Black Girl Ventures has launched in Houston. Photo courtesy of Black Girl Ventures

Everyone knows the statistics. Female-founded startups receive around 2 percent of the venture capital funding, according to some reports, and when you break that down into women of color receiving funding, it's even less.

A Washington D.C.-based organization is looking to give these women seats at the table with the launch of Black Girl Ventures in Houston. BGV is based in The Cannon locally, and is looking to partner with other Houston organizations to grow its presence.

"Black Girl Ventures is here — not just in Houston but across the country and the globe — to be able to help create social and financial capital for black and brown women," says Sharita M. Humphrey, a Houston financial adviser and team lead for BGV in town.

The organization launched its local chapters — including Houston, Miami, Durham, Philadelphia, and Birmingham —right around the same time this spring to create a huge splash across the country. The organization, which is made up of 31 employees and leaders across the country, focuses on events and programing for female founders of color to prepare them for financial growth — including the networks and know how needed for that process.

"Being an African-American women founder I did see that there was a need for more social and financial capital," Humphrey says. "We have access — especially living here in Texas — to financial capital, but we don't understand how important that social capital is to be able to obtain that financial capital."

The cornerstone event for Houston's BGV is set to be in August. It's a pitch event with a live crowdfunding campaign. The event, which uses SheRaise online to fundraise, has been done for a few years coinciding with SXSW — this year's was done digitally. Now, with the launch of the five markets, each of the new chapters will get to fo their on versions locally.

The event requires the eight companies that will pitch to: be revenue earning, have a black or brown female founder, and be based in the Houston area. The first, second, and third place startups will win prizes, and each of the startups will be able to raise money online through SheRaise. Companies can apply online for the event.

Humphrey says she has big plans for her BGV chapter, including raising $1 million for her Houston members — something she is determined to make happen with the right amount of social capital help and financial coaching.

"When they get to the table with venture capitalists, they'll be ready," she says.

Texas was ranked among the top states for black entrepreneurs. Getty Images

Texas named second-best state for black entrepreneurs

Black history month

In honor of Black History Month, a study was conducted to see which states have the best environment for black entrepreneurs — and Texas rose to the top.

The Lone Star State was ranked No. 2 in the inaugural FitSmallBusiness study, only behind Georgia. Florida, California, and North Carolina rounded out the top five, in that order. The ranking factored in metrics such as start-up growth, cost-of-living, black business success, and social equality.

"Entrepreneurship is the backbone of the American economy and minority-owned businesses are no exception to that fact," says FitSmallBusiness's special projects editor, Michael De Medeiros, in the news release. "With this being the inaugural study, our goal was to focus on the data that paints an overall picture of what the African American entrepreneur faces in the business world."

Breaking down the metrics for the state, Texas ranked No. 4 for three metrics —black business success, startup climate and financial health. However, when it came to social and financial equality — which factored in education, health, mortality rate, etc. — the state ranked No. 17.

The study used reputable reports from the United States Census Bureau, WalletHub, U.S. News & World Report, and more. From these reports, the study found that black-owned firms have grown 34 percent from 2007 to 2012, to now over 2.6 million companies. The top 100 black-owned companies generated $30 billion in 2018, but only 1 percent of venture-backed startup founders were black.

In addition to these metrics, the study also polled over 1,300 U.S. citizens regarding their own experience with black entrepreneurship. When asked about opportunities for black entrepreneurs compared to recent history, over 21 percent of respondents said it was about the same; however, more than half responded that there were somewhat or much more opportunities than before.

"While we weren't surprised by certain findings, some of the state rankings told an interesting story of the unique journeys that African American entrepreneurs have to traverse," De Medeiros continues in the release. "Ultimately, we hope that our continuing work to identify the best states for minority entrepreneurship will lead to new businesses outside of just the most prosperous areas of the U.S."

Austin-based Capital Factory — a startup development and investment organization — in partnership with DivInc, has launched its second annual startup pitch competition for black founders. The application is live now, and the deadline is March 20. Five startups will be invited to pitch on April 14th at Capital Factory's Black in Tech Summit, and one will walk away with a $100,000 investment.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

TMCx names 9 health tech startups to its 2020 cohort

X-CITING NEWS

Now, more than ever, is time to think about the future of health care. Lucky for the Texas Medical Center, they've been doing that for years with their accelerator program, TMCx, which has just announced its latest cohort of health tech startups.

After redesigning the program, TMCx has been reimagined to better connect the startups and technology to TMC's member institutions. New this year was a bootcamp, in which 19 companies were invited to the TMC Innovation Institute in February to engage in programming with the TMCx team and TMC members.

"Bootcamp went off without a hitch," says Lance Black, associate director of TMCx, on a recent episode of the Houston Innovators Podcast. "And the companies all got something meaningful out of it and we were actually very surprised with the reaction and response we got from our member institutions."

The goal of the bootcamp was to connect the 19 potential cohort members to the TMC community to see which companies the health care institutions gravitated toward for potential relationships, such as a pilot program, clinical trial, or a joint development opportunity, for instance, Black says on the episode.

Black says his team took into consideration all of the feedback and selected nine startups to be a part of the cohort. At this point, with the COVID-19-caused travel issues and closures, face-to-face interaction in the program has been postponed, but the accelerator will start of virtually.

"Out of respect for our hospitals and member institutions, we want to delay the physical presence of the companies in Houston," Black says in the episode. "But that doesn't mean we're not able to call or virtually meet with the companies. There's a lot of pre-work we can do in order to prep the companies appropriately so that when they do have meetings face to face, they can put their best foot forward."

Here are the nine startups selected to be a part of the TMCx 2020 cohort:

  • San Francisco-based Atlas Health — connecting patients with payment resources
  • San Francisco-based DeepScribe — autonomous medical scribe
  • Los Angeles-based Elly Health — live healthier through positivity
  • San Francisco-based Ferrum Health — reduce preventable medical errors
  • Toronto-based HelpWear — clinical grade wearable heart monitor
  • London-based Lantum — total workforce solution for healthcare
  • Denver-based Manatee — connected, everyday therapy for kids
  • Copenhagen-based Radiobotics — automate analysis of routine medical X-rays
  • Evanston, Illinois-based Rhaeos — wearable shunt monitor (Rhaeos previously won fourth place in the 2019 Rice Business Plan Competition.)

Another major Houston conference cancels due to COVID-19

OTC offline

First, CERAWeek announced it would not take place in early March — and SWSW followed suit, as did Rodeo Houston. The spiral of canceled events and conferences continues as the annual Offshore Technology Conference has been canceled.

Every year in Houston, thousands of visitors from some 100 countries around the world descend on NRG Park for the massive expo, which has been a mainstay since 1969, attracted more than 60,000 attendees two years ago, along with more than 2,300 exhibitors — all who come to celebrate the oil and gas industry and its impact on the local economy.

The annual oil and gas event is a significant boon to the local economy, as industry regulars, investors, and entrepreneurs pack our hotels, restaurants, and entertainment venues. The OTC has spawned OTC Brazil, OTC Asia, and even the Arctic Technology Conference. The event has been dubbed the "South by Southwest for offshore" by local insiders.

But amid the COVID-19 pandemic, officials at OTC announced that the 2020 conference — initially postponed until August or September — is canceled. Organizers, already looking ahead, have announced that plans will commence for OTC 2021 in Houston from May 3-6, 2021.

"Amid continued health and travel concerns during this uncertain time, the OTC Board of Directors felt this decision was the most feasible and responsible for staff, exhibitors, partners, attendees, and the Houston community," organizers said, in a release.

"As we navigate these difficult and uncertain times, it is with a heavy heart that the OTC Board of Directors has determined that it is in our best interest to cancel OTC 2020. Our priority is the health and safety of our attendees and exhibitors, and we have taken federal, state, and local guidelines into account in making our decision," said Cindy Yeilding, OTC chairperson, in a statement.

For those involved in the conference, a call for papers will be open on May 28. Event updates will be posted on the official website.

------

This article originally ran on CultureMap.

3 Houston innovators to know this week

Who's who

This week's Houston innovators to know include a blockchain expert with insight on how COVID-19 is affecting supply chain, a Houston tech leader with a logistics software solution, and a streamable story on cancer treatment innovation.

Kim Raath, CEO and co-founder of Topl

Photo courtesy of Topl

Amid the negativity the COVID-19 news, one Houston startup had an exciting announcement. It reworked its C-suite and Kim Raath, who just finished Ph.D in statistics and a Master's in economics at Rice University, has transitioned into the CEO role. Raath and her co-founders, James Aman and Chris Georgen, recently convened to re-envision the company's next phase.

"It was definitely a cool experience for us as founders to go through together, but I'm glad that all three of us came out of this excited about what we're doing moving forward," says Raath. Read more.

Gaurav Khandelwal, CEO and founder of ChaiOne

Photo courtesy of ChaiOne

Houston tech company ChaiOne recently announced the soft launch of Velostics, the "slack" for logistics that solve wait times and cash flow challenges in the supply chain and logistics industry. The digital logistics platform is set to aid the struggling supply chain as surging demands stretch suppliers, offering their platform free for 60 days.

"At ChaiOne we have a history of helping Houstonians whenever disaster strikes," says CEO and founder, Gaurav Khandelwal. "We created a disaster connect app during Hurricane Harvey for free that connected people with the resources they need. Velostics by pure happenstance happened to be ready for situations like [the coronavirus] when there's a lot of parties that need to collaborate." Read more.

James Allison, chair of Immunology and executive director of the Immunotherapy Platform at MD Anderson Cancer Center

Jim Allison MD Anderson

Photo courtesy of MD Anderson Cancer Center

In a time when our health care heroes are serving on the front lines of the coronavirus, it's a great reminder of the work they all do round — from the research labs and academic institutions to the patient rooms. Jim Allison, a researcher in immunotherapy for MD Anderson Cancer Center recently took home the Nobel Prize for his work. He went on to be the subject of a documentary that premiered at SXSW last year, and that film will be coming to a TV near you.

Jim Allison: Breakthrough premieres on Independent Lens at 9 pm Monday, April 27, on PBS, PBS.org, and the PBS Video App. Read more.