Kim Raath, CEO of Topl, and Leslie Goldman, general partner at The Artemis Fund, identified three challenges that female entrepreneurs face while going through the fundraising process. Photos courtesy

It's estimated that women make up only around 10 percent of decision makers in venture capital firms in the United States, and women-led companies only receive of a fraction of venture capital invested. And, stats aside, female entrepreneurs continue to face obstacles in the process that their male counterparts don't always share.

Kim Raath — co-founder and CEO of Topl, a Houston-based blockchain startup — and Leslie Goldman — general partner and co-founder of The Artemis Fund — discussed some of these obstacles at a virtual fireside chat for Dallas Startup Week. Here are the three challenges women face during fundraising, as Raath and Goldman discussed.

Balancing being realist with optimism

It's almost a chiche at this point — yet it still holds a great deal of truth — that women tend to be more honest than men when it comes to applying for jobs, for instance. Goldman says she's seen it plenty of times, especially when she was involved in corporate recruiting at one point in her career. Raath and Goldman agreed, women want to check off all the boxes on a requirements list.

"Men would apply if they could check just one box," Goldman says. "Women tend to be more realistic."

This trait, while noble, can be a disadvantage as it translates to the fundraising process.

Navigating unconscious bias

Raath says she's no stranger to discrimination for being a woman. In the chat, she tells a story of when she was a girl and the woman's track event she was supposed to run was canceled. She had her heart set on getting to nationals, so her father lobbied for her to get a chance to run in the boy's race. Eventually, they let her and she came in second place.

She continued to observe moments like this throughout her schooling, especially when she started studying male-dominated studies like economics and statistics — Raath now has a master's and a Ph.D from Rice University. When recently raising money for Topl's latest round, her observational and statistical mind picked up on something. Raath explains that there are two types of questions a VC might ask you — preventative vs. promotional. An example she gives for each is:

  • Preventative: "How many daily users do you have?"
  • Promotional: "How do you look to acquire users?"

"About three months in, I started realizing that I'm constantly getting these preventative questions. So, I did a little research," Raath says, explaining that she found that women are more likely to get these preventative questions. "Now, every preventative question I got, I started answering with a promotional answer."

It's the same unconscious bias as how a young male entrepreneur might be considered, "young and promising," while a woman with the same resume would be considered, "young and inexperienced."

Creating a supportive network

Raath and Goldman discussed the importance of women surrounding themselves with supportive networks made up of both women and men. On one hand, it's key to have fellow female entrepreneurs or investors who have been in your shoes before or whom you can give advice to — Raath says she created "woke woman wine nights" with her interns this summer.

On the other hand, having men in your network who can act as advocates — like Raath's father was as well as her male co-founders whom she says are great supporters — is crucial too.

"I have been surrounded by some amazing male counterparts," Raath says. "That's the other side of this is finding male champions."

Dallas Startup Week has pivoted to online panels and chats. Here's which ones Houston innovators shouldn't miss. Getty Images

Here's what Dallas Startup Week events Houston entrepreneurs should attend

where to be online

While a 4-hour trip up Interstate 45 might, in years prior, could have caused Houston entrepreneurs pause from attending the annual Dallas Startup Week, this year there's no excuse.

DSW is taking place online this year, and there are more than a couple virtual events Houston entrepreneurs need to attend. Here's which virtual events Houstonians should log on to.

Monday - The State of Fundraising in Texas

A panel of Texas-based venture experts will discuss the state of fundraising in Dallas and Texas as a whole. The panel includes:

  • Bryan Chambers, vice president of Accelerator & Investment Fund at Capital Factory
  • Cindy Revol, principal at Perot Jain
  • Laura Baldwin, managing director at Golden Seeds
  • Mike Marcantonio, principal at Live Oak Venture Partners

The virtual panel is at 9 am on Monday, August 31. More information.

Monday - Women Investing in Women

Two Houston women — Leslie Goldman, co-founder and general partner of The Artemis Fund, and Kim Raath, co-founder and CEO of Topl — are taking the virtual stage to discuss women in investing.

The virtual fireside chat is at 11 am on Monday, August 31. More information.

Monday - Innovating in co-working in a COVID-19 world

Trey Bowles and Delanie Majors from The DEC Network will host CEO and founder of Common Desk, Nick Clark, for a discussion on how COVID-19 affected co-working spaces and the entrepreneurs that used to work out of them.

The virtual panel is at 11:30 am on Monday, August 31. More information.

Tuesday - The Future of Marketing Post COVID-19

In 2020, the world changed as we know it. Hear from these marketing leaders about how the landscape will continue to change, and how you can be equipped to market your business during and after a pandemic. Panelists include:
  • Ramon Mendez, co-founder of Brand Army
  • Phil Lockhart, partner & chief digital officer of Credera
  • Michael Pratt, founder of Digital Fight Club
  • Laci McKinney, founder of The People's Voice Creative Agency
  • Jennifer Cho, executive vice president and general manager if Weber Shandwick

The virtual fireside chat is at 3:15 pm on Tuesday, September 1. More information.

Wednesday - Do You Really Know Your Customer: Customer Segmentation is Key to Success

Learn to keys to customer success from a panel of seven businesswomen, including:

  • Tracey Altman, principal, Altman Consulting
  • Sophia Johnson, founder & president at Alpha Business Images
  • Anjie Vichayanonda, founder & CEO of Leg Up Legal
  • Karen Jenkins, senior director and regional sales executive of Capital One
  • Kristy Alballero, co-founder & COO, IOOGO
  • Kristy Alballero is the co-founder and COO of IOOGO
  • Marty McDonald, CEO of Boss Women Media

The virtual fireside chat is at 10:15 am on Wednesday, September 2. More information.

Wednesday - How Smalls Can Win Big with Department of Defense

Learning to win government contracts can be a challenging task, yet millions of startups in the United States are thriving because of them. As a founder, entrepreneur, or just a curious individual, check out this session to learn about the keys to success in government contracting. Panelists include:

  • David Shaw, co-founder and chief commercialization officer at Astrapi
  • Steve Guengerich, senior adviser at the University of Texas at Dallas
  • Dave Copps, CEO of Hypergiant Sensory Sciences
  • Sam Riehn, business development at Long Capture & Contract Management

The virtual fireside chat is at 11 am on Wednesday, September 2. More information.

Thursday - The State of Corporate Venture

A panel of experts from some of the largest corporations in the world discuss how their companies work with and invest in startups. They will discuss ways to engage with them, what kinds of companies they look to invest in, and how investing has changed during a tumultuous 2020.

  • Duane Dankesreiter, senior vice president of Research and Innovation of Dallas Regional Chamber
  • Aman Sharma, partner of Capital One Ventures
  • Marisa Bertha, senior director at New Business Development & 7-Ventures, 7-Eleven
  • Jim Adler, founding managing director at Toyota Ventures

The virtual fireside chat is at 1:05 pm on Thursday, September 3. More information.

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2 Houston space tech cos. celebrate major tech milestones

big wins

Two Houston aerospace companies — Intuitive Machines and Venus Aerospace — have reached testing milestones for equipment they’re developing.

Intuitive Machines recently completed the first round of “human in the loop” testing for its Moon RACER (Reusable Autonomous Crewed Exploration Rover) lunar terrain vehicle. The company conducted the test at NASA’s Johnson Space Center.

RACER is one of three lunar terrain vehicles being considered by NASA for the space agency’s Artemis initiative, which will send astronauts to the moon.

NASA says human-in-the-loop testing can reveal design flaws and technical problems, and can lead to cost-efficient improvements. In addition, it can elevate the design process from 2D to 3D modeling.

Intuitive Machines says the testing “proved invaluable.” NASA astronauts served as test subjects who provided feedback about the Moon RACER’s functionality.

The Moon RACER, featuring a rechargeable electric battery and a robotic arm, will be able to accommodate two astronauts and more than 880 pounds of cargo. It’s being designed to pull a trailer loaded with more than 1,760 pounds of cargo.

Another Houston company, Venus Aerospace, recently achieved ignition of its VDR2 rocket engine. The engine, being developed in tandem with Ohio-based Velontra — which aims to produce hypersonic planes — combines the functions of a rotating detonation rocket engine with those of a ramjet.

A rotating detonation rocket engine, which isn’t equipped with moving parts, rapidly burns fuel via a supersonic detonation wave, according to the Air Force Research Laboratory. In turn, the engine delivers high performance in a small volume, the lab says. This savings in volume can offer range, speed, and affordability benefits compared with ramjets, rockets, and gas turbines.

A ramjet is a type of “air breathing” jet engine that does not include a rotary engine, according to the SKYbrary electronic database. Instead, it uses the forward motion of the engine to compress incoming air.

A ramjet can’t function at zero airspeed, so it can’t power an aircraft during all phases of flight, according to SKYbrary. Therefore, it must be paired with another kind of propulsion, such as a rotating detonation rocket engine, to enable acceleration at a speed where the ramjet can produce thrust.

“With this successful test and ignition, Venus Aerospace has demonstrated the exceptional ability to start a [ramjet] at takeoff speed, which is revolutionary,” the company says.

Venus Aerospace plans further testing of its engine in 2025.

Venus Aerospace, recently achieved ignition of its VDR2 rocket engine. Photo courtesy of Venus Aerospace

METRO rolls out electric shuttles for downtown Houston commuters

on a roll

The innovative METRO microtransit program will be expanding to the downtown area, the Metropolitan Transit Authority of Harris County announced on Monday.

“Microtransit is a proven solution to get more people where they need to go safely and efficiently,” Houston Mayor John Whitmire said in a statement. “Connected communities are safer communities, and bringing microtransit to Houston builds on my promise for smart, fiscally-sound infrastructure growth.”

The program started in June 2023 when the city’s nonprofit Evolve Houston partnered with the for-profit Ryde company to offer free shuttle service to residents of Second and Third Ward. The shuttles are all-electric and take riders to bus stops, medical buildings, and grocery stores. Essentially, it works as a traditional ride-share service but focuses on multiple passengers in areas where bus access may involve hazards or other obstacles. Riders access the system through the Ride Circuit app.

So far, the microtransit system has made a positive impact in the wards according to METRO. This has led to the current expansion into the downtown area. The system is not designed to replace the standard bus service, but to help riders navigate to it through areas where bus service is more difficult.

“Integrating microtransit into METRO’s public transit system demonstrates a commitment to finding innovative solutions that meet our customers where they are,” said METRO Board Chair Elizabeth Gonzalez Brock. “This on-demand service provides a flexible, easier way to reach METRO buses and rail lines and will grow ridership by solving the first- and last-mile challenges that have hindered people’s ability to choose METRO.”

The City of Houston approved a renewal of the microtransit program in July, authorizing Evolve Houston to spend $1.3 million on it. Some, like council member Letitia Plummer, have questioned whether microtransit is really the future for METRO as the service cuts lines such as the University Corridor.

However, the microtransit system serves clear and longstanding needs in Houston. Getting to and from bus stops in the city with its long blocks, spread-out communities, and fickle pedestrian ways can be difficult, especially for poor or disabled riders. While the bus and rail work fine for longer distances, shorter ones can be underserved.

Even in places like downtown where stops are plentiful, movement between them can still involve walks of a mile or more, and may not serve for short trips.

“Our microtransit service is a game-changer for connecting people, and we are thrilled to launch it in downtown Houston,” said Evolve executive director Casey Brown. “The all-electric, on-demand service complements METRO’s existing fixed-route systems while offering a new solution for short trips. This launch marks an important milestone for our service, and we look forward to introducing additional zones in the new year — improving access to public transit and local destinations.”

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This article originally ran on CultureMap.