Patrick Lewis co-founded BBL Ventures that helps connect energy companies to startups that have innovative technology solutions for their pain points. Courtesy of Patrick Lewis

The energy industry is at an inflection point. In order to compete, oil and gas companies are really focusing on innovation and engaging startups. That's where Patrick Lewis comes in.

Lewis, co-founder of BBL Ventures, has been a tech investor in the Houston innovation ecosystem for about 25 years, and he started seeing an opportunity to help large companies identify their pain points and connect them with startups that have the technology to design solutions. He created BBL Ventures — and an accelerator for its portfolio companies, BBL Labs out of Station Houston — to become a matchmaker of sorts for big corporations and the startups that can help them stay competitive.

"At our core, we're an investment firm, but our mission statement is to be the innovation partner for the energy and natural resources industry," Lewis says on the fourth episode of the Houston Innovators Podcast.

The key element to BBL's model is the reverse-style pitch. Rather than hosting a pitch competition with a wide range of energy tech startups, BBL teamed up with ExxonMobil earlier this year and identified two specific robotics problems and called for startups to pitch solutions.

After the success of the reverse pitch, BBL hosted an Emerging Technology Symposium at The Cannon last month. The event brought together individuals on both sides of the table — the corporates and the startups — further bridging the gap between the two.

Lewis discusses BBL's past success and future plans, as well as what keeps him up at night as a tech investor in Houston on this week's podcast. Check it out below and subscribe wherever you get your podcasts.


A new pitch competition with ExxonMobil and BBL Ventures has officially launched. Getty Images

ExxonMobil teams up with new Houston venture capital fund for a different type of pitch competition

Reverse pitch

Most solutions start with identifying a problem, then creating a solution. So, why should a startup work any other way? ExxonMobil and BBL Ventures have teamed up to flip the script on a pitch competition. The ExxonMobil Spring Energy Challenge is asking startups to solve two specific problems for the chance to win $60,000.

The reverse pitch event is focused on robotics technology and will take place the week of April 17. The deadline for startups to enter is March 29. Houston-based BBL Ventures is an early stage venture capital firm based in Station Houston that focuses on startups that are solving the problems of major oil companies. It launched last month and is currently in its first cohort of startups.

"BBL Ventures is excited to be working with a forward-thinking partner like ExxonMobil, engaging the external innovation ecosystem is a key step in advancing the energy industry's continued success," says Patrick Lewis, managing partner of BBL Ventures, in a release.

Not only is the $60,000 prize on the line, but if Exxon likes a pitch, they could select it for a pilot program.

The reverse pitch contest is asking for solutions to two problems ExxonMobil employees actually encounter. The first is regarding the opening process equipment, with the goal being to "create a method to stop exposure to flow or residual material," according to the website. The company needs a device that works remotely, thus reducing the risk of exposure and contact with the material for technicians.

The other problem ExxonMobil is looking to solve has to do with reducing arc flash that result in exposure to electrical charges. The company has "identified the promotion of personal safety as a priority action in addressing and reducing negative events on campuses globally," the website says.

All the specifics for these two issues are available online.

This type of reverse pitch process is exactly what BBL Labs and its venture arm seeks to do. Lewis works with a type of software that allows for energy company employees to flag their pain points on a daily basis. BBL uses this data to identify major problems and seek solutions. Another big part of the energy innovation sector is not having enough funds to cultivate good ideas and solutions.

"Energy tech is a grossly underfunded industry. Venture capitalists hate it — the hyper cyclical industry, extremely long sales cycles, slow adopters — but that creates opportunities," Lewis tells InnovationMap in a previous article.

From a new energy tech accelerator to an oil and gas podcasts, these three entrepreneurs have some names to remember. Courtesy photos

3 Houston energy tech innovators to know this week

Who's who

While Houston has historically been known as an oil and gas town, it's been slow on the uptake for being known for its energy tech — something these three entrepreneurs are looking to change. From a new energy startup accelerator to an oil and gas podcast, these three energy tech innovators are ones to know this week.

Jacob Corley and Collin McClelland, co-hosts of the Oil and Gas Startups Podcast

Courtesy of Oil and Gas Startups Podcast

Despite having experience in the oil and gas field and in entrepreneurship, Jacob Corley and Collin McClelland learn something new each episode of the Oil and Gas Startups Podcast. The show has seen surprising success to the duo and has been attracting around a thousand new listeners each week.

"You think thing not many people would listen to a podcast that's so focused on something they do for their job, but that's completely wrong," Corley says.

The primary goal for the pair is to share the stories of entrepreneurs who are revolutionizing an industry that tends to be known as a slow adaptor or conservative. Great startups exist here in Houston, and McClelland and Corley want to tell you about them.

"We kind of wanted to bridge the gap between Silicon Valley and oil and gas and show the world what was going on in the industry — and specifically in Houston," McLelland says. Click here to read more.

Patrick Lewis, managing partner of BBL Ventures

Patrick Lewis has worked for years trying to rethink how energy companies and private equity interact with startups. Startups have trouble proving themselves to big oil and gas companies and private equity things energy tech is more trouble than its worth.

"Energy tech is a grossly underfunded industry. Venture capitalists hate it — the hyper cyclical industry, extremely long sales cycles, slow adopters — but that creates opportunities," Lewis says.

But Lewis, managing partner of BBL Ventures, has created a software that tracks oil companies' pain points and then allows him to tap startups that are solving those issues. Now, with BBL Labs, Lewis and his team will help to accelerate these energy tech startups into the market. Click here to read more.

A new energy-focused startup accelerator hopes to better connect the dots between big companies and tech startups. Getty Images

Houston venture capital fund launches energy-focused startup accelerator program

hi, tech

While being renown as the energy capital of the world, Houston doesn't have an active oil and gas-focused accelerator program for the various startups rising in the energy industry. That is, until now.

Houston-based BBL Ventures, an early stage capital fund for energy startups, has announced BBL Labs, a new accelerator is based in Station Houston. BBLL is accepting applications for its inaugural cohort by February 22.

"BBLV looks forward to engaging in this partnership to drive entrepreneurial innovation focused on identified challenges and technology gaps in the global energy and natural resources industry," says Patrick Lewis, managing partner at BBLVentures, in a release.

BBLL will use BBLV's data on what the oil and gas industry needs from new tech startups as well as its connections to big energy companies to better connect the dots within the accelerator program.

Historically, tech startups focused on oil and gas solutions have a lot of trouble finding funding and validation in the industry — for a few reasons, Lewis says. On one hand, there's a disconnect between oil and gas companies and the startups that have solutions to industry problems, and on the other, the VC funds aren't there.

"Energy tech is a grossly underfunded industry. Venture capitalists hate it — the hyper cyclical industry, extremely long sales cycles, slow adopters — but that creates opportunities," Lewis says.

So what BBL's venture arm has done is flip the script on this way energy startups and big oil companies have traditionally functioned. Currently, it's up to the energy startups to tell large energy companies why their company or industry needs new technology to solve a problem. But what BBL has realized with it's venture arm is that it's much more efficient if the industry figures out its greatest technology needs and then looks for companies solving that problem. To do that, BBL's Innovation Navigator Software acts as a tool for energy employees to identify pain points.

"We've built software that's meant to be used pervasively across the organization — from the drilling engineer out in the field to the global office manager to the CTO," Lewis says.

These employees can log their daily pain points in the system, categorize them, and flag their priority. BBL takes that information, develop a reverse pitch, and market it to the startup ecosystem globally to identify companies that are addressing the problems of these energy employees.

BBL will use this proprietary pain point data to drive the new accelerator to produce a cohort of 10 startups creating technology that oil and gas companies have already indicated they need. Each cohort will go through six months of programing located in Station Houston. The two entities will collaborate on resources including lab space, investment, advisory services, mentorship, and more.

"Station Houston exists to support startups and with BBL Labs now inside our four walls, we can offer the Houston startup community access to even more resources and support," says Station CEO Gabriella Rowe. "At the same time, our 130 mentors are ready to roll up their sleeves and help these businesses get off the ground and start making an impact."

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Houston founder aims to help find your purpose, make strategic connections over a cup of coffee

cheers

What is your purpose in life? One Houstonian is asking that question of his fellow entrepreneurs all across town.

Joey Sanchez founded Cup of Joey, a weekly meetup opportunity for innovators, business leaders, and the whole Houston community meet. The events are a place not only to share a cup of coffee but also their very own mission in life.

What is your Y?

Cup of Joey events ask attendees about their purpose in life. Photo courtesy of Cup of Joey

It all started in 2021 at the Houston Tech Rodeo, an initiative from Houston Exponential, where Sanchez worked as a director of corporate engagement. Texas had just opened social distancing in public events since the beginning of the COVID-19 pandemic, and Sanchez was finding ways to reconnect the Houston community.

‘We thought what better way than over a cup of coffee?” Since then, Sanchez has connected thousands of people based on purpose every Friday for the past three and a half years.

The difference between a regular networking event and a Cup of Joe is the why.

“We ask everybody what is their why and what is their purpose in life. That is a powerful, deep question that many have not contemplated in their life, but when they are asked, they usually come up with a pretty profound answer," he says.

After great success at Houston Exponential, he brought the Cup of Joey to The Ion, taking on the role of senior director of ecosystems. When he left in January 2024, he started to think of ways to transform this success into a business model that would allow him to expand Cup of Joey across multiple locations in Houston.

Today, Cup of Joey has meetups in Sugar Land Town Square, The Cannon West, The Woodlands, the Houston Space Center, and, beginning this month, Memorial City.

He also recognizes the importance of his volunteers and ambassadors for helping him open these doors. “They are the real super connectors,” Sanchez says.

The community builder

Joey Sanchez won Ecosystem Builder at the Houston Innovation Awards last year. Photo by Emily Jaschke/InnovationMap

Born and raised in Sugar Land, Sanchez has always been a community builder; from his time at Elkins High School to Jacksonville University in Florida, where he was student body president and created the university's hand symbol while completing his studies in Business Administration.

After attending Jacksonville University, Sanchez began his career in Houston's energy industry at National Oil Well Varco. Later, he landed at the Greater Houston Partnership as a business director, where he learned about the local business ecosystem and how all the players come together “to help the city become a better place for all,” he explains.

Additionally, in 2015, Sanchez and his wife Kelly's curiosity during a bike ride led to the creation of the Blue Tile Project, which celebrates Houston's unique blue tile street signs and showcases the beauty of the city's civic image.

“We are a very diverse, spread-out city, and through my career, I've learned that density helps create innovation. When you have density, you have connections, which are amongst like-minded or opposite people to create companies that matter,” he adds.

Opportunity model and future expansion

Cup of Joey has expanded across Houston. Photo courtesy of Cup of Joey

Cup of Joey’s business model relies on co-hosting opportunities, where organizations sponsor events, focusing on people and purpose.

"Imagine if everybody who had a coffee from a local coffee shop to your corporate office actually thought about what they're doing in their life, instead of just drinking mindlessly 10 cups of coffee a day,” he says.

This is Sanchez's dream: building a connection brand that will “create purposeful relationships and change the future for good.”

While focused on Houston, he has had conversations with other Texas cities, such as Round Rock, Texas, San Antonio, and Dallas.

In West Houston, he recently partnered with MetroNational to host three Cup of Joey’s at Memorial City during October. The first one was successfully launched this week.

“At Metro National, we really believe in investing in what moves our city forward: people and their ideas. With a legacy of 70-plus years, at MetroNational we believe innovation drives forward, but it's also human-centric,” explains Joanne James, vice president of communications at MetroNational.

Cup of Joey at Memorial City will continue on October 15 and 29 from 8:30 to 10:30 am at 820 Gessner. For more information about future events and locations, check out the website.

Tilman Fertitta tops new Forbes list of Houston's richest billionaires

A dozen of Houston's illustrious billionaires have made the cut on the newForbes 400, a list of the 400 richest people in the United States for 2024.

Houston hospitality king and Rockets owner Tilman Fertitta is the 12th richest Texan and the 99th richest person in the United States, according to Forbes' list, released October 1.

Forbes estimates Fertitta's net worth in 2024 as $10.1 billion, which has steadily climbed from his 2023 net worth of $8.1 billion. Fertitta, 67, purchased the Houston Rockets in October 2017 for $2.2 billion. The billionaire also owns Texas-based hospitality and entertainment corporation Landry's. In 2019, Fertitta embarked on a new venture as an author.

"Fertitta released his first book titled Shut Up And Listen! in September [2019], detailing his experiences in the dining and entertainment industries," Forbes wrote in Fertitta's profile.

The Forbes 400list is a definitive ranking of the wealthiest Americans, using interviews, financial data, and documentation provided by billionaires and their companies.

According to the report, America's elite class is now worth $5.4 trillion collectively, which is a $1 trillion jump since 2023.

“The Forbes 400 is richer than ever, and it’s harder than ever to be one of the 400 richest people in America," said Forbes senior editor Chase Peterson-Withorn in a press release.

In all, 43 Texas billionaires made the list.

Unsurprisingly, Austin resident Elon Musk ranks No. 1 nationally for the third time, with a net worth of $244 billion. Despite ranking at the top of the list this year, Musk's net worth has actually dropped by $7 billion since 2023.

New to the 2024 list are Houston-based Westlake Corporation co-owners Albert Chao, James Chao, and their respective families. According to their Forbes profiles, the Chaos own nearly 25 percent of Westlake Corporation, which produces low-density polyethylene that is used for food packaging and other products.

"His father, T.T. Chao, moved the family from Taiwan to the U.S. and founded Westlake in 1986," Albert Chao's profile says. "Albert and brother James Chao are credited with helping launch the company. Albert was CEO from 2004 to July 2024, when he became executive chairman. James was chairman from 2004 to July 2024, when he became senior chairman."

Here's how the rest of Houston's billionaires fared on this year's list:

  • Oil and gas chairman Richard Kinderranks No. 112 nationally with an estimated worth of $9.3 billion.
  • Houston pipeline heir Randa Duncan Williams ties for No. 126 with an estimated net worth of $8.6 billion. Fellow pipeline heirs Dannine Avara and Milane Frantztie for 130th nationally. Each has an estimated net worth of $8.5 billion. Scott Duncan ranks No. 137 with an $8.3 billion estimated net worth.
  • Toyota mega-dealer Dan Friedkin and Houston oil tycoon Jeffery Hildebrand tie for 156th nationally with an estimated net worth of $7.6 billion.
  • Houston Texans owner Janice McNair ties for No. 210 nationally with an estimated net worth of $6.2 billion.
  • Energy exploration chief exec George Bishop of The Woodlands ranks No. 266 with an estimated net worth of $5 billion.

Missing from the 2024 list is local hedge fund honcho John Arnold, who ranked No. 345 nationally in 2023 but now ranks No. 991 in 2024 with an estimated net worth of $3.3 billion. As of October 1, Forbes estimates Arnold's net worth at $2.9 billion.

Find all the Texans on the new Forbes 400 list here.

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This article originally ran on CultureMap.

Houston-based autonomous trucking tech co. raises $20M

fresh funding

A Houston-based autonomous vehicle technology company has raised early funding.

Bot Auto has announced the completion of its pre-series A funding round which was oversubscribed and raised $20 million. The round was led by investments from Brightway Future Capital, Cherubic Ventures, EnvisionX Capital, First Star Ventures, Linear Capital, M31 Capital, Taihill Venture, Uphonest Capital, and Welight Capital.

“As true believers in autonomous trucking, we're thankful for our investors' shared vision,” Xiaodi Hou, founder and CEO of Bot Auto, says in a news release. “Our strong commitment, combined with recent AI advancements and a sharpened focus on operational efficiency, has created a clear path to commercialization.”

The funds raised will be focused on developing the technology and will opt to avoid unnecessary hiring ahead of operational maturity, scaling the operational footprint prior to product readiness, over expansion and partnership debt. The company aims for a more sustainable and efficient future, and is hoping its engineers and AV executives help Bot Auto become an autonomous trucking game changer.

The Investment is expected to help expand Bot Auto's tech development in autonomous trucking that will focus on safety and operation efficiency.

“Our prospects for success have never been more promising,” Hou adds. “ We march forward, committed to bringing this transformative technology to humanity for a brighter future.”

Bot Auto’s vision aligns with the pioneering spirit of Houston’s legacy in space exploration, striving to achieve remarkable feats in technology and transportation. The company is dedicated to leveraging this investment to make significant strides in the US autonomous trucking industry, ultimately contributing to a more sustainable and efficient future.