3 Houston innovators to know with exciting new announcements

Who's who

New funds, new classes, and new opportunities for mentorship — these are this week's Houston innovators to know. Courtesy photos

While last week's innovators to know were all starting new jobs, these three for this week are starting new endeavors — from multi-million-dollar funds to education programs. Here are this week's three innovators to know.

Barbara Burger, president of Chevron Technology Ventures

Courtesy of CTV

Houston-based Chevron Technology Ventures announced a new $90 million fund to focus scalable tech companies that could improve and advance Chevron's oil and gas business.

Leading Fund VII is CTV president, Barbara Burger. According to the release, the fund will target early- to mid-stage companies and limited partnership funds.

"CTV serves as an excellent source within Chevron for new business models and novel technologies that can deliver value to the enterprise through their integration," Burger says in the release. "We are using venture capital as a conduit for early access to innovation and to build a pipeline of innovation for Chevron." Read the full story here.

Anthony Ambler, dean of the College of Technology at the University of Houston

Courtesy of UH

Undergraduate students at the University of Houston now have the option to major or minor in Technology Leadership and Innovation Management or minor in Applied Innovation, thanks, in part, to the College of Technology dean Anthony P. Ambler. All three options begin in the fall semester of this year, and the college is also interested in adding a master's and a PhD. program in Innovation Management or a post-graduate certificate program.

"We are about giving people the right tools to innovate," says Ambler in a release. "How do you get more people to the position where they are able to innovate?" Read the full story here.

Myrtle Jones, senior vice president at Halliburton

Courtesy of Myrtle Jones

Despite climbing through the ranks within the energy industry, Myrtle Jones says mentorship wasn't a big priority when she was in the early part of her career.

"I started working in the energy business in the early '80s, and women were new to the industry," Jones says. "We were somewhat getting ourselves established in the business world – there was no such thing as someone saying, 'We're going to get you linked up with mentors,' so you had to find role models."

Now, Jones has teamed up with Austin-based tech company, Bumble Bizz, that helps connect industry professionals and foster networking and mentoring opportunities. As of 2019, users have the option to see only women on the app, too, in order to foster their professional network of women. Read the full story here.

When Myrtle Jones was rising through the ranks of an energy company, she didn't have a female mentor to look up to. Now, she hopes help connect young women with mentors digitally. Courtesy of Myrtle Jones

This Houston energy executive is helping to create more women mentors in business

Featured Innovator

If you're a young woman in business, you're probably familiar with the struggle of finding a woman in business to be mentor. Here's some good news for those women: There's an app that's looking to change that, and there's a good chance you've already downloaded it on your phone.

In 2017, Austin-based Bumble, the dating and social mobile application, launched Bumble Bizz, an application that seeks to connect industry professionals and foster networking and mentoring opportunities. As of 2019, users have the option to see only women on the app, too, in order to foster their professional network of women.

Myrtle Jones, senior vice president at Houston-based Halliburton, knows a thing or two about the importance of mentorship, in large part because she went without it for much of her career. Jones, who's participating in Bumble Bizz's launch efforts, has become known as one of Houston's most influential and inspiring women in business. She spoke with InnovationMap about the importance of mentorship, how she wound up in the energy industry, and how interested professionals can become mentors to the next generation of professionals.

InnovationMap: What role did mentorship play in your career?

Myrtle Jones: I think people fail to realize that I came up in the industry before mentorship was really a thing. I started working in the energy business in the early '80s, and women were new to the industry. We were somewhat getting ourselves established in the business world – there was no such thing as someone saying, "We're going to get you linked up with mentors," so you had to find role models. I always had role models, and I always looked at the fact that women should have an equal opportunity in the workforce, and that we belonged in the workforce.

I was going to make my way in corporate America, and my motivation was believing that we had just as much right to be out here as men did.

IM: Did you have a mentor in your earlier days in the professional world?

MJ: A very wonderful sponsor came in as a treasurer when I was at GlobalSantaFe [now Transocean], and he was eventually promoted to CFO. He was someone who picked me out of the crowd and noticed I brought a lot of value. He brought me to executive meetings and board meeting and gave me an opportunity to show what I could do.

IM: How'd you get involved in the energy industry?

MJ: It wasn't that I was looking to go into energy. At the time I got out of school, the hottest job market was Houston, Texas, and it was the energy business. I went to Mississippi State, and the oil and gas companies were expanding their search outside of Texas and attracting people to move to Texas. So, that's how I ended up in the business. Other than the energy business, the economy was a bit slow around the rest of the country.

IM: What are some of the professional obstacles and adversities that you've faced as a female, especially in a stereotypically male-dominated industry?

MJ: First off, it was men getting used to seeing women in this industry, and just having to build those relationships and build mutual trust. A lot of it was just building trust, and overcoming a lot of prior stereotypes and beliefs that people had about the role [of women] in the workplace.

IM: Tell me about the role of technology and innovation at Halliburton.

MJ: There's so much technology development at Halliburton. A lot of people don't realize that Halliburton is a technology company. We have a fully fledged research and development center and we file hundreds of patents each year. The technology that Halliburton has developed has led to significant improvements in terms of oilfield services.

IM: What's your advice for folks reading this who are interested in mentoring, but aren't sure how to get started?

MJ: Make yourself open to it. When I'm in networking situations, and I'm meeting someone who's committed to their career, and they're looking for ways to talk to me, I open myself to that opportunity. I have a number of people who I mentor at Halliburton. For people who want to be mentors, it's really not that hard. [Mentees] are looking for that sounding board, and for someone who's "been there, done that."

So, even without having a formal organization to go through, people can become a mentor through their own network, or seek out organizations that have formal mentoring programs.

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Portions of this interview have been edited.

Alice founders, Elizabeth Gore (left) and Carolyn Rodz, will talk more about the partnership at Bumble's SXSW event, which the duo attended last year. Getty Images

Bumble Fund makes investment and partnership deals with AI-driven startup platform with Houston ties

Money moves

Rather than just imagining a world where investments made are representative of the diverse population, these two tech companies with Texas roots are teaming up to do something about it.

Austin-based Bumble, a social network with over 50 million users, has reached a deal with Alice, an artificial intelligence-powered platform for entrepreneurs founded by Houstonian Carolyn Rodz and Californian Elizabeth Gore, to use the platform for Bumble's next round of funding.

Additionally — but actually separate from the partnership — Bumble Fund, an early stage corporate investing vehicle focused on businesses founded and led by underrepresented women founders, has invested in Alice in its most recent round of funding.

"We are looking to invest in entrepreneurs whose company purpose solves a problem that disproportionately affects women," says Sarah Jones Simmer, COO at Bumble, in a release. "While we can't fund every promising business and entrepreneur, we strongly believe these companies and founders deserve access to grow, evolve, and thrive. Through community, access to experts, how-to guides, and more, Bumble and Alice are committed to helping women founders find the support and resources they need on their path to success."

The next cohort of fund recipients of the Bumble Fund will be applying through Alice's website, which provides education, support, mentorship and guidance to burgeoning startup founders. Even if applicants don't get funding from Bumble, they leave with a network of resources.

The partnership with Alice will allow Bumble to better connect the dots of its fund recipients using data and AI, and even help to eliminate any bias when it comes to selecting the recipients. The fund is open to all United States entrepreneurs who identify as women. It launched in summer of last year and cuts checks ranging from $5,000 to $250,000, with an average of $25,000.

"For the last several years, only 2 percent of venture capital went to women founders. At Alice and Bumble, we see that as a 98 percent opportunity," says Rodz in the release. "The Bumble Fund, powered by Alice, is that opportunity in action; together, we're going to rewrite the rules of venture capital to be more accessible, more transparent and more supportive for women founders."

Here are all four of Bumble Fund's second round of recipients, according to the release.

  • Alice - founded by Carolyn Rodz and Elizabeth Gore: an AI-powered technology helping entrepreneurs find the right path to start and grow their companies.
  • Gixo - founded by Selina Tobaccowala: a fitness company founded to improve global health and activity rates by democratizing access to live workouts with professional trainers.
  • Translator - founded by Natalie Egan: the world's most advanced diversity & inclusion training system for corporations, schools and nonprofits.
  • Promise - founded by Phaedra Ellis-Lamkins: a technology company that creates cost-effective, equitable, and humane alternatives to incarceration with a mission to get people out of jail and provide ongoing support to help them stay out.

Bumble's first round of investments were in Beautycon, Cleo Capital, Female Founders Fund, Mahmee, and Sofia Los Angeles, a winner of the inaugural Bumble Bizz Pitch Competition.

BumbleSpot launched in Houston at all three Nourish Juice Bar locations. Courtesy of Nourish

Texas-based Bumble launches Houston meet-up hubs for safe and productive interactions

Digital turned reality

Turning digital connections into real-life associations can be a little nerve wracking, no matter the context. Austin-based Bumble, a dating app that's expanded to become a networking resource, is trying to make that first face-to-face meeting a little safer and smoother.

"The idea for BumbleSpot is to create a network of physical locations across the US and Canada that support our mission to end misogyny and empower women in their relationships across all aspects of life," Andee Olson, director of partnerships at Bumble, says in a press release.

Over 80 BumbleSpots have been named — with more promised to announce over the next year. While Houston wasn't among the roll-out cities, it officially has three BumbleSpots to choose from, as all three Nourish Juice Bar locations have signed on as partners.

Jessica Huffman opened the first Nourish Juice Bar in the summer of 2015 in Montrose, and her Rice Village and Heights locations followed suit. She says when Bumble reached out to her, she jumped onboard since she has mutual friends with Bumble's founder and CEO, Whitney Wolfe Herd.

To be a BumbleSpot, the establishment must agree to uphold the mission and values of Bumble, which prioritizes safety, kindness, respect, equality, accountability, and growth, according to a Bumble spokesperson.

Huffman says Nourish is perfect for Bumble with its focus on healthy foods and a friendly environment.

"When you're in Nourish, you're probably going to see me or my brother or one of our employees who's worked there for a while," Huffman says. "We talk to everyone all the time and always try to make people feel comfortable."

A spokesperson says more Houston partners are coming, as local business have expressed interest following the launch of BumbleSpot.

Bumble premiered in 2014 as a female-first dating app, and moved its headquarters to Austin in 2017. In March of 2016, it launched BumbleBFF focused on creating friendships. Then, just a few months later, it launched BumbleBizz focusing on making business connections.

In August, the company launched Bumble Fund — an early-stage investment fund focused on female-led companies. The fund's first five benefactors were named as BeautyCon, Cleo Capital, Female Founders Fund, Mahmee, and Sofia Los Angeles.

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SpaceX IPO set to be biggest ever and could make Elon Musk a trillionaire

IPO News

SpaceX says it plans to raise up to $75 billion when it goes public this month, setting the stage for the largest-ever stock market debut and putting Elon Musk on course to becoming the world's first trillionaire.

The company, formally known as Space Exploration Technologies Corp., said Wednesday it will sell 555.6 million shares at $135 a piece in an initial public offering. The estimated proceeds would easily top the $26 billion raised by oil giant Saudi Aramco in 2019. The offering would also give SpaceX a market value of $1.77 trillion. Only six companies in the S&P 500 are currently worth more, with Nvidia tops at $5.2 trillion.

Besides the size of the offering and the expected proceeds, SpaceX's amended prospectus updates details about how much control of the company Musk will have. As SpaceX's CEO, chief technical officer and chairman, Musk's voting power will come primarily through his ownership of 5.22 billion Class B shares, which give the holder 10 votes for every share held. According to the filing, Musk would have 82.4% of the voting power in the company.

Forbes currently values Musk's net worth at $826 billion and his stake in SpaceX at $542 billion. The estimated value of his SpaceX holdings was based on an overall value for the company of $1.25 trillion. Based on those numbers, a $1.77 trillion valuation for SpaceX would boost Musk's net worth by $223 billion, making him a trillionaire. However, much of Musk's worth is in stock that he has yet to cash in.

Even as it makes a bid for a blockbuster market debut, SpaceX is currently losing billions of dollars a year. The filing shows that the company lost $2.6 billion from operations last year on $18.7 billion in revenue, and the losses kept piling up at the start of this year, too.

Fantastical plans

Time will tell how SpaceX fares on the market. Musk's plans for the company are as fantastical as the money he hopes raise in the sale.

Colorful, even frightening in parts, the IPO document strikes a contrast with the typically dry, technical prose in IPO documents, detailing plans to use proceeds from the sale to help put men on the moon again and perhaps even Mars. In one section, it talks of a need to build "a permanent human colony" on the red planet with "at least one million inhabitants" as existential threats loom that could consign man to "the same fate as the dinosaurs."

Musk has almost equally ambitious plans for his other publicly traded company, Tesla. His goal is to transform the maker of electric vehicles into a producer of robotaxis and humanoid robots. Dan Ives of Wedbush Securities wrote in a research note that he expects Tesla and SpaceX to merge next year.

AI plays a key role

Key to the success of both companies — and any merged entity — is artificial intelligence. In its IPO filing, SpaceX says it sees potential revenue from AI of up to $26.5 trillion. But that depends on another lofty Musk ambition — putting data centers in space, which is not technologically possible at the moment.

Transforming his space company into a primarily AI-focused company will be a challenge for Musk, who started xAI in 2023 with 11 other co-founders who have all since left. Some were recruited away by rivals.

Its main AI product, the chatbot Grok, is "less impressive than anything that we see from any other major player in the space, whether that's OpenAI, or Anthropic, or (Google's) Gemini," said IDC analyst Arnal Dayaratna.

Dayaratna said that doesn't mean SpaceX doesn't have potential as a major AI player, thanks in part to its computing partnership with Anthropic and Musk's recent deal that gave SpaceX the rights to buy AI coding tool Cursor for $60 billion later this year. Folding in Cursor's capabilities would give SpaceX access to the coveted business customers now using Anthropic's Claude or OpenAI's ChatGPT.

SpaceX plans to use the net proceeds from the IPO to fund the expansion of infrastructure for its AI and rocket businesses, and to beef up the constellation of satellites that power Starlink Mobile, among other investments.

The company plans to list on the Nasdaq under the symbol "SPCX" and could begin trading as soon as the end of next week.

And SpaceX isn't the only colossal market debut investors are now bracing for. Earlier this week, Anthropic submitted a confidential filing with the U.S. Securities and Exchange Commission to officially start its own IPO clock.

OpenAI has not yet reported filing the initial SEC paperwork, but an IPO from the ChatGPT maker is widely expected.

"This listing represents the first major test for public markets after years of muted IPO activity with SpaceX paving the way for AI giants Anthropic and OpenAI to follow soon after," Ives wrote.

___

Associated Press Technology Writer Matt O'Brien contributed.

New UH survey reveals concerns over AI data center growth in Houston

data findings

A new report out of the University of Houston shows that area residents remain wary of the long-term effects of operating data centers.

The recent survey from the University of Houston’s latest SPACE City Panel, conducted by the Center for Public Policy at the Hobby School of Public Affairs, shows that while 85 percent of Houston-area residents use AI, nearly 63 percent oppose the construction of AI data centers within 1 mile of their homes.

Respondents’ concerns centered around data centers’ high energy demand and the area’s power grid reliability. According to the survey, 32 percent of residents who oppose local data center projects would be more likely to support the centers if they relied on renewable energy over fossil fuels.

“Respondents understand that AI can bring economic and educational benefits, but they are also concerned about the physical infrastructure needed to fuel AI, especially data centers,” Soran Mohtadi, post-doctoral fellow at the Hobby School and a researcher on the report, said in a news release. “This physical infrastructure demands more electricity and water, leading to environmental impacts.”

Experts estimate that 6.5 gigawatts of data center capacity will be added to the Texas grid by 2030. And Houston’s data center capacity is predicted to more than double by 2028.

The Electric Reliability Council of Texas also projects electricity demand could reach 218 gigawatts by 2031, which would be more than double the record peak set in August 2023. Data centers are expected to account for 86 gigawatts of that new demand.

Survey respondents also said they are concerned about the state's future water supply, given the large amounts of water that data centers need to stay cool.

In terms of who’s responsible for that issue, 57.6 percent of respondents said they put the onus on Texas lawmakers, while 31.5 percent say tech companies should be responsible.

Additionally, more than 75 percent of respondents believed that data center developers and technology companies—not residents—should bear the cost of infrastructure upgrades to support data centers.

“Every decision legislators make has implications on residents’ everyday lives and local infrastructure now and in the future,” Maria P. Perez Arguelles, lead researcher on the report and research assistant professor at the Hobby School, added in the news release. “This issue is going to become more important in years to come, so this is just the beginning.”

Read the full report here.

Houston-born Cemvita makes breakthrough in sustainable fuel production

clean fuels

Houston-based biotech company Cemvita announced that it recently reached a critical milestone in the development of its FermOil product, which can be used to create Sustainable Aviation Fuel (SAF) and other renewable fuels at industrial scale.

The company shared in a news release that it completed a 75,000-liter industrial fermentation run at Belgium's Bio Base Europe Pilot Plant.

The campaign achieved target technical metrics for the production of FermOil, Cemvita’s renewable natural oil (RNO). FermOil is produced from industrial crude glycerin, an industrial byproduct, as opposed to traditional sugar-based feedstocks used in many bio-oil fermentation processes. It's designed to be a drop-in feedstock for creating SAFs.

Cemvita had previously advanced its FermOil production process through multiple scale-up stages before successfully reaching the 75,000-liter demonstration campaign, according to the company.

“This is not just a fermentation milestone,” Moji Karimi, CEO at Cemvita, said in the release. “It is a blueprint for how existing industrial infrastructure can evolve into circular bioeconomy infrastructure. Every biodiesel plant generating crude glycerin is a potential platform for renewable natural oil production.”

The milestone also supports the deployment of Cemvita’s industrial biomanufacturing platform, FermWorks, which integrates with existing energy and industrial infrastructure to turn waste carbon streams into SAFs and other materials. According to the release, Cemvita plans to move forward with commercial deployment discussions with partners in Brazil, Europe and in the UK. Cemvita already has a partnership with the Brazilian sustainable research institution REMA.

“We are proud to support innovative companies like Cemvita in scaling breakthrough industrial biotechnology solutions,” Hendrik Waegeman, head of business operations at Bio Base Europe Pilot Plant, added in the release. “Successfully operating at the 75,000-liter scale using a feedstock such as crude glycerin highlights both the maturity of the technology and the quality of the scale-up execution achieved by the Cemvita team.”

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

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