Report: Texas ranks as the best state to start a business

lone star startups

How's startup life in Texas? Well, it's the best in the nation, according to a new ranking. Photo via Getty Images

If you're a Texan looking to launch a startup, you appear to be in the right place.

Personal finance website WalletHub puts Texas at No. 1 in its new ranking of the best and worst states for starting a business. Across the 50 states, WalletHub compared 28 key indicators of startup success to come up with the list.

In the general bucket for "business environment," Texas ranked second. It dropped to 12th in the "access to resources" category and 32nd in the "business costs" category. Digging deeper, Texas appears at No. 4 for the average length of the workweek, No. 5 for the highest total spending on incentives as a percentage of GDP, and No. 6 for average growth in number of small businesses. However, Texas scored a below-average 29th-place ranking for labor costs.

"Choosing the right state for a business is … crucial to its success," WalletHub explains. "A state that provides the ideal conditions for business creation — access to cash, skilled workers, and affordable office space, for instance — can help new ventures not only take off but also thrive."

The WalletHub accolade follows a handful of other recent plaudits for Texas' business-friendly environment.

In March, Site Selection magazine awarded its Governor's Cup to Texas. The Governor's Cup honors the top states for job creation and capital investment.

"Despite the challenges faced from the COVID-19 pandemic, we've seen what Texas can achieve when we foster an environment that empowers people to succeed," Gov. Greg Abbott said in a statement about the Governor's Cup win. "The Texas model continues to inspire entrepreneurs and innovators and attract job creators from across the country, and I look forward to spurring more job growth and opportunity for all Texans in every corner of our great state."

A month later, Chief Executive magazine crowned Texas the best state for business for the 17th consecutive year.

But Texas ranked fourth in CNBC's recent rundown of the top states for business in 2021. "A fourth-place finish would be good for most states, but not Texas. This year's finish ties for the worst-ever for the four-time Top State, which last won in 2018," CNBC says.

CNBC says Texas finished fourth based on the strength of its workforce and economy.

"But Texas was hurt this year by policies that run counter to the study's increased focus on inclusiveness," adds CNBC, pointing out that Abbott is pressing ahead with these policies during the current special session of the Texas Legislature.

Abbott's agenda for the special session includes legislation that critics view as watering down voting rights, attacking public school education about racism, and punishing transgender competitors in school sports. Supporters say these measures would preserve election integrity, strip critical race theory from public education in Texas, and protect females participating in school sports whose gender identity aligns with their birth gender.

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Impact-driven Houston fintech startup emerges to streamline international remittance

money transfer tech

Africans living abroad send over $40 billion back to their home country annually — yet the process continues to be expensive, fraud-ridden, and complicated. A new Houston-area startup has a solution.

AiDEMONEY, based in Katy, has launched a money transfer app for mobile devices. The app enables digital transfers from the United States to five African countries: Cameroon, Ethiopia, Ghana, Kenya, and Nigeria

"International remittance has always been about people living in diaspora wanting to share their success with people back home," says Uzoma Eze, AiDEMONEY co-founder and CEO, in a news release. "By replacing profit as the point of the spear, we're helping Africans fund Africa and, ultimately, rewriting our motherland's story."

Eze co-founded the company with Felix Akompi, a fellow member of Houston's African diaspora community and the company's COO

The app, which is already available on the App Store and Google Play, focuses on blockchain-powered security and instant transfers. The company also designed the platform with a "give back" model that builds a stronger Africa.

With every transaction fee, users are funding progress in Africa. A portion of customer transaction fees to nonprofits in education and literacy, women's empowerment, and healthcare. Currently, AiDEMONEY partners with the Lagos Food Bank Initiative, Shalom Sickle Cell Foundation, Sharing Smiles Initiative, and Jenny Uzo Foundation.

"We're creating a superhighway for tens of billions in USD to flow from one part of the world to another," Eze says. "When you have the right people with the right vision, that capital tills the ground—tilling out profit, social advancement and a stronger Africa."

Doing Money Remittance Better | AiDEMONEY, The African Diaspora's Money Transfer App www.youtube.com

New Pearland healthcare training center will raise the bar for nursing in Houston

Training for More

As if those in the healthcare field needed another reason to relocate to Pearland: the HCA Healthcare Center for Clinical Advancement opened its doors on July 27.

Located at the Pearland Town Center at 11200 Broadway St., building 200, the two-story, 48,400-square-foot training center houses hospital simulation labs, virtually-connected classrooms, and debriefing rooms.

The center provides ongoing education for HCA Houston Healthcare's 7,000 nurses and will help standardize training across the system's 13 Greater Houston-area hospitals, outpatient surgery centers, emergency centers, and imaging facilities.

The utilization of simulcast technology will also facilitate education and training opportunities for colleagues working in locations across the HCA Healthcare Gulf Coast Division, which includes facilities in Corpus Christi and South Texas.

"The HCA Healthcare Center for Clinical Advancement is a significant part of our strategic nursing plan to support and grow our nurses as the differentiator at our hospitals and other facilities," says Kelli Nations, chief nurse executive at HCA Houston Healthcare, one of the city's largest healthcare systems. "It certainly helps us raise the bar for nursing care in Houston."

The first floor is designated for nurse training, which can last up to 22 weeks, depending on their specialty. Additional classroom and conference room space on the second floor will serve as a hub for new-hire orientations and the system's leadership and organizational development training for up to 250 employees at a time.

"Bringing the latest teaching technologies under one roof in a new, advanced facility is a major step in preparing our nurses to provide the highest level of care," says Nations.

Additional facility features include a simulated hospital supply room, a large break room, a mother's room for employees who are nursing, and several lounge areas.

Upcoming energy conference adds innovation focus for Houston-based event

innovating energy

The World Petroleum Congress, which plans to return to in-person status in December, is adding a new wrinkle — a pitch competition — to this year's event.

On August 4, the World Petroleum Congress announced the launch this year of the Innovation Zone, which will enable energy pioneers to showcase their offerings. The 2021 World Petroleum Congress — hosted in Houston this time around — is set for December 5-9 at the George R. Brown Convention Center.

Houston-based energy giant ConocoPhillips is sponsoring the Innovation Zone.

"For more than a century, innovation has enabled our industry to keep pace with the growing demand for safe and reliable energy," Bill Bullock, executive vice president and chief financial officer of ConocoPhillips, says in a news release. He adds that the Innovation Zone will highlight "innovations that can propel our industry's purposeful journey through the energy transition and into the future."

In all, 32 startups and individuals will pitch their products or practices on the World Petroleum Congress stage. One winner will be honored with the inaugural Energy Innovator Award.

The Innovation Zone is open to energy companies, private entities, and individuals working as independent contractors. Proposals will be evaluated on seven criteria:

  • Innovation
  • Creativity
  • Potential or actual technical or business success
  • Environmental impact
  • Stakeholder impact
  • Scalability
  • Broad-based uses

Applications for the Innovation Zone are due Aug. 20. To obtain an application, visit the World Petroleum Congress website. Representatives of ConocoPhillips and the World Petroleum Congress will sift through the applications and pick 32 finalists, who will be notified in early September.

"Startups, with their innovative business models, will play a decisive role in shaping a sustainable energy future, and for participating companies, this is a good opportunity to present and forge new links with key stakeholders and investors," says Serafina Lalany, interim executive director of entrepreneurship and innovation nonprofit Houston Exponential.

Aside from ConocoPhillips, sponsors of this year's World Petroleum Congress include Chevron, Halliburton, Accenture, Hess, ExxonMobil, BP, Qatar Petroleum, Baker Hughes, and Saudi Aramco.

The 23rd World Petroleum Congress was supposed to happen last year in Houston but was shifted to 2021 due to the COVID-19 pandemic. More than 10,000 people are expected to attend this year's event. It's been estimated that the World Petroleum Congress will pump $60 million to $80 million into the Houston economy.

Staged by the World Petroleum Council, the event hasn't been held in North America since 1987, when Houston hosted it. It's known as the "Olympics" of the oil and gas sector.

The 24th World Petroleum Congress will be held in 2023 in Calgary, Canada. The event traditionally takes place every three years.