Gwyneth Paltrow of Goop took the stage at Venture Houston to discuss investing and entrepreneurship. Photo courtesy of HX Venture Fund

If you're a startup founder, you might have some things in common with movie star-turned-entrepreneur Gwyneth Paltrow, who took the stage at Venture Houston this week.

Paltrow was joined with her investor Dana Settle of Greycroft in conversation with Melinda Spaulding of Texas Southern University as moderator. The duo discussed everything from their working relationship to the opportunities they see here in Houston.

Recognizing that, at the time, her decision to start a company was a bit confusing, Paltrow explained on the panel why she felt drawn to business and entrepreneurship. She described growing up in New York, idolizing her friends' parents on Wall Street, and she connected the dots between artistry and entrepreneurship for the audience.

"It struck me recently that the soul of an artist and the soul of an entrepreneur are actually very similar," she told the crowd. "When you're an artist you have this idea that you want to put out into the world and you think you're the only one that can do it — you have something specific and unique to add and you know you're going to do everything you can to put it into the world and to have success.

"And so you have to have this like abject, ridiculous self belief and you have to persevere through everything," she continued. "All of those qualities are exactly what you need to have as an entrepreneur."

The big difference between being an actor and an entrepreneur , Paltrow added, actors have to wait for someone to give them a job — they can't execute unless they get the part.

"I loved migrating over to being an entrepreneur," she said. "I had very strong feelings and instincts and a passion to connect people to great stuff and information — and I could do it on my own terms. I could do it on my own timeline, and nobody was barring or impeding the execution of those things."

Making the transition into entrepreneurship in such a public way came with its own unique set of challenges for Paltrow. While getting in front of venture capital investors wasn't a challenge, getting them to take her seriously was, she said, not even just because of her fame. The people in the room couldn't understand her company.

"The companies that are doing things for women, investors are having a hard time understanding them. I think that's true through and through," she said. "And it was certainly true when I went to go raise money. Everybody took the meetings, I think to get a selfie for their wife. ... And then they'd be like, 'no, thank you.'"

Greycroft — specifically with Settle — was an exception to the experience. Greycroft invested in Goop in 2019 and HX Venture Fund invested in Greycroft in 2020.

"Not everybody's for everybody. And finding the right investor for your company is so important," Settle said to the crowd. "I think getting those really trusted signals from other founders and other funders is the best way."

Since the event was hosted by HXVF and located in Houston, the topic shifted to the Bayou City and what Paltrow has observed of the ecosystem.

"Houston really has an opportunity to define who you all want to be as an investment community. And I think it's really exciting. You have such a massive influx of people coming here. I think you're set up to to support business in a way that, you know, unfortunately, we don't do in California — we make it a little tough," she said.

"I think it really becomes about articulating who what the community, what what do you want it to be? Who do you want to attract? It doesn't happen out of thin air. There has to be intention around how you articulate what the mission is in Houston for this community and start to talk about it and welcome those kinds of entrepreneurs and and define what you want it to be," she added.

Besides her relatable hatred of Excel, Paltrow shared part of her journey that founders from all backgrounds can identify with — identifying your own strengths and weaknesses.

"I have to be confident in where my strengths lie, and be able to index into those and know that I'm the expert in that domain," she said. "In the group dynamic where everyone brings their expertise to the table is really what makes it work.

"We have this thing as women where we have to do everything and it has to be perfect. It's impossible and it's not true," she continues. "Know your strengths, lean into them, don't be afraid to articulate what your strengths are not, and ask the questions you need to ask."

Settle agreed with Paltrow, adding "The best CEOs that I work with are the ones asking the right questions."

Goop Founder Gwyneth Paltrow and venture capitalists Dana Settle and Mitchell Green will headline Venture Houston next month. Images via venturehouston.com

Gwyneth Paltrow, VCs to headline exciting upcoming Houston summit

coming soon

A Houston-based fund of funds is bringing back its venture-focused event — and this year, you might recognize the keynote speaker.

Venture Houston hosted by the HX Venture Fund will take place on Monday, September 12, at The Ion. The day will kick off with a conversation with Goop founder and Academy Award-winning actress Gwyneth Paltrow in conversation with Dana Settle, co-founder and managing partner of New York-based Greycroft. Goop is among Greycroft's portfolio companies, and HXVF, which deploys capital in to out-of-town VCs they have an interest and intention in investing into Houston startups, invested in Greycroft in 2020.

Some of the event's other speakers — from outside Texas as well as home grown —include LeadEdge Capital's Mitchell Green, Cart.com's Omair Tariq, Solugen's Gaurab Chakrabati, and many more. The full event agenda and list of speakers are both available online.

The program of the event is centered around key topics directly affecting Houston's innovation ecosystem, such as energy transition, sustainability, startup scaling, the future of health care, entrepreneurship, talent acquisition, and more.

“Venture Houston will bring together some of the most proven venture capitalists from the nation to the Houston stage, alongside Houston’s corporate leaders and most innovative entrepreneurs," says Sandy Guitar, managing director of the HX Venture Fund. "We are delighted to bring conversations around lessons learned and best practices to The Ion so that we can continue to nurture the incredible growth we are experiencing in the innovation ecosystem in Houston.”

Venture Houston is supported and sponsored by organizations including Insperity, Rice University, Greater Houston Partnership, Silicon Valley Bank, and Halliburton Labs.

"Houston's innovation ecosystem is experiencing a compelling transformation," says Bob Harvey, president and CEO of the GHP. "Venture Houston 2022 is the premier event for corporate leaders, venture capital investors, and entrepreneurs to plug into what is happening in the city. We are proud to sponsor and share the stage with leaders helping to illuminate the power of venture capital for Houston’s innovation ecosystem."

Registration is open online for the September 12 event.

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Eli Lilly breaks ground on $6.5B pharmaceutical factory in Houston

lilly lands

Leading pharmaceutical company Eli Lilly broke ground today, Sept. 21, on its $6.5 billion manufacturing site at Houston's Generation Park.

The 236-acre, state-of-the art factory is expected to come online in 2030 and will manufacture Foundayo, the company's first synthetic oral GLP-1 medication, as well as other advanced therapeutics.

"We are thrilled to break ground on our latest ‘medicines made in America’ site in the great state of Texas," David Ricks, Lilly chair and CEO, said in a prepared statement. "This $6.5 billion investment will help change the game for tens of millions of people suffering from overweight, obesity and its consequences like diabetes. We will make and ship Lilly’s latest products from Texas to people here at home and around the world.”

Houston was up against more than 300 locations in the U.S. for the factory, as part of Lilly’s $50 billion investment in domestic medicine production that has launched 10 manufacturing sites since 2020. Lilly first announced Houston had been selected for the site last September.

Photo via gov.texas.gov

As Abbott mentioned, the site is expected to create hundreds of jobs, and will hire engineers, scientists, operations personnel and lab technicians once up and running. It will create 4,000 construction jobs while being built.

In an effort to support workforce development, Lilly also announced a $12.5 million commitment to Houston's San Jacinto College in addition to a $2.5 million charitable donation to the San Jacinto College Foundation. The funding will go toward hands-on training, equipment and facilities to support future technicians, operators, maintenance professionals, and other manufacturing talent, according to Lilly. The charitable donation will fund scholarships for students.

"This relationship will build a strong, sustainable talent pipeline for Lilly while creating meaningful, high-demand career opportunities across our region,” Brenda Hellyer, chancellor of San Jacinto College, said in the release.

"When you invest in a place like Houston, you invest in its people first," Edgardo Hernandez, executive vice president and president of Lilly Manufacturing Operations, added. "This facility will run on the talent of this community, powered by our relationship with San Jacinto College. We're hiring across the greater Houston area to help residents build careers close to home."

Rendering courtesy Eli Lilly

Lilly previously said it chose Generation Park, a 4,300-acre, master-planned commercial district near Lake Houston, because of factors such as financial incentives, access to utilities and transportation and the region’s business-friendly environment. Generation Park is home to campuses for San Jacinto College and Lone Star College.

Since Lilly first announced plans for the site, another fellow pharma giant has made plans to move into Generation Park. Bristol Myers Squibb Co. announced last month that it would build a $2.3 billion factory in the district. The site is expected to manufacture small molecule, biologic and antibody-drug conjugates and will also come online around 2030. Read more here.

UH Health names leader of new digital health institute

new exec

Recently launched UH Health has named the first-ever executive director of its new Institute for Digital Healthcare Transformation at the University of Houston.

Beto López has been tapped to lead the new initiative that aims to help develop and commercialize health care technologies centered around university research.

Launched in August, the Institute for Digital Healthcare Transformation leans on experts from UH’s engineering, medicine, business, law and other departments and will connect with industry partners. It will initially focus on mobile health applications, sensors, wearables and artificial intelligence, according to UH.

“Most digital health initiatives and commercialization efforts start with the technology and hope adoption follows. But the translation gap isn't a science problem — it’s a scaffolding problem between researchers, the community and the market,” López said in a news release. “I've spent the past 10 years building that scaffolding in places that weren’t wired for it, and I'm looking forward to building it here at UH to help ensure new health care technologies reach the people and communities that can benefit from them most.”

López previously spent 10 years at San Francisco-based innovation consultancy company IDEO, where he led over 100 projects for Fortune 500 companies and public agencies. He co-founded and served as managing director of the Design Institute for Health at UT Austin’s Dell Medical School; and also co-founded a social venture studio/venture capital fund focused on health care innovation. He worked alongside Houston’s Legacy Community Health during the COVID-19 pandemic.

“Beto understands that breakthrough technology alone doesn't transform health care — it has to be designed around the needs of patients, providers and communities and have a clear path into practice,” Jonathan McCullers, vice president for health affairs at UH, added in the news release. “His experience spanning academic health care and venture capital equips him to bring together researchers, health care organizations, entrepreneurs and investors. This makes him uniquely suited to lead this institute and help turn the university's innovation into solutions that improve people's lives.”

The University of Houston launched UH Health, its new cross-disciplinary academic venture, in July. It aims to bring together the university's health-related education, research and community impact under one umbrella.

ExxonMobil gets approval for $5B Texas Gulf Coast carbon capture project

CCS Expansion

Spring-based ExxonMobil has won approval from the Texas Railroad Commission for a $5 billion carbon capture and storage project in East Texas.

Dominic Genetti, senior vice president of CCS at ExxonMobil, told The Financial Times, which broke the news, that the Railroad Commission’s action is a “major milestone” that lets the company keep expanding along the Gulf Coast. In a 2-1 vote, commissioners authorized a carbon sequestration permit for the project.

“The Railroad Commission clearly recognizes the important role carbon capture and storage can play in meeting growing global demand for lower-carbon products while supporting new jobs and economic growth,” Genetti said.

The U.S. Environmental Protection Agency (EPA) approved ExxonMobil’s Rose CCS project last year.

The project will enable the company to inject about 53 metric tons of industrial customers’ carbon emissions into three underground wells it drilled in the Beaumont-Port Arthur area. Over a 13-year period, ExxonMobil plans to inject about 4 million metric tons per year into the Fleming and Upper Frio rock formations, according to Carbon Herald.

ExxonMobil says it owns the world’s first and largest CCS system, comprising 1,300 miles of CO2 pipeline and secure storage sites. Seventy percent of the pipelines are along the Gulf Coast.

The company ramped up its CCS business in 2023 with the $4.9 billion purchase of Denbury, which owned about 1,000 miles of CO2 pipelines.

“Our expertise, combined with Denbury’s talent and CO2 pipeline network, expands our low-carbon leadership and best positions us to meet the decarbonization needs of industrial customers while also reducing emissions in our own operations,” ExxonMobil Chairman and CEO Darren Woods said when the deal closed.

In January, Genetti wrote in a post on ExxonMobil’s website that the company is committed to CCS “for the long haul.”

“CCS is not new technology, but it’s flown relatively under the radar compared with the attention that production of hydrocarbons commands,” he wrote. “Now, as the world becomes more aware of the need to reduce emissions, CCS finally has a brighter spotlight and a broader runway to scale up.”

The company also announced this week that it has begun CCS operations at a direct reduced iron facility in Convent, Louisiana. The project will capture, transport and store up to 800,000 metric tons of CO2 per year, according to the company.

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This article first appeared on EnergyCapitalHTX.com.