Phillip Yates joins the Houston Innovators Podcast to discuss two initiatives he's launching to support diverse founders in Houston. Photo courtesy of Equiliberty

Phillip Yates is juggling a lot. The Houston lawyer started Equiliberty, a technology company that's part financial resource and part social network, to help diverse communities create lasting wealth. Now, he's also launching Diversity Fund Houston — a $3 million initiative to support diverse tech founders — ahead of the inaugural Black Entrepreneurship Week, which Yates is hosting in Houston starting Saturday, November 27.

While it is a handful, all three initiatives align with Yates's goal to move the needle on improving equity when it comes to access to capital, finding a community, and creating institutional change. Just like most Black professional, he's faced his share of challenges — but he's persevered thanks to his mentors, family, and supportive network.

"Everytime I failed, there was somebody there that made sure I stayed on track," Yates shares on the Houston Innovators Podcast.

Now Yates, across his efforts, wants to help create this same type of support for others. Equaliberty connects users to a hyper-local network and mentor, as well as relationships to financial institutions and key resources.

"We're doing two things — we're creating a new asset class for banks and financial institutions, but then also we're building a group of wealth creators in the community who will take ownership in the geographical region they live in, which isn't happening," Yates says. "We throw the word 'gentrification' around, but we never attack it at the root problem, and a lot of times it's ownership."

Ultimately, Yates says he wants to help to move the needle on eliminating poverty in the United States — it's not going to happen overnight or with him alone. One huge step toward this goal is raising awareness of the issues, and that's what he hopes to do with Black Entrepreneurship Week.

BEW will feature several opportunities — from the Black Market, which will allow people to shop local Black merchants, to a special Giving Tuesday event to support Black-focused nonprofits in Houston. Specifically, Yates wants to target a multi-generational crowd — that's what's goring to drive lasting changes.

"When you have a wealth initiative, you can't just talk to the parents or the youth — you're still going to have a missing link there," Yates says on the show, explaining the week's wealth challenge that will reinforce this idea.

Access to wealth is a key focus for Yates, who announced the launch of Diversity Fund Houston this week co-founded by emerging fund managers Tiffany Williams, Kiley Summers, and Yates and in partnership with Bank of America, Houston Area Urban League, Hello Alice, Impact Hub Houston, Equiliberty, DivInc., and Prairie View A&M University.

The fund will target early-stage companies founded by diverse entrepreneurs — tapping into an underserved community, not just because it's the right thing to do but because there are real opportunities. And now is the time to make these changes, Yates says.

"The Black American community is at a point where millennials are coming into their own," Yates says explaining how he's at the opportune point in his life. "I'm stable enough and still young enough where I can make these contributions — and the same thing with my co-founders. ... Time is of the essence for our community."

Yates shares more on what to expect at BEW and with the new fund on the podcast. Listen to the full interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.


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Biosciences startup becomes Texas' first decacorn after latest funding

A Dallas-based biosciences startup whose backers include millionaire investors from Austin and Dallas has reached decacorn status — a valuation of at least $10 billion — after hauling in a series C funding round of $200 million, the company announced this month. Colossal Biosciences is reportedly the first Texas startup to rise to the decacorn level.

Colossal, which specializes in genetic engineering technology designed to bring back or protect various species, received the $200 million from TWG Global, an investment conglomerate led by billionaire investors Mark Walter and Thomas Tull. Walter is part owner of Major League Baseball’s Los Angeles Dodgers, and Tull is part owner of the NFL’s Pittsburgh Steelers.

Among the projects Colossal is tackling is the resurrection of three extinct animals — the dodo bird, Tasmanian tiger and woolly mammoth — through the use of DNA and genomics.

The latest round of funding values Colossal at $10.2 billion. Since launching in 2021, the startup has raised $435 million in venture capital.

In addition to Walter and Tull, Colossal’s investors include prominent video game developer Richard Garriott of Austin and private equity veteran Victor Vescov of Dallas. The two millionaires are known for their exploits as undersea explorers and tourist astronauts.

Aside from Colossal’s ties to Dallas and Austin, the startup has a Houston connection.

The company teamed up with Baylor College of Medicine researcher Paul Ling to develop a vaccine for elephant endotheliotropic herpesvirus (EEHV), the deadliest disease among young elephants. In partnership with the Houston Zoo, Ling’s lab at the Baylor College of Medicine has set up a research program that focuses on diagnosing and treating EEHV, and on coming up with a vaccine to protect elephants against the disease. Ling and the BCMe are members of the North American EEHV Advisory Group.

Colossal operates research labs Dallas, Boston and Melbourne, Australia.

“Colossal is the leading company working at the intersection of AI, computational biology, and genetic engineering for both de-extinction and species preservation,” Walter, CEO of TWG Globa, said in a news release. “Colossal has assembled a world-class team that has already driven, in a short period of time, significant technology innovations and impact in advancing conservation, which is a core value of TWG Global.”

Well-known genetics researcher George Church, co-founder of Colossal, calls the startup “a revolutionary genetics company making science fiction into science fact.”

“We are creating the technology to build de-extinction science and scale conservation biology,” he added, “particularly for endangered and at-risk species.”

Houston investment firm names tech exec as new partner

new hire

Houston tech executive Robert Kester has joined Houston-based Veriten, an energy-focused research, investment and strategy firm, as technology and innovation partner.

Kester most recently served as chief technology officer for emissions solutions at Honeywell Process Solutions, where he worked for five years. Honeywell International acquired Houston-based oil and gas technology company Rebellion Photonics, where Kester was co-founder and CEO, in 2019.

Honeywell Process Solutions shares offices in Houston with the global headquarters of Honeywell Performance Materials and Technologies. Honeywell, a Fortune 100 conglomerate, employs more than 850 people in Houston.

“We are thrilled to welcome Robert to the Veriten team,” founder and CEO Maynard Holt said in a statement, “and are confident that his technical expertise and skills will make a big contribution to Veriten’s partner and investor community. He will [oversee] every aspect of what we do, with the use case for AI in energy high on the 2025 priority list.”

Kester earned a doctoral degree in bioengineering from Rice University, a master’s degree in optical sciences from the University of Arizona and a bachelor’s degree in laser optical engineering technology from the Oregon Institute of Technology. He holds 25 patents and has more than 25 patents pending.

Veriten celebrated its third anniversary on January 10, the day that the hiring of Kester was announced. The startup launched with seven employees.

“With the addition of Dr. Kester, we are a 26-person team and are as enthusiastic as ever about improving the energy dialogue and researching the future paths for energy,” Holt added.

Kester spoke on the Houston Innovators Podcast in 2021. Listen here

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