Everything's bigger here in Texas — including the spending. Photo via Getty Images

It's not too late to rein in that holiday spending, Texas. A new financial report has revealed Texas is the No. 9 state with the highest debt levels in the country.

The report by personal finance website CreditDonkey examined each state's average mortgage debt, student debt, automobile debt, and credit card debt. Rankings were determined based on which state had the highest amount of debt.

Texas was ranked so highly due to its rampant amount of auto loan debt, the most out of all 50 states. Over 100 million Texans have loans on their cars, which has racked up more than $1.5 trillion in auto loan debt. The average Texan's auto loan debt stands at $27,739.

Texans' higher-than-average credit card debt was also a major factor, according to the report. The average credit card debt amount adds up to $6,542.

Speaking of debt, it's worth noting that this report comes after a recent survey that found The Woodlands ranks No. 10 in the U.S. for holiday spending budgets. (No word as to how much of that holiday spending ends up as revolving credit balances.)

The average mortgage debt in the Lone Star State is $217,461, while the average student debt amounts to $33,354. In Houston, first time buyers need to earn 13.9 percent more than 2022 to afford that first home, per a recent report.

While Texas' level of debt is no laughing matter, residents can find some relief they're not living in California. Californians have the most debt in America, with the average mortgage debt at nearly $423,000 per household, and an average student loan debt of $37,384.

CreditDonkey Director of Research Anna Ge explained the "multifaceted story" of why debt in Texas (and overall in the United States) has skyrocketed over the years.

"The causes for the surge in debt are rooted in a confluence of factors – from the pursuit of higher education to home-ownership aspirations and the challenges of rising costs across the board," she said. "The ease of access to credit, while providing immediate relief, has contributed to a culture where spending can outpace income."

Population growth and consumerism are two other driving factors, according to Ge.

"There are also more deep-rooted issues that are causing such drastic increases in debt, from rising costs of essentials such as gas and groceries, to healthcare and living expenses (rent and bills), as costs continue to rise many Americans are being pushed to the edge and require relief that inevitably results in the building up of debt," Ge continued.

The top 10 states struggling with the most debt are:

  • No. 1 – California
  • No. 2 – Hawaii
  • No. 3 – Maryland
  • No. 4 – Alaska
  • No. 5 – Colorado
  • No. 6 – Washington
  • No. 7 – Virginia
  • No. 8 – Georgia
  • No. 9 – Texas
  • No. 10 – Nevada
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This article originally ran on CultureMap. Steven Devadanam contributed to this article.

Startups have more cash flow options now than ever before. Getty Images

From credit to crowdfunding, experts discuss how startup lending has evolved

Houston Voices

For companies trying to get off the ground, one of the biggest hurdles normally revolves around acquiring funding. Whether it's a friends and family round, early seed stage or a full blown series round, finding funding is a difficult process. This augments the importance of entrepreneurs understanding the full arsenal of tools at their disposal.

Late last month, Cannon Ventures and Texas Citizens Bank teamed up to host a Lunch and Learn at The Cannon's Main Campus to help describe some of the different options for fundraising and explain the evolution of fundraising over the past few years.

This Cannon Lunch and Learn consisted of a panel of industry experts from varying backgrounds answering questions from the crowd about fundraising. The session was moderated by Cannon Ventures' investment analyst, Kristen Philips, where she was joined by the below panelists:

Each of the below strategies were highlighted by our panel of experts, offering a number of potential options for entrepreneurs in search of the best fundraising strategy for their company:

Factoring

Factoring is a form of financing in which a business will sell its accounts receivable (invoices) to a third-party at a discount. This option gives businesses access to immediate funds that can be used to pay for business expenses. This can be an effective option when working with a client who has outstanding invoices and may not be able to pay you back in a timely manner.

Credit insurance

Credit Insurance protects the policyholder in the event that a customer becomes insolvent. Insolvency in business can be a more common scenario than many realize, so credit insurance can serve as a solution if a customer isn't able to pay its debts. Industry standards for credit insurance will often cover around 90 percent of your accounts receivable.

SBA loans

Contrary to popular belief, SBA loans are not direct loans made by The Small Business Administration to entrepreneurs to grow a small business. Instead, an SBA loan provides a guarantee to banks and authorized SBA lenders for the money they lend to small businesses. If a business owner defaults on a loan, the SBA will promise to pay a portion of the loan back. This can alleviate the risk associated with lending money to small business owners and startups that may not qualify for traditional loans. SBA loans open up lending opportunities to thousands of entrepreneurs. In 2017 alone, SBA approved over 68,000 loans and provided over $30 billion to small businesses.

The evolution of lending

The panelists also remarked on how the industry of traditional lending has grown over the years and suggested to be wary of new predatory lending entities. When lending entities do not use depository funds, they are not subject to the same level of regulation that more traditional establishments like banks do. Because of this, predatory lenders can offer large amounts of capital quickly but lock founders into unsustainable interest rates and mechanisms that can trap clients into long-term agreements.

It is important for founders to do their homework and understand the terms whenever you are accepting a loan regardless of how established they may seem, or your need for capital.

Crowdfunding

Crowdfunding is a relatively new phenomenon that has started to become more mainstream after a change of regulation in 2016 by the SEC to allow non-accredited investment in private companies. Crowdfunding is typically done to supplement efforts to an offline fundraise and a way to both market your opportunity to a wider base as well as directly raise funds. These platforms offer the flexibility of either a straight equity raise or a convertible note.


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This is content from our partner, which originally ran on The Cannon.


via thecannonhouston.com

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CultureMap Emails are Awesome

Houston expert on what AI is changing in the workplace — and why employers need to recognize the 'human edge'

guest column

When OpenAI's GPT-4 made headlines by passing the bar exam and scoring in the top 10 percent on medical licensing tests, I noticed something fascinating: everyone focused on AI replacing professionals, but they missed the deeper story. AI isn't just disrupting work – it's exposing fundamental flaws in how we've built our entire workplace ecosystem. It's holding up a mirror to our organizations, revealing just how far we've strayed from what makes us uniquely human.

The World Economic Forum tells us 44 percent of workers' skills will need updating by 2027, but that statistic only scratches the surface. In my conversations with business leaders, I'm watching a transformation unfold in real-time. Take the accounting industry, where I've observed forward-thinking firms like Deloitte and PwC turning their accountants into strategic business advisors while other firms continue training junior staff for tasks that AI will soon handle. This isn't just a skills mismatch – it's a fundamental misunderstanding of human potential.

The challenge runs deeper than individual industries. McKinsey predicts 30 percent of hours worked globally could be automated by 2030, but I believe they're missing a crucial point. We've spent decades designing jobs around industrial-era ideals of efficiency and standardization – the very qualities that make them perfect targets for AI automation. In our obsession with measuring, standardizing, and streamlining everything, we've created workplaces that treat humans like machines rather than the complex, creative beings we are.

What's emerging is a striking paradox: as work becomes more automated, our workplace cultures are growing more disconnected. Microsoft researchers identified a "collaboration deficit" in remote work environments, with 56 percent of employees reporting a decline in workplace friendships. This cultural shift is occurring precisely when we need human connection most. During the Great Resignation of 2021, 47 million Americans quit their jobs, they weren't leaving because of salary considerations or technological inadequacies. The most common reasons cited were lack of human connection, purpose, and authentic leadership.

Yet instead of heeding this wake-up call, the rise of AI is pushing us further apart. A decade ago, the concept of "workplace family" was commonplace – now it's often dismissed as manipulative corporate rhetoric. This shift reveals a troubling blindspot in our thinking about work. Consider this: we spend more than 90,000 hours at work over our lifetime – more time than we spend with our own families – yet we're increasingly treating these relationships as purely transactional. In our rush to establish boundaries and protect ourselves from corporate exploitation, we've overcorrected, creating sterile workplaces stripped of human connection.

This timing couldn't be worse. As someone who studies the intersection of technology and workplace culture, I've observed a clear pattern: the more we automate routine tasks, the more our success depends on distinctly human qualities like trust, emotional sensitivity, and the ability to navigate complex interpersonal dynamics. Yet we're systematically dismantling the very cultural foundations that enable these qualities to flourish. It's as if we're entering a boxing match by tying one hand behind our back – at precisely the moment we need every advantage we can get.

The real crisis isn't that AI might replace jobs – it's that we're creating workplace environments that suppress the very qualities that make us irreplaceable. When we treat our colleagues as mere interfaces rather than complex human beings, we don't just damage relationships – we damage our capacity for innovation, creativity, and the kind of deep collaboration that complex problem-solving requires.

Some companies are starting to get it right. When I look at examples like IKEA, who chose to retrain their call center workers as interior design advisors rather than simply replacing them with chatbots, I see a glimpse of what's possible. They recognized something profound: you can't automate the human ability to understand what a frustrated customer really needs, or the intuition to read between the lines of what they're saying.

This is what I call the "human edge" – and it's far more nuanced than most leadership teams realize. It's the marketing manager who can sense team tension during a video call and address it before it derails a project. It's the sales representative who builds such strong relationships that clients stay loyal through market upheavals. It's the team leader who knows exactly when to push for more and when to show compassion. These aren't just nice-to-have soft skills – they're becoming our most valuable business assets.

But here's the challenge: we're still trying to measure workplace success like it's 1990. We track productivity metrics, sales numbers, and project timelines, but how do we quantify someone's ability to defuse a tense client situation? How do we measure the value of a team leader who creates an environment where people feel safe to innovate? These human capabilities – empathy, emotional intelligence, relationship building, creative problem-solving – are increasingly what separate successful companies from failing ones, yet they're nearly impossible to capture in a performance review.

When I talk to business leaders, I tell them bluntly: if a job can be reduced to a process, AI will eventually do it better. Our value lies in all the messy, human things that happen between the bullet points of a job description. Instead of asking "How many tasks did you complete?" we should be asking "How did you help your team navigate that difficult change?" Instead of training people to follow processes, we should be developing their ability to build relationships and navigate complexity.

It's time we started treating these human capabilities not as soft skills, but as core business competencies. The question isn't whether AI will change work – it's whether we'll use this moment to finally build workplaces that enhance rather than diminish our humanity.

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Nada Ahmed is the founding partner at Houston-based Energy Tech Nexus and author of Amazon Bestseller “Determined to Lead- The Disruptive Woman's Guide to Stop Playing Small and Transform your Career through Agile Leadership.”

Houston robotics co. closes series B after year of growth

money moves

Houston- and Boston-based Square Robot Inc. closed a series B round of funding last month.

The advanced submersible robotics company raised $13 million, according to Tracxn.com, and says it will put the funds toward international expansion.

"This Series B round, our largest to date, enables us to accelerate our growth plans and meet the surging global demand for our services,” David Lamont, CEO, said in a statement.

The company aims to establish a permanent presence in Europe and the Middle East and grow its delivery services to reach four more countries and one new continent in Q1 2025.

Additionally, Square Robot plans to release a new robot early next year. The robot is expected to be able to operate in extreme temperatures up to 60 C. The company will also introduce its first AI-enabled tools to improve data collection.

Square Robot launched its Houston office in 2019. Its autonomous, submersible robots are used for storage tank inspections and eliminate the need for humans to enter dangerous and toxic environments.

The company was one of the first group of finalists for the Houston Innovation Awards' Scaleup of the Year, which honors a Bayou City company that's seen impressive growth in 2024. Click here to read more about the company's growth.

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This article originally ran on EnergyCapital.

Show me the money: Top Houston innovation grant and gift news of 2024

year in review

Editor's note: As the year comes to a close, InnovationMap is looking back at the year's top stories in Houston innovation. Money means a lot to startups and other innovative entities, and while startups are usually scouting venture capital investors, grants and donations are key too. These are the most-read news articles about grants and gifts — be sure to click through to read the full story.

Rice researchers secure $35M federal grant to advance medical device technology

Rice’s Biotech Launch Pad will lead the effort to commercialize the device. Photo courtesy Rice University

Rice University has secured part of a nearly $35 million federal grant aimed at commercializing a bioelectric implant for treatment of type 2 diabetes and obesity.

The federal Advanced Research Projects Agency for Health awarded the $34.9 million grant to Rice and several other universities.

Rice’s Biotech Launch Pad will lead the effort to commercialize the self-contained, implantable Rx On-site Generation Using Electronics (ROGUE) device. ROGUE houses cells that are engineered to produce type 2 diabetes and obesity therapies in response to patients’ needs. Continue reading.

Houston health care institutions receive $22M to attract top recruits

The grants, which are between $2 million to $6 million each, are earmarked for recruitment of prominent researchers. Photo via Getty Images

Houston’s Baylor College of Medicine has received a total of $12 million in grants from the Cancer Prevention & Research Institute of Texas to attract two prominent researchers.

The two grants, which are $6 million each, are earmarked for recruitment of Thomas Milner and Radek Skoda. The Cancer Prevention & Research Institute of Texas (CPRIT) announced the grants May 14.

Milner, an expert in photomedicine for surgery and diagnostics, is a professor of surgery and biomedical engineering at the Beckman Laser Institute & Medical Clinic at the University of California, Irvine and the university’s Chao Family Comprehensive Cancer Center. Continue reading.

New report ranks Houston top market for life sciences

Houston lands in the No. 7 spot for growth in the granting of degrees in biological and biomedical sciences. Photo by Natalie Harms/InnovationMap

Thanks in large part to producing hundreds of college-trained professionals, Houston’s life sciences industry ranks among the top U.S. markets for talent in 2024.

In a report published by commercial real estate services company CBRE, Houston lands in the No. 7 spot for growth in the granting of degrees in biological and biomedical sciences. From 2017 to 2022, Houston notched a growth rate of 32.4 percent in this category.

In 2022, the University of Houston led the higher education pack in the region, graduating 746 people with a bachelor’s degree or above in biological or biomedical sciences, according to the report. Continue reading.

Texas organization grants $68.5M to Houston institutions for recruitment, research

Several Houston organizations have received millions from the Cancer Prevention and Research Institute of Texas. Photo via tmc.edu

Three prominent institutions in Houston will be able to snag a trio of high-profile cancer researchers thanks to $12 million in new funding from the Cancer Prevention and Research Institute of Texas.

The biggest recruitment award — $6 million — went to the University of Texas MD Anderson Center to lure researcher Xiling Shen away from the Terasaki Institute for Biomedical Innovation in Los Angeles.

Shen is chief scientific officer at the nonprofit Terasaki Institute. His lab there studies precision medicine, including treatments for cancer, from a “systems biology perspective.” Continue reading.

Houston health care institution secures $100M for expansion, shares renderings

Baylor College of Medicine's Lillie and Roy Cullen Tower is set to open in 2026. Rendering courtesy of SLAM Architecture

Baylor College of Medicine has collected $100 million toward its $150 million fundraising goal for the college’s planned Lillie and Roy Cullen Tower.

The $100 million in gifts include:

  • A total of $30 million from The Cullen Foundation, The Cullen Trust for Health Care, and The Cullen Trust for Higher Education.
  • $12 million from the DeBakey Medical Foundation
  • $10 million from the Huffington Foundation
  • More than $45 million from members of Baylor’s Board of Trustees and other community donors, including the M.D. Anderson Foundation, the Albert and Margaret Alkek Foundation, and The Elkins Foundation.

“The Cullen Trust for Health Care is very honored to support this building along with The Cullen Foundation and The Cullen Trust for Higher Education,” Cullen Geiselman Muse, chair of The Cullen Trust for Health Care, says in a news release. “We cannot wait to see what new beginnings will come from inside the Lillie and Roy Cullen Tower.” Continue reading.