an advanced skill-tracking system for aspiring young hockey athletes using sensors and AI technology to make NHL-level analytics simple & affordable for 120,000 amateur hockey teams.
  • Cincinnati, Ohio-based LunchTable is working on a fan activation and engagement platform that can mobilize fans into digital brand ambassadors.
  • Parscape, co-located in Chicago and Los Angeles, is a rewards and cash-back powered marketplace designed for the golf industry. Houston-based TRAINR is a platform for sports and performance coaches that offers booking, payments, taxes, CRM, content creation, financial services, nationwide access to training locations, and more.
  • From Rochester, New York, WEVOLV is working to improve decision making and a more equitable industry for athletes by using human and artificial intelligence and democratizing access.
The Artemis Fund has announced that it's closed its second fund. Courtesy photos

Houston-based, female-focused VC closes $36M fund

fresh funding

A women-led venture capital group based in Houston has closed its second fund to continue its mission of supporting female-founded startups in fintech, commerce, and care.

The Artemis Fund announced its $36 million second fund this month. Co-founded in 2019 by General Partner Stephanie Campbell, General Partner Diana Murakhovskaya, and Venture Partner Leslie Goldman Tepper, the firm has invested in more than 20 female-led startups — with over 60 percent with Black, Latinx, or immigrant leadership.

"Many funds have come to market that focus on diverse founders. Few are also funding the technology to address key barriers faced by overlooked businesses, communities, and families in the U.S.," Artemis leadership writes in a news release.

"Artemis invests in the big personal, every day, economic problems that Silicon Valley doesn’t understand or know how to solve," the release continues. "We see massive opportunity in what many VCs will quickly write off as too small, too fragmented, and too hard to solve. If it keeps families and small business owners up at night, we are likely backing a company solving it."

Artemis Fund II includes support from limited partners Bank of America, Bank of Montreal, TIAA Nuveen’s Churchill Asset Management, Texas Capital Bank, Amazon, The Rockwell Fund, and Ballentine Partners.

“The Artemis Fund is not only breaking down barriers themselves, but they are also investing in companies looking to catalyze change," Hong Ogle, Houston president at Bank of America, says in the release. "Artemis keenly understands how to identify and support diverse entrepreneurs, which ultimately helps us toward achieving our goal to advance economic opportunity for all our communities."

The second fund has already made investments in five startups:

  • Alameda, California-based Hello Divorce, a tech-enabled guide to divorce with research, planning, therapy, and community support.
  • Gemist, based in Los Angeles, provides tech tools to jewelers.
  • West Palm Beach, Florida-based Max Retail, a platform to sell leftover inventory.
  • Payverse, headquartered in Sherman Oaks, California, is a cross border payment processor leveraging their modern processing platform.
  • New York-based Builder's Patch, a software platform that streamlines the process to finance the development and preservation of affordable multifamily housing for CRE lenders and developers.

Here are predictions for what current and emerging trends will further shape businesses in 2024. Photo via Getty Images

Houston expert shares 3 business trend predictions for 2024

guest column

Last year was a dynamic year for businesses across all sectors. Artificial intelligence went from a novel technology to a more widely utilized business productivity tool. Many companies invested additional resources in sustainable business practices. And digital business solutions helped companies thrive.

Here are predictions for what current and emerging trends will further shape businesses in 2024.

Digital tools will continue to unlock operational efficiencies

Businesses of all sizes and sectors are embracing digital innovation to automate tasks and streamline processes. The new year provides business owners with an opportunity to review their operations—and industry best practices—to identify how digital tools can help them expertly manage various aspects of their businesses.

The Bank of America Mid-Sized Business Owner Report found that 54 percent of owners plan to apply for a bank loan or line of credit within the next year, and among that group, 43 percent plan to use the money to invest in new technologies. For example, 87 percent of business owners said they plan to utilize more automation and AI tools during the year ahead, and when asked how they plan to use these tools, owners listed reasons such as assisting with hiring (45 percent) and streamlining payroll and bookkeeping (42 percent).

Businesses also expect to use more digital payments in 2024, with 76 percent of owners anticipating all their transactions becoming digital at some point. A confluence of trends and benefits have helped digital payments proliferate—including widespread smartphone adoption and the growth of cloud-based software solutions, as well as increased digital transaction speeds and the additional security through encryption and tokenization. Digital automation will also continue to influence how businesses manage their accounts payable, as digital solutions make it easier and more efficient to process payments, track invoices and manage cash flow.

Labor markets are beginning to shift

The wave of resignations seen over the past few years has slowed, and according to the Bank of America 2023 Workplace Benefits Report, nearly 70 percent of employees plan to stay with their current companies in 2024.

As more businesses invest in digital tools and AI, they must prepare workers to use these tools properly through upskilling. Bridging the gap between a tool’s potential and company readiness will require training, and providing that training can help boost employee attraction and retention.

Despite this, labor shortages continue to challenge business owners. This year, we expect mobility between industries to continue as businesses hire more for skills than traditional industry experience or even education. A McKinsey & Co. report notes that hiring for skill is five times more predictive of on-the-job performance than hiring for education, and this practice also widens the potential talent pool.

Savvy business leaders will continue in their efforts to meet existing and prospective employee expectations in 2024. Our Workplace Benefits Report found that over half of employers currently have in-person work models, but workers continue to value flexibility. Remote work isn’t a good fit for all businesses, but those supporting it in full or part may benefit from greater worker satisfaction and retention.

Strategic partners can help navigate uncertainty

2024 is a general election year, and with the U.S. presidential election and other global elections we can expect to see market volatility. Further economic uncertainty will be fueled by mixed views about the likelihood of a recession and when interest rates will decrease.

Fortunately, the stock market tends to restabilize after elections, regardless of which party is in power. Business owners should be prepared to steer their companies and employees through these uncertain times, and one of the best ways to do that is by leveraging the expertise and tools of their strategic partners, including bankers, financial advisors, lawyers and accountants.

It’s one thing to monitor trends, but business leaders must adapt now to remain at the forefront later. By embracing these changes and investing in new strategies and technologies to support your business objectives, companies can position themselves for success in 2024 and beyond.

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Bryce Lindner is the senior vice president and market executive, commercial banking in South Texas at Louisiana at Bank of America.

Andrew Chang, managing director of United Airlines Ventures, joins the Houston Innovators Podcast. Photo via LinkedIn

Houston corporate venture leader calls for collaboration across sustainable fuel, innovation community

HOUSTON INNOVATORS PODCAST EPISODE 212

When it comes to the future of aviation — namely, making it more sustainable, a rising tide lifts all boats. Or, in this case, planes.

Andrew Chang, managing director of United Airlines Ventures, explains that working together is the key for advancing sustainable aviation fuel, or SAF. That's why United Airlines started the Sustainable Flight Fund, a $200 million initiative with support from industry leaders, including Air Canada, Boeing, GE Aerospace, JPMorgan Chase, Honeywell, Aramco Ventures, Bank of America, Hawaiian Airlines, JetBlue Ventures, and several others.

"We all recognize that we may compete in our core business, but with the importance of sustainable aviation fuel and given that it's an industry that doesn't exist — you can't compete for something that doesn't exist — let's collaborate and work together to explore technologies that can directly or indirectly support the commercialization and production of sustainable aviation fuel," he says on the Houston Innovators Podcast.

Within United Airline Ventures, Chang's job is to find technology to invest in across the aviation industry spectrum — from SAF to digital technologies that will improve the United customer experience. This means working with startups and other organizations to find the best fit — and, because he's based in Houston, one of United's seven key hubs, this means knowing and interacting with local innovators.

"The knowledge base and the capabilities are here — that's undebatable," Chang says of the Houston innovation ecosystem. "The next step is making sure we're accessing, promoting, collaborating, and learning from one another."

Again, as Chang recognizes, collaboration is key to further developing the ecosystem, "so that we're not trying to solve the same problem in a vacuum," he explains.

United Airlines recently signed an offtake agreement with Cemvita Factory, a Houston biotech startup that's working on SAF. Chang discusses this partnership on the show, as well as explaining how he works with other startups and what he's looking for.

Supporting and honoring our Hispanic-Latino clients is not just a month-long initiative, it is a long-term, generational investment in America and we are proud to be investing in a stronger economy for Houston now and for years to come. Photo via Getty Images

Expert: Building Hispanic wealth means investing in Houston

Guest column

Every year at this time ― Hispanic Heritage Month ― we collectively celebrate the economic, cultural, and social contributions of the Hispanic-Latino community to our nation. We honor the work of past generations which have allowed children and future generations to benefit from more opportunities.

As diverse a community as is the world, we strive to build a future where there are no barriers for success, and at Bank of America, we do our part to make an impact by helping build Hispanic-Latino wealth in Houston.

The numbers are clear: The 2020 Census revealed that the Hispanic-Latino population in the United States rose to 62.1 million, making up 18.7 percent of the total U.S. population and accounting for slightly more than half (51.1 percent) of the population growth between 2010 and 2020. Hispanic-Latinos now open more small businesses than any other group in the country and are also the fastest-growing demographic of small business owners across the nation. It is not surprising that Hispanic-Latino economic power continues to rise year after year. According to Nielsen Scarborough, the number of Houston Hispanic businesses have increased 85 percent since 2013.

Investing in business

Investing in Hispanic-Latino wealth means supporting entrepreneurs so they are set up for success. Early-stage funding is critical for the growth of a new business, especially when Hispanic-Latino entrepreneurs are still faced with gaps in financial literacy and business education, funding, and networking opportunities.

According to data from Crunchbase, Latino-founded startups accounted for only 2.1 percent of venture investments in the U.S. last year. This is unjustifiable.

As part of our commitment to advancing racial equality and economic opportunity, we have dedicated $350 million in minority- and women-led companies through capital investment by mission-focused venture funds. Of the funds we have in our portfolio, one in every four are led by Hispanic-Latino managers, providing capital that will help entrepreneurs and small business owners grow their businesses, create jobs, and improve financial stability.

An important element to creating opportunities for Hispanic-Latinos to build wealth, whether as a business owner or an employee, is ensuring that young people recognize higher education as a pathway to achieve success. That means partnering with colleges and universities and investing in job creation, skills-building, and support services for students to do so. Locally, we do this with EMERGE Fellowship and with the University of Houston College of Medicine. When we invest in students, we are investing in future professionals and business leaders who will build Hispanic-Latino wealth and contribute to Houston’s economy and culture. This is something we can celebrate together for years to come.

Investing in sustainable homeownership

Sustainable homeownership provides a lasting investment for future generations and cycles capital into the community. The National Association of Hispanic Real Estate Professionals (NAHREP) recently released data showing an increase in Latino homeownership, from 47.5 percent in 2019 to 48.4 percent in 2021, the highest level since the mid-2000s. Through the Community Homeownership Commitment, which provides low down payment loans and closing cost grants, families can take their savings and turn them into lasting legacies. It is a pillar for families to build wealth.

Here in Houston, we also support organizations that assist with homeownership, like Tejano Center, Avenue CDC, and Houston Habitat for Humanity. Building Hispanic-Latino home equity increases the amount of capital families can use now or in the future helping build our Houston economy.

During the past decade, the rate of Hispanic-Latino economic development has far outpaced rates among non-Hispanics. Supporting and honoring our Hispanic-Latino clients is not just a month-long initiative, it is a long-term, generational investment in America and we are proud to be investing in a stronger economy for Houston now and for years to come.

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Rick Jaramillo is the market executive for Bank of America Houston.

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Greentown Labs names Lawson Gow as its new Houston leader

head of hou

Greentown Labs has named Lawson Gow as its Head of Houston.

Gow is the founder of The Cannon, a coworking space with seven locations in the Houston area, with additional partner spaces. He also recently served as managing partner at Houston-based investment and advisory firm Helium Capital. Gow is the son of David Gow, founder of Energy Capital's parent company, Gow Media.

According to Greentown, Gow will "enhance the founder experience, cultivate strategic partnerships, and accelerate climatetech solutions" in his new role.

“I couldn’t be more excited to join Greentown at this critical moment for the energy transition,” Gow said in a news release. “Greentown has a fantastic track record of supporting entrepreneurs in Houston, Boston, and beyond, and I am eager to keep advancing our mission in the energy transition capital of the world.”

Gow has also held analyst, strategy and advising roles since graduating from Rice University.

“We are thrilled to welcome Lawson to our leadership team,” Georgina Campbell Flatter, CEO of Greentown Labs, added in the release. “Lawson has spent his career building community and championing entrepreneurs, and we look forward to him deepening Greentown’s support of climate and energy startups as our Head of Houston.”

Gow is the latest addition to a series of new hires at Greentown Labs following a leadership shakeup.

Flatter was named as the organization's new CEO in February, replacing Kevin Dutt, Greentown’s interim CEO, who replaced Kevin Knobloch after he announced that he would step down in July 2024 after less than a year in the role.

Greentown also named Naheed Malik its new CFO in January.

Timmeko Moore Love was named the first Houston general manager and senior vice president of Greentown Labs. According to LinkedIn, she left the role in January.

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This article originally appeared on our sister site, EnergyCapitalHTX.com.

Rice team keeps CO2-to-fuel devices running 50 times longer in new study

Bubbling Up

In a new study published in the journal Science, a team of Rice University researchers shared findings on how acid bubbles can improve the stability of electrochemical devices that convert carbon dioxide into useful fuels and chemicals.

The team led by Rice associate professor Hoatian Wang addressed an issue in the performance and stability of CO2 reduction systems. The gas flow channels in the systems often clog due to salt buildup, reducing efficiency and causing the devices to fail prematurely after about 80 hours of operation.

“Salt precipitation blocks CO2 transport and floods the gas diffusion electrode, which leads to performance failure,” Wang said in a news release. “This typically happens within a few hundred hours, which is far from commercial viability.”

By using an acid-humidified CO2 technique, the team was able to extend the operational life of a CO2 reduction system more than 50-fold, demonstrating more than 4,500 hours of stable operation in a scaled-up reactor.

The Rice team made a simple swap with a significant impact. Instead of using water to humidify the CO2 gas input into the reactor, the team bubbled the gas through an acid solution such as hydrochloric, formic or acetic acid. This process made more soluble salt formations that did not crystallize or block the channels.

The process has major implications for an emerging green technology known as electrochemical CO2 reduction, or CO2RR, that transforms climate-warming CO2 into products like carbon monoxide, ethylene, or alcohols. The products can be further refined into fuels or feedstocks.

“Using the traditional method of water-humidified CO2 could lead to salt formation in the cathode gas flow channels,” Shaoyun Hao, postdoctoral research associate in chemical and biomolecular engineering at Rice and co-first author, explained in the news release. “We hypothesized — and confirmed — that acid vapor could dissolve the salt and convert the low solubility KHCO3 into salt with higher solubility, thus shifting the solubility balance just enough to avoid clogging without affecting catalyst performance.”

The Rice team believes the work can lead to more scalable CO2 electrolyzers, which is vital if the technology is to be deployed at industrial scales as part of carbon capture and utilization strategies. Since the approach itself is relatively simple, it could lead to a more cost-effective and efficient solution. It also worked well with multiple catalyst types, including zinc oxide, copper oxide and bismuth oxide, which are allo used to target different CO2RR products.

“Our method addresses a long-standing obstacle with a low-cost, easily implementable solution,” Ahmad Elgazzar, co-first author and graduate student in chemical and biomolecular engineering at Rice, added in the release. “It’s a step toward making carbon utilization technologies more commercially viable and more sustainable.”

A team led by Wang and in collaboration with researchers from the University of Houston also recently shared findings on salt precipitation buildup and CO2RR in a recent edition of the journal Nature Energy.

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This article originally appeared on our sister site, EnergyCapitalHTX.com.

Houston foundation grants $27M to support Texas chemistry research

fresh funding

Houston-based The Welch Foundation has doled out $27 million in its latest round of grants for chemical research, equipment and postdoctoral fellowships.

According to a June announcement, $25.5 million was allocated for the foundation's longstanding research grants, which provide $100,000 per year in funding for three years to full-time, regular tenure or tenure-track faculty members in Texas. The foundation made 85 grants to faculty at 16 Texas institutions for 2025, including:

  • Michael I. Jacobs, assistant professor in the chemistry and biochemistry department at Texas State University, who is investigating the structure and thermodynamics of intrinsically disordered proteins, which could "reveal clues about how life began," according to the foundation.
  • Kendra K. Frederick, assistant professor in the biophysics department at The University of Texas Southwestern Medical Center, who is studying a protein linked to Parkinson’s disease.
  • Jennifer S. Brodbelt, professor in chemistry at The University of Texas at Austin, who is testing a theory called full replica symmetry breaking (fullRSB) on glass-like materials, which has implications for complex systems in physics, chemistry and biology.

Additional funding will be allocated to the Welch Postdoctoral Fellows of the Life Sciences Research Foundation. The program provides three-year fellowships to recent PhD graduates to support clinical research careers in Texas. Two fellows from Rice University and Baylor University will receive $100,000 annually for three years.

The Welch Foundation also issued $975,000 through its equipment grant program to 13 institutions to help them develop "richer laboratory experience(s)." The universities matched funds of $352,346.

Since 1954, the Welch Foundation has contributed over $1.1 billion for Texas-nurtured advancements in chemistry through research grants, endowed chairs and other chemistry-related ventures. Last year, the foundation granted more than $40.5 million in academic research grants, equipment grants and fellowships.

“Through funding basic chemical research, we are actively investing in the future of humankind,” Adam Kuspa, president of The Welch Foundation, said the news release. “We are proud to support so many talented researchers across Texas and continue to be inspired by the important work they complete every day.”

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