3 Houston innovators to know this week

who's who

This week's roundup of Houston innovators includes entrepreneur and author Jay Steinfeld, Clemmie Pierce Martin of Houston Exponential, and Matthew Costello of Voyager Portal. Courtesy photos

Editor's note: In this week's roundup of Houston innovators to know, I'm introducing you to three local innovators across industries — from startup development to software — recently making headlines in Houston innovation.

Jay Steinfeld, author of Lead From The Core

Blinds.com founder Jay Steinfeld has released his new book last week. Photos courtesy of Jay Steinfeld

After Blinds.com successfully exited to Home Depot, founder Jay Steinfeld started thinking about what he wanted to do next. The entrepreneur is now on the boards of five companies and has taught at Rice University before publishing his new book, "Lead From The Core."

"The book was originally written so that the people at Blinds.com would know what got us to where we were and would use it as the foundation for continuing what that success was all about. As I began teaching and expanding my influence throughout the community nationally, I realized that there were many entrepreneurs who could learn from the same success, the techniques, the strategies," Steinfeld says. Click here to read the full interview.

Clemmie Pierce Martin, director of marketing and strategy at Houston Exponential

Clemmie Pierce Martin will oversee marketing and strategy for Houston Exponential. Photo via LinkedIn

Houston Exponential has made another new hire. Clemmie Pierce Martin has joined Houston Exponential as director of marketing and strategy. The nonprofit helps spur the growth of Houston’s innovation ecosystem.

She most recently was director of strategic partnerships and products at Houston-based startup Goodfair, which operates an online thrift store. Before that, she was head of client success at Austin-based startup Mesa Cloud, which offers a platform for tracking student progress.

Martin, who grew up in Houston and graduated from the University of Texas at Austin and Houston’s The Kinkaid School, says her new employer “sees the potential in Houston and our startup ecosystem that I’ve always felt was underserved and underrepresented nationally. I couldn’t be more excited to join a team that is working tirelessly to make sure that for founders and startups anywhere in the world, Houston is not just a choice but rather the clear choice of venue.” Click here to read more.

Matthew Costello, CEO and co-founder of Voyager Portal

Matthew Costello is the\u00a0CEO and co-founder of Voyager Portal. Photo courtesy of Voyager

Voyager Portal, a software-as-a-service platform, closed an $8.4 million series A investment round this week. The round was led by Phaze Ventures, a VC fund based in the Middle East, and included new investors — ScOp Venture Capital, Waybury Capital and Flexport. Additionally, all of Voyager's existing investors contributed to this round.

“Voyager Portal was created to significantly reduce cost, risk, and complexity when transporting bulk materials around the world,” says Matthew Costello, CEO and co-founder of Voyager, in the release. “The last two years have demonstrated just how critical shipping bulk commodities is to global markets – freight rates have increased and port congestion is at an all-time high – accelerating the demand for Voyager’s solution.” Click here to read more.

Clemmie Pierce Martin will oversee marketing and strategy for Houston Exponential. Photo via LinkedIn

Exclusive: Houston Exponential makes strategic marketing hire

innovator to know

Martin is a great-niece of the late President George H.W. and the late first lady Barbara Bush.

Serafina Lalany, the new executive director of Houston Exponential (HX), says Martin’s experience with startups “is an invaluable asset to the organization.”

“Her insights and experiences … couldn’t be more fitting for HX’s mission to lower the barrier of entry for early stage startups in the city,” Lalany says in a news release.

Lalany became executive director of HX in September. She had been the organization’s vice president of operations and chief of staff. Lalany succeeds Harvin Moore, who resigned this summer as president and CEO of the four-year-old nonprofit.

Earlier this month, HX named Ivery Boston III as director of inclusive innovation. He previously worked for the Miami Downtown Development Authority.

Aside from the new hires, the organization recently restructured its board of directors. The board transitioned to a more informal “convening” board, and an executive committee now oversees HX’s operations.

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How this Houston innovator's tech is gearing up to impact EV charging, energy transition

houston innovators podcast episode 172

With more and more electric vehicles on the road, existing electrical grid infrastructure needs to be able to keep up. Houston-based Revterra has the technology to help.

"One of the challenges with electric vehicle adoption is we're going to need a lot of charging stations to quickly charge electric cars," Ben Jawdat, CEO and founder of Revterra, says on the Houston Innovators Podcast. "People are familiar with filling their gas tank in a few minutes, so an experience similar to that is what people are looking for."

To charge an EV in ten minutes is about 350 kilowatts of power, and, as Jawdat explains, if several of these charges are happening at the same time, it puts a tremendous strain on the electric grid. Building the infrastructure needed to support this type of charging would be a huge project, but Jawdat says he thought of a more turnkey solution.

Revterra created a kinetic energy storage system that enables rapid EV charging. The technology pulls from the grid, but at a slower, more manageable pace. Revterra's battery acts as an intermediary to store that energy until the consumer is ready to charge.

"It's an energy accumulator and a high-power energy discharger," Jawdat says, explaining that compared to an electrical chemical battery, which could be used to store energy for EVs, kinetic energy can be used more frequently and for faster charging.

Jawdat, who is a trained physicist with a PhD from the University of Houston and worked as a researcher at Rice University, says some of his challenges were receiving early funding and identifying customers willing to deploy his technology.

Last year, Revterra raised $6 million in a series A funding round. Norway’s Equinor Ventures led the round, with participation from Houston-based SCF Ventures. Previously, Revterra raised nearly $500,000 through a combination of angel investments and a National Science Foundation grant.

The funding has gone toward growing Revterra's team, including onboarding three new engineers with some jobs still open, Jawdat says. Additionally, Revterra is building out its new lab space and launching new pilot programs.

Ultimately, Revterra, an inaugural member of Greentown Houston, hopes to be a major player within the energy transition.

"We really want to be an enabling technology in the renewable energy transition," Jawdat says. "One part of that is facilitating the development of large-scale, high-power, fast-charging networks. But, beyond that, we see this technology as a potential solution in other areas related to the clean energy transition."

He shares more about what's next for Revterra on the podcast. Listen to the interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.

Early-stage accelerator names finalists for its second Houston cohort

ready to grow

A traveling seed-stage accelerator has announced its return to Houston and named its second cohort.

CodeLaunch, produced by Dallas-based constant and software development company Improving and presented by Ohio-based VC network Cyrannus, is returning to Houston. The company's second Houston accelerator event will be held on March 2.

Putting a fresh spin on the seed accelerator model, CodeLaunch combines a startup competition with a tech tradeshow, as well as allows for networking among attendees. Since its inception ten years ago, the touring competition has doled out over $1.4 million in services to its finalists and overall winners.

"CodeLaunch is a startup and rock-n-roll show like nothing you've ever seen before," says CodeLaunch President and Founder Jason W. Taylor in a news release.

The competition pairs six startups with six startup consulting companies. This year's finalists and mentor pairings are as follows:

Lake Charles, Louisiana-based GOPHR's consultant mentor is Softeq
Port Arthur, Texas-based DrinKicks is paired with BJSS
Energy360, based in Houston, has been matched with Honeycomb Software
Inpathy, based in Detroit and Tyler, Texas, will work with Contollo
Drivingo, led by a student founder from Virginia Tech, is selected to collaborate with Blue People
Houston-based AnyShift's consultant mentor is Improving

Houston-based Softeq is returning to the event after working with software startup Codiac.

“CodeLaunch was great. We gained customers, investors, and a lot of local notoriety. It was the best event we had all last year," says Ben Ghazi, founder of Codiac about the event.

ResQ TRX, a Houston startup that provides solutions for the logistics industry, won CodeLaunch HOU 2022. Houston-based Clutch won Judges' Choice in last year's competition.

This year, investment is also on the line. Presenting partner Cyrannus announced that all startup founders who advance to the semifinal round of CodeLaunch will be competing in a $100,000 investment challenge, as well as the $50,000 challenge for impact startups. There would be one or two winners — either a winner for each award or, if a company scores top marks in both categories, one company can take home the entire $150,000.

“Not only will (a winner) get the cash, but also be introduced to a network that will help them refine their idea and get ready for their first big fundraiser," says Lee Mosbacker, founder of Cyrannus, in a news release.

This year's CodeLaunch event will be a part of Houston Tech Rodeo, which is taking place February 27 to March 2 this year. Tech Rodeo, which announced its schedule this week, will conclude its programming with the CodeLaunch event.

"Houston Exponential could not be more excited about our partnership with CodeLaunch Houston," says Houston Exponential CEO Natara Branch in the release. "They are a fantastic ally in Houston’s efforts to serve its growing startup community and CodeLaunch is an incredible fit for the capstone of the 2022 Tech Rodeo. Finishing off Tech Rodeo with CodeLaunch's exciting atmosphere will be a highly anticipated event for the Houston innovation ecosystem after an engaging week of programming."

Here's the income it takes to live among the top 1 percent in Texas

isn't that rich?

Wondering how "the other half lives" is so outdated, especially when we we can easily peek into what life is like for the "one percent." A new report from SmartAsset reveals how much money you'll need to be considered the top one percent in Texas.

With two Houston suburbs landing among the richest cities in Texas in a recent report, it's obvious that the Lone Star State is dotted with pockets of wealth. But how much do you actually need in your pocket to have a top one percent income?

In Texas, an annual income of $641,400 will land you at the top, while $258,400 only gets you to the top five percent.

To come up with those numbers, SmartAsset analyzed 2019 data from IRS tax units and adjusted the figures to 2022 dollars using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the Bureau of Labor Statistics.

For comparison, "the average American household earns a median income of under $70,000," according to the study. And per the latest figures from the U. S. Census Bureau, the median household income in Texas (in 2021 dollars) is $67,321. That leaves plenty of us with a long way to go in our financial striving.

So now we know how we compare to our neighbors, but where does that put the affluent population of Texas in comparison with other states?

For starters, Texas claimed the 10th highest income required to reach top income levels.

The one percent income threshold is hardest to meet in Connecticut ($955,000), Massachusetts ($900,000), New Jersey ($825,965), New York ($817,796), and California ($805,519). Only these five states have thresholds that exceed $800,00, and it's a pretty steep drop down to Texas ($641,400) in 10th place.

The five states where it's easiest to attain one percent status (even though that doesn't seem like good news) are Kentucky ($447,300), Arkansas ($446,276), New Mexico ($418,970), Mississippi ($383,128), and West Virginia ($374,712).

The SmartAsset report also included average tax rates for top earners in each state. There was surprisingly little variance in the top 10 states, with Washington state having the lowest rate (25.02%) and Connecticut collecting the highest tax rate (27.77%).

Texas was in the middle of the pack with a tax rate of 25.71% levied on top one percent incomes.

The 10 states with the highest earnings required to be a one-percenter and their tax rates are:

Connecticut ($955.3K, Tax rate 27.77%)
Massachusetts ($896.9K, Tax rate 26.4%)
New Jersey ($826K, Tax rate 27.36%)
New York ($817.8K, Tax rate 27.48%)
California ($805.5K, Tax rate 26.78%)
Washington ($736.1K, Tax rate 25.02%)
Colorado ($682.9K, Tax rate 25.24%)
Florida ($678.8K, Tax rate 25.23%)
Illinois ($666.2K, Tax rate 26.23%)
Texas ($641.4K, Tax rate 25.71%)

If you're on your way to being a top earner and want to do a deeper dive on those numbers, you can view the full report on the SmartAsset website.

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This article originally ran on CultureMap.

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