Houston-based startup shoots for affordability and convenience with new photo biz

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Studio Pod — founded by Joseph West and Chris Bailey — is helping professionals and small businesses easily and affordably capture headshots. Photo courtesy Melissa Fitzgerald/Studio Pod

Houston-based photographers Chris Bailey and Joseph West have brought automated technology and innovative efficiencies to the often cumbersome task of taking professional headshots.

Bailey and West first met as wedding and corporate photographers and bonded over the pain points of their jobs. Over the years they zeroed in on the particular challenges of scheduling photo sessions and achieving a consistent look for a corporate gigs, which can span months or years (depending on when new hires are brought on) and where settings can change based on the time of day, lighting in the room, and a variety of other factors. Still, there was a demand for their professional-grade work.

"In today's age and in the COVID era, people need LinkedIn photos, now a Zoom photo, a Facebook photo. You need all these different types of photos. And so we said, 'How can we solve that?'," Bailey says.

In 2020 the duo launched Studio Pod in an attempt to streamline and improve the process for photographers, businesses, and the individuals themselves. Through the use of their roomy, modern booth, users can snap high-quality, professionally lit headshots with the help of an automated platform. Too, users can see their photos in real time and make adjustments to their appearance, the lighting, and more throughout their reserved 15- to 30-minute window from the privacy of the pod.

"Most people now today know when they are when they look their best — we have selfies and you're sending photos — you can conclude for yourself what photo you like," says Bailey. "We're able to give them that instant gratification and instant response."

"The largest and most positive things we've heard is that it just allows people to feel a lot more comfortable while taking their head shots," he adds.

The current iteration of the pod was constructed by local metal worker Spencer Elliott and a prototype was tested by the Jones Graduate School of Business at Rice University and Intrepid Financial Partners in December 2019. Millipixels, based in India, was tapped for the development of the automation.

Bailey and West had originally planned to deploy the pod to places of work for weeks at a time to allow workers to efficiently snap their head shots when it worked best for their schedules. However, when the pandemic forced many Houstonians to work from home, the team pivoted to add a direct to consumer option based out of their studio in Rice Military.

Over the last few months they've seen everyone from students to attorneys turn out to make use of their tool. In 2021, they hope to partner with property management companies and other large organizations, like hospitals, universities, or co-working spaces, as well.

The team is also slated to begin production on a second iteration of the pod that will offer options for full enclosure and changes to tech with the help of TRX Labs in the first quarter of next year. They also released a series of presets or filters that help boost consistency for employers and allow more options for individual users. Sessions currently start at $40.

"Our feelings are everyone should have a headshot, and everyone should have a studio-quality headshot," West says. "Our goal is to make it so easy and also affordable."

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Houston brain health co. secures $6.5M for rare disease study

neuro funding

Houston-based Goldenrod Therapeutics, part of Fannin Partners' portfolio, has announced the initial close of a $6.5 million series seed preferred stock round.

The round was led by Ataxia Ventures and an affiliate of Fannin, according to a news release.

Goldenrod Therapeutics plans to use the funding to support manufacturing, formulation optimization, IND-enabling studies and a Phase I study of its drug to treat brain inflammation, known as 11h.

The study will consider how 11h, which blocks the enzyme PDE4, could treat Friedreich’s ataxia (FA), a rare genetic disease that affects movement, speech and balance. To date, other PDE4 inhibitors have proven to regulate neuroinflammation and neuronal signaling, but have had adverse gastrointestinal side effects or have not reached enough of the central nervous system, according to Goldenrod.

The company says its 11h is expected to have "broad applicability" with limited emetric side effects.

“Our 11h program is a next-generation, orally bioavailable, brain-penetrant PDE4 inhibitor, where researchers overcame longstanding limitations associated with earlier PDE4 inhibitors," Dr. Dev Chatterjee, CEO of Goldenrod, said in the news release. "We believe this creates the potential for a best-in-class therapy for Friedreich’s Ataxia and a potential foundation for development across multiple neurodegenerative and neuroinflammatory disorders.”

11h was first developed at the University of Nebraska Medical Center (UNeMed). Houston-based Fannin Partners in-licensed the product 2020 and landed SBIR Phase I funding to support its initial development for opioid use disorder soon after.

Goldenrod has also received funding to study 11h's effectiveness for multiple sclerosis, methamphetamine addiction and cocaine addiction.

Goldenrod says it is developing 11h to target a variety of neurological and inflammatory conditions, including Alzheimer's disease, multiple sclerosis, ALS, substance use disorders, Batten disease, pain and traumatic brain injury.

Elon Musk's SpaceX is about to make its debut on Wall Street

Money Moves

Elon Musk's rocket company SpaceX will make its debut on Wall Street Friday, June 12, and both institutional and retail investors are expected to gobble up the 555.6 million shares going up for sale at $135 apiece. Musk, already the world's richest man, could become its first trillionaire.

SpaceX is likely to become the biggest IPO ever, with proceeds of around $75 billion. SpaceX hopes to become the first company to send people to Mars. In fact, part of Musk’s future compensation depends on SpaceX eventually establishing a colony of at least 1 million people on the red planet.

Why SpaceX is going public now

In a video conference on Musk's social media platform X, he told JPMorgan CEO Jamie Dimon that people have suggested for the last 10 years that he take SpaceX public. He's doing it now because the company plans to put 100,000 next-generation Starlink satellites into orbit. Deploying AI data centers in space is a “massive new growth base and you need capital for that,” he said.

Going public provides access to the capital that SpaceX needs. But it also exposes it to more scrutiny from shareholders and more regulatory oversight. That includes filing quarterly financial reports, which critics say incentivizes short-term thinking over longer-term planning and creates unnecessary costs for a company. Securities regulators are currently soliciting public comment on a proposal to require public companies to file the financial reports only twice every year.

How the IPO impacts the company

Musk will hold the majority of a special class of shares, giving him control over decisions related to company strategy, finances and personnel. On the latter, because of his ownership of most of these Class B shares, the only person who can fire Musk as CEO is Musk.

The company credits Musk with being the “driving force” behind its growth, innovation and success. But what happens if Musk is no longer in the picture? SpaceX warns that the loss of Musk could disrupt its ability to execute its strategy as well as hurt its “reputation and relationships with customers, partners and other stakeholders.”

The company also warns that finding a replacement with the same skills and experience as Musk would be time-consuming, if not nearly impossible. As Wedbush Securities analyst Dan Ives wrote Wednesday, “At the end of the day Musk is SpaceX and SpaceX is Musk.”

What could make or break SpaceX

Currently in the test phase, the gigantic reusable Starship rocket is key to SpaceX realizing Musk's ambitions. Much of the commercial space business hinges on SpaceX developing Starship’s capability to be fully reusable and hearty enough for a quick turnaround between flights. If that doesn't happen, SpaceX warns that putting data centers and satellites in space will take longer and cost more money, meaning it risks customers bailing on the company.

Analysts say that by pioneering reusable rockets, SpaceX has established a clear lead on competitors such as Blue Origin, led by Amazon founder Jeff Bezos. The Starlink satellite business competes with, among others, AST SpaceMobile – which is relying on a SpaceX rocket to send its latest generation of satellites into orbit next week.

The prospectus filed last week says SpaceX’s biggest potential market is the sale of business-oriented artificial intelligence products designed to transform how people get work done. It’s an opportunity SpaceX predicts would be worth $22.7 trillion if it could somehow dominate rivals like Anthropic, OpenAI and Microsoft in a highly competitive industry. But the prospectus shows no clear path to profitability for the xAI business, which merged with SpaceX earlier this year.

Why Wall Street is paying attention

If the SpaceX IPO is as successful, the stock could quickly join the Nasdaq 100, a widely followed index that tracks the 100 largest non-financial companies in the composite. That's important because some popular funds, such as the $460 billion QQQ exchange-traded fund, mimic the index and will automatically buy whatever is listed in the index.

Nasdaq recently changed its rules to allow select companies to enter the Nasdaq 100 after just 15 trading days.

S&P Dow Jones Indices, on the other hand, is sticking to established and more traditional thresholds that will not allow SpaceX or other companies with gargantuan IPOs faster entry into its S&P 500 index. That means even high-profile companies will still need to wait for their stocks to trade a full 12 months before they can enter the index.

Companies want to be in the S&P 500 in particular because it's arguably the most important index on Wall Street, with trillions of dollars either mimicking it exactly or benchmarked against it. Vanguard's VOO fund that tracks the S&P 500 has roughly $950 billion invested in it, for example.

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