7 Houston entrepreneurs pitch their companies to famed Silicon Valley investor

#HTXTechRodeo

Investor Jason Calacanis lent his time and expertise to seven Houston startups. Photo via twitter.com/houex

Imagine having to pitch your company to a famed investor who has made investments in over 200 companies — seven of which achieved unicorn status. Now, imagine having to do that onstage in front of an audience — in person and virtually viewing.

That was seven Houston entrepreneurs' morning on March 4 during Houston Tech Rodeo. Jason Calacanis heard from the founders and gave his feedback on their business models, as well as general pitch advice. While some of his notes were in the realm of constructive criticism, he stayed pretty positive — for the most part.

"If you're a founder, you're signing up for a 70 percent failure. It's basically a suicide mission, except you don't actually die. You just hit the reset button and go again," Calacanis says to the crowd.

Calacanis also has a great deal of optimism for the region itself, noting on the potential of the innovation ecosystem, and, as an aside, the local basketball team.

"There's no reason Houston as big as a center as Austin has become," Calacanis says. "All it takes is for some of the rich people to say, 'instead of investing in some bond or Wall Street somewhere where they don't know what's going on and to take it and pay it forward with an entrepreneur."

Here are the seven Houston companies that pitched fir Calacanis, as well as some of his feedback.

Topper Luciani, CEO and founder of Goodfair

goodfair

Houston-based Goodfair sells bundles of used clothing at a low cost. Photo courtesy of Goodfair

Kicking things off was Topper Luciani, CEO and founder of Goodfair, CEO and founder of Goodfair. On a mission to counteract the pollution of fast fashion, the company, which launched in 2018, sells second-hand clothing using "mystery shopping," shipping all of their clothing in variety packs chosen according to a customer's size and taste. This eliminates the cost of photographing, measuring, lowering the price for both the customer and the company.

"Climate chance is Gen Z's crisis, and they are our customers," Luciani tells Calacanis and the crowd.

Goodfair expects to do $5 million in revenue this year, as well as raise its seed round. Calacanis give Luciani advice to make sure he answers the question of, in a world with recycled clothing stores and a growing need for environmentalism, why now?

Katharine Forth, CEO and founder of Zibrio

Balancing is important throughout your life, and Zibrio has the tools and tips for you to use to stay centered. Pexels

From NASA to your bathroom floor — Katharine Forth, CEO and founder of Zibrio, has found a new way to track balance. With her company, people can have the everyday ability to figure out how balanced they are on scale of 1 to 10. The scale gathers data from your weight, your postural control, your muscles and other factors to calculate the rating.

But Forth's business is split between two products — a consumer-focused scale and a scale made for medical professionals to use. Calacanis says it's one scale too many and to focus on just one for now. He compared the company to if Uber tried to launch its upgrades its made over the years all at once.

"You're coming out of the gate with UberPool and UberBlack. Big mistake," he says.

Amy Gross, founder and CEO, VineSleuth Inc

vinesleuth

Houston-based VineSleuth created a custom algorithm to match you with new wines based on wines you've had in the past. Courtesy of VineSleuth

Picking wine out isn't rocket science, and yet, "confusion is costing the industry billions," says Amy Gross, founder and CEO, VineSleuth Inc. The company's custom algorithm is backed by research from sensory scientists at Cornell University, and relies on both data collection and machine learning to determine specific wines that will match an individual customer's tastes.

The B2B approach has launched in a few restaurants around town and, as of this week, the Houston Livestock Show and Rodeo's Wine Garden. But how Gross is currently approaching business isn't exactly attractive to investors.

"The business comes across as a small niche business, which is going to cause investors to run," Calacanis explains.

His advice is to use the technology to prove to restaurants and bars that they are overpaying for their wines.

Panos Moutafis, CEO and co-founder, Zenus Biometrics

Zenus Biometrics uses its facial recognition software to provide seamless check in at events around the world. Courtesy of Zenus Biometrics

What started as a convenient way to check into events is now a facial recognition solution to event data. Zenus Biometrics can scan faces of event attendees for security — but also for data analytics, says Panos Moutafis, CEO and co-founder.

While the tech company has already evolved, Calacanis saw even more potential for the software, comparing it to the iPhone. The device is used more for a camera and app usage than an actual phone.

"As technologists we build something," Calacanis says. "Then we find out what people actually use it for."

While based in Houston now, Moutafis mentions that he will soon be relocated to Austin.

Safir Ali, co-founder and CEO of Hamper

Houston-based Hamper, which makes dry cleaning convenient, won the Rockets and BBVA Compass' LaunchPad competition. Courtesy of Hamper

Safir Ali grew up in his parents' dry cleaning store, and he observed that the biggest inconvenience for customers was them trying to make it to the cleaners to get their clothes before it closed. His company, Hamper, aims to provide a solution as "the Red Box of dry cleaning." Customers can deposit their dry cleaning in a kiosk in their office building, and it will be delivered to pick-up locations.

Calacanis liked that Ali has a background in the dry cleaning business."It takes somebody who is so obsessed that they aren't going to give up," he says, adding that he liked Ali's story.

"When you have something new – something that's novel, you could get a lot of attention," Calacanis says. "For things that are not novel, you have to use performance. You have to use the metrics."

Dyan Gibbens, founder and CEO, Trumbull Unmanned

Trumbull Unmanned equips energy companies with data-retrieving drones. Photo via trumbullunmanned.com

Trumbull Unmanned has created an enterprise software company to analyze data collected from drones flying over oil and gas sites. The technology allows workers to maintain a safe distance and still collect the information needed. Dyan Gibbens, founder and CEO, has secured some impressive contracts with companies, including Exxon.

Calacanis asked Gibbens about those contracts and how much they were usually for, but didn't like her first answer.

"Every answer we get as investors is, 'It depends,'" Calacanis says, explaining a "pro tip" for entrepreneurs. " You want to lead with some examples and get some ground truth. Sell us that ground truth."

Calacanis' next piece of advice for Gibbens was to add a second set of data collecting technology, such as a moisture sensor or heat sensor, creating two sets of data for clients.

"Being agnostic to how you solve the problem is [a big opportunity]. Also, that becomes an upsell," Calacanis says.

Ksenia Yudina, founder and CEO, UNest

UNest is a tax-free way to save money for your children's education. Photo via unestapp.com

UNest is using user-friendly app technology to set up college funds for millennial parents. And Founder Ksenia Yudina has gotten some great reception, which has caused financial advisers to take note and even reach out. But Calacanis says they are, in a way, the enemy for her product and she needs to not spread out her resources trying to partner with financial advisers.

"Part of being a successful founder is knowing what you need more and what to stay focused on," Calacanis says. "If you remain a product that people like, everyone is going to drown you in opportunities. And as CEO you have to know when to say no."

The Texas Medical Center has contributed to a $16 million round in a TMCx08 member company. Courtesy of TMCx

TMCx company raises $16 million, Exxon scales work with Houston drone startup, and more innovation news

Short stories

With a busy September just days away, the Houston innovation world has seen an uptick in news. Just in case you missed some, here are some short stories from Houston startups — funding, product launches, clinical trials, oh my.

TMC invests in Luma Health's recent $16 million round

Luma Health, a San Francisco-based startup and TMCx08 cohort member, has closed a $16 million Series B round. The Texas Medical Center contributed to the round, along with U.S. Venture Partners and Cisco. PeakSpan Capital lead the series.

The company has a text-first communication platform to ease and automate the provider-patient conversations. The money, per VentureBeat, will go toward scaling up business.

"As we've spent more time with patients, doctors, and healthcare teams across the country, we've seen the disconnect between patients and clinics — patients really struggle to connect with their clinic, and clinics struggle to simply get a hold of their patients," the companies founders write on their website. "The one consistent theme we've heard after now deploying Luma Health at over 300 clinics is: how can we make it easier for our patients to get started on their care journey and connect with us as they map their personal path to healing?"

ExxonMobil scales its arrangement with Houston drone company

Dyan Gibbons

Dyan Gibbons is the CEO of Trumbull Unmanned. Courtesy of Alice

Houston-based Trumbull Unmanned has provided its drone technology to ExxonMobil since 2014. Now, the major energy company is scaling up its involvement with the local company.

Trumbull was recently awarded a five-year Unmanned Aircraft Systems Agreement and now will expand drone data collection and inspections as part of a new contract.

"Trumbull is grateful to serve amazing clients. After conducting data collection and inspections for ExxonMobil in over 25 locations, we are excited to scale operations starting in the Americas," says Trumbull CEO Dyan Gibbens in a release. "We look forward to helping ExxonMobil integrate amazing safety, efficiency, and data-driven technology into their operations."

Houston-founded startup relocates to Austin

Ben Johnson's business idea turned into a growing company making the lives of apartment dwellers easier. Courtesy of Apartment Butler

A company founded in Houston has moved its headquarters to Austin, according to reports. Spruce — formerly known as Apartment Butler — provides luxury services (like dry cleaning, cleaning, and pet services) to apartment complexes.

Founder Ben Johnson told InnovationMap last December that, even though he's raised two rounds of funding from Houston — a $2 million Seed and a $3 million Series A — it was tough to convince venture capital firms from Houston. Houston-based Mercury Fund and Austin-based Capital Factory contributed to both the company's rounds. Princeton, New Jersey-based Fitz Gate Ventures led the Series A round, and the Houston Angel Network contributed too.

"Every single VC I pitched to wanted to require us to move to Austin as a condition to our funding," Johnson tells InnovationMap in a previous article. "I wanted to grow this business in Houston. I thought I was going to have to move to Austin because there wasn't a VC for us here."

Spruce already has a presence in Austin. The company has its services in 35 Austin-area apartment complexes, per the Austin Business Journal, as well as having Austin-based employees. Earlier this year, Spruce expanded its services to Denver, representing the first out-of-state business for the company.

Houston anti-fungal fabric fashion line launches

Accel Lifestyle is a anti-stink, ethically sourced athletic line. Courtesy of Accel

Houston entrepreneur, Megan Eddings, was disappointed with the athleticwear industry. She couldn't find a company that prioritized ethical and sustainable designs that were made with a fabric that wouldn't hold on to that strong, unpleasant sweat smell. So, a chemist by trade, she made her own.

Now, after months and months of work, Eddings has launched her company and the fitness line, Accel Lifestyle. The products are made in the United States in ethical conditions and shipped in 100 percent biodegradable packaging without any plastics involved. The custom-designed fabric — called the Prema™ fabric, which is now patent pending in 120 countries — doesn't hold onto the stink from working out, meaning consumers will be less inclined to throw them away, preventing unnecessary textile waste.

"I founded Accel Lifestyle because, even though there are so many fitness apparel companies today, none of them hit all the boxes on my checklist. I wanted to support a fashionable fitness apparel company that has an ethical supply chain (no sweatshops), and a fabric that doesn't smell. What did I find? Absolutely nothing. And, I wanted to change that," says Eddings in a release. "With my science background and experience working in science labs at University of Virginia and Brown University, it took 2.5 years to create the fabric from scratch, using the most luxurious threads available and a trade secret protected science."

Houston medical device startup releases positive clinical trial results

Photo via nanospectra.com

A Houston medical device company using nanomedicine has released early results in its clinical trials treating prostrate cancer. Nanospectra Biosciences Inc.'s AuroLase technology uses laser-excited gold-silica nanoparticles with various medical imaging tools to focally remove low to intermediate grade tumors within the prostate, according to its study outcomes published in Proceedings of the National Academy of Sciences.

"As the first ultra-focal therapy for prostate cancer, AuroLase has the potential to maximize treatment efficacy while minimizing side effects associated with surgery, radiation, and traditional focal therapies," says David Jorden, CEO of Nanospectra, in a news release. "We are encouraged by the clinical success of our feasibility study to date and look forward to the initiation, potentially next month, of the pivotal study with an expected cumulative treatment population of 100 subjects."

One of the company's co-founders, Naomi J. Halas, is a professor of biophysics at Rice University.

Canadian oil and gas company with a growing presence in Houston named finalist in World Oil awards

Validere, a Canada-based energy logistics company, is expanding in Houston. Courtesy of Validere

While Houston can't completely claim Canadian oil and gas data company Validere, the company, which has a growing presence in the Bayou City, has been named a finalist in a prestigious awards program.

Validere is a finalist in the World Oil Awards' best data management and application solution award. The company is up against technology from the likes of Schlumberger, Halliburton, Siemens, NOV, Baker Hughes, and more,

The company has created a software that allows for real-time data and both artificial and human intelligence insights to improve its clients' quality, trading, and logistics. The company's technology enhances the ability of oil and gas traders to make informed decisions, which currently are made based off unreliable product quality data. Annually, $2 trillion of product moves around the oil and gas industry, and Validere uses the Internet of Things to improve the current standard of decision making.

Of course, the energy capital of the world has been a major city for growth — something co-founder Nouman Ahmad tells InnovationMap in a previous interview.

"As we think about the long-term future of the business, Houston is one of the most important markets for us going forward," Ahmad says.

From closing a million-dollar raise to being tapped by Google to serve on a council, Houston entrepreneurs have been busy. Courtesy of Security Gate

Company closes $1M round, new nonprofit startup hub launches, and more Houston innovation news

Short Stories

Wrapping up March, there's been a lot of innovator and startup news that's slipped through the cracks. From funds closing and incubator applications opening, here's all the news bits you need to know.

SecurityGate closes $1 million fund

Photo via securitygate.io

Houston-based SecurityGate closed its $1 million seed round on March 22. The lead investor was a private investment group in Houston. The startup, a B-to-B, software-as-a-service cybersecurity company, will use the funds to further refine its business and grow its team.

"We're excited our investment team understands the need for digital transformation in the critical infrastructure security space," CEO and co-founder, Ted Gutierrez says.

In February, SecurityGate traveled to Charlotte, North Carolina, to accept the Game Changers award. Gutierrez said being able to bring home that award really spurred the last leg of the raise.

Impact Hub Houston launches with fundraising campaign

Photo via LinkedIn

Houston's Impact Hub, a nonprofit organization focused on impacting change within the world through startups and technologies, has officially launched. The organization also launched its fundraising campaign called 321 Impact.

Led by Grace Rodriguez, Impact Hub Houston will set up shop in a few "pop-up" locations to truly serve all of the city. The first location will soon be announced, Rodriguez writes online.

Impact Hub Houston also announced a few other projects the organization has launched or is working on:

MassChallenge Texas will open Houston application at kick-off event

Photo via greenstreetdowntown.com

MassChallenge Texas announced its first Houston cohort in January, indicating that applications will open sometime in April. Last week, the zero-equity incubator program revealed that applications will open following an April 10th launch party event. The networking event will be at the Four Seasons in downtown Houston and will take place from 6 to 9 pm. Guests can RSVP here, and startups can begin the application process at masschallenge.org/apply to start their application. The application deadline is May 8, 2019 at noon.

Google taps Houston innovator for AI-focused council

Dyan Gibbons

Courtesy of Alice

Google has selected Houston innovator and founder of Trumbull Unmanned, Dyan Gibbens, as a member of its inaugural Advanced Technology Executive Advisory Council focused on AI. The council will meet with Google's executive leadership quarterly throughout 2019, beginning in April. Kent Walker, senior vice president of Global Affairs at Google, introduced Gibbens, and the fellow council members, in a blog post.

"We hope this effort will inform both our own work and the broader technology sector," writes Walker in the post. "In addition to encouraging members to share generalizable learnings in their ongoing activities, we plan to publish a report summarizing the discussions. Council members represent their individual perspectives, and do not speak for their institutions."

Houston to host nationwide pitch competition finals

Photo via celebrasianconference.com

The country's largest Asian organization is concluding its pitch competition in Houston. The contest, called What's Your Pitch: Innovations Meets the Market, is put on by the United States Pan Asian Chamber of Commerce. Chaired by Diane Yoo, former director of the Rice Angel Network, the semifinal and final rounds will take place in Houston on June 4 and 5, respectively. $100,000 work of cash and prizes is on the line. For more info on the contest, click here.

FutureSight AR selected as the only Texas startup for an international program

future sight AR

Courtesy of Future Sight AR

Houston-based Future Sight AR was selected for Magic Leap's Independent Creators Program in the productivity category and was awarded a grant to continue development. The program, which had over 6,500 applicants, will take place through March and some of April. FutureSight AR, which uses artificial reality to make oil and gas construction workers more productive, is the only startup represented from Texas in the program, says co-founder of the company, Lori-Lee Emshey.

Lyft introduces new programs and opportunities in Houston

Courtesy of Lyft

Lyft will bring or expand three driver-focused programs to the Houston market, the company announced this week.

  • Drivers can opt into Lyft Direct, a bank account with no fees that links to a debit card. Rather than cashing their check from Lyft, drivers can instantly access earnings and even receive points for cash back on specific purchases.
  • Lyft will open a Vehicle Service Center, which is a new and improved version of Lyft Hubs. The idea is to have mechanics work on the vehicles of Lyft drivers at cost, rather than the drivers having to pay full-price for their repairs. Also new to the program is the opportunity to provide mobile repair services for drivers on the go.
  • Lyft announced that Houston will have more locations of the Express Drive program, where Lyft drivers can use a rental car and receive subsidized earnings.

Blockchain entrepreneur profiled by Rice University publication

Courtesy of Topl

Houston-based Topl's co-founder, Kim Raath, was featured in a piece for Rice University as a part of the school's Spotlights on Diversity in Engineering. Her company, Topl, uses blockchain technology to connect the dots on industries — from food to oil and gas. To read the feature of how Raath went from backpacking through developing countries to startup founder, click here.

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Short stories will be a regular roundup on InnovationMap. If your company recently closed on a round, received recognition, or has any news, please email Natalie Harms at natalie@innovationmap.com with the information.

These energy startup leaders are the reason Houston will keep its "energy capital of the world" title. Courtesy images

3 Houston energy innovators to know this week

Who's Who

Houston's known as the energy capital of the world, but it won't stay that way if the city as a whole doesn't work toward innovation. These three professionals started their own companies to improve efficiency and promote ingenuity in their fields. From drones and AI to quicker pipeline data access, this week's three innovators to know are the future of the energy industry.

Lori-Lee Emshey, co-founder of Future Sight AR

Courtesy of Future Sight AR

Growing up the daughter of an oil and gas professional and traveling the world, Lori-Lee Emshey studied journalism and didn't necessarily intend to go into the family business, so to speak. However, that's where she ended up. She was surrounded by innovation and technology in New York working at The Daily Beast, but when she got her first job on an energy construction site, she returned to the antiquated process of pen and paper. The wheels started turning for her.

Future Sight AR is a company that is working on smart device technology for large oil and gas pants, where workers can see — in real time — how to fix a problem or log an issue. The company has done a proof of concept and is looking to do three pilot program as well as a round of funding in early 2019.

Jay Bhatty, CEO and founder of NatGasHub.com

Courtesy of Jay Bhatty

As vice president of energy trading at JPMorgan Chase & Co.'s investment-banking arm, Jay Bhatty felt frustrated by the sluggish nature of natural-gas-trading activities, and he decided to something about it. He founded Houston-based NatGasHub.com in October 2016 to streamline the traditionally complicated processes of moving natural gas from one point to another, and of unearthing data about natural gas pipelines.

After only a little over two years in business, NatGasHub.com already is profitable — a rare feat in the startup world.

Dyan Gibbens, founder and CEO of Trumbull Unmanned

Courtesy of Alice

Dyan Gibbens maybe have thought her true purpose was serving in the military, but it's lately it's leading her Houston-based drone technology company, Trumbull Unmanned, to great success. While in her doctorate program, the Air Force veteran started the idea using unmanned vehicles to patrol refineries and plants in the energy and utilities sector. The company took flight — her first clients were Chevron and ExxonMobil.

Gibbens juggles motherhood and engineering — among other responsibilities — as her company grows and technology evolves.


Dyan Gibbens translated her Air Force experience with unmanned missiles into a drone services company. Courtesy of Alice

Houston drone company has big business on the horizon

The sky's the limit

Dyan Gibbens found her dream career. She studied engineering, learned to fly at the United States Air Force Academy, went into pilot training, and served as engineering acquisitions officer managing stealth nuclear cruise missiles. She even went on to support Air Force One and Global Hawk UAS engineering and logistics. She dedicated five years to active service before transitioning to the reserves.

"When I went to transition, I learned I was permanently disqualified from ever serving again," Gibbens said. "It was devastating to me, because all I've ever wanted to do was serve."

She went into a doctorate program — she already had her MBA — and was close to finishing up when her drone startup took flight. Trumbull Unmanned provides drone services to the energy sector for various purposes. With her experience as a pilot and managing unmanned missiles, she knew the demand for drones was only growing — and, being from Texas, she knew what industry to focus on.

"I wanted to start a company that uses unmanned systems or drones to improve safety and improve the environment and support energy,"

InnovationMap: What exactly does Trumbull Unmanned do?

Dyan Gibbens: We fly drones in challenging and austere environments to collect and analyze data for the energy sector. We fly across upstream, midstream, and downstream either on or off shore. We focus on three areas: digital transformation, inspection and operations, and technology development and integration.

The types data we collect and analyze could be LiDAR — light detection and ranging — to multispectral — to see the help of different properties — to visible — to perform tech-enabled inspections. We've recently hired inspectors in house as well. On LiDAR, we just hired a subject matter expert.

IM: So, the company is growing. What else is new for Trumbull?

DG: We just signed a few five-year agreements with supermajors. We're excited about that and the new hires. We're starting to do more on communications and situational awareness. We're doing more in energy and now in the government.

IM: What were some early challenges you faced?

DG: We are 100 percent organically funded — from our savings and from client contracts. Our first client was ExxonMobil. Our second client was Chevron. We had to prove ourselves over and over. We had to work hard to earn and then maintain that business. For us, it was also adjusting to a fluctuation in cash flow. It was going from a steady job to betting on yourself, and we didn't know anyone in Houston.

IM: What's the state of drone technology in the field?

DG: We've continued to see a hybrid approach toward services. Meaning, there's an in-house component and outsourced component. On the outsourced component, we intend to provide that for our clients. On the in-house component, while we don't train the masses, we do train our clients on request. We've promoted that model from the beginning. We think it makes sense that they are trained to do something simple, like take a picture, but for some of the more difficult projects, they outsource to us.

We're going to continue to see increased autonomy. There are really some amazing things already in autonomy, but there's still a lot of challenges flying in dense environments such as refineries and plants.

IM: How is Houston's startup scenes for veterans? What resources are out there?

DG: The way I see it is veterans have made a commitment to serve us, so we should make a commitment to serve them. That's my philosophy. Large companies have different programs, which is great, and there are entities such as Combined Arms, which has full services for transitioning veterans where you can go in and one-stop shop to get support from everything like getting connected to the VA to help working through PTSD to getting help transitioning to business. There are also really good Service Academy networks. More and more opportunities exist to step up to serve veterans.

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Portions of this interview have been edited.

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Photos: Houston innovation ecosystem celebrates wins at annual event

Houston Innovation Awards

That's a wrap on the 2023 Houston Innovation Awards — and boy did the event deliver on networking, award wins, and plenty of celebrating Houston's tech and entrepreneurship community.

With a crowd of around 600 attendees, the Houston Innovation Awards, which took place on November 8 at Silver Street Studios in partnership with Houston Exponential, celebrated over 50 finalists and a dozen winners across categories. Click here to see who won an award.

Learn more about this year's honorees in InnovationMap's the editorial series:

See below for photos from the event.

The 2023 Houston Innovation Awards took place on Nov. 8.

Photo by Emily Jaschke/InnovationMap

Rice-led initiative looks to make cancer detection affordable, equitable

future of health care

A new initiative from two Houston organizations is hoping to develop affordable health care innovation for early cancer detection.

The Center for Innovation and Translation of POC Technologies for Equitable Cancer Care, or CITEC, will be managed through Rice360 Institute for Global Health Technologies, which is part of an ongoing international effort to prepare the future global health workforce.

Rice will be joined by Baylor College of Medicine, University of Texas MD Anderson Cancer Center, University of Sao Paulo, Barretos Cancer Hospital in Brazil, Mozambique Ministry of Health, and Universidade Eduardo Mondlane in Maputo, Mozambique.

“While early detection and treatment of cancer can improve survival, available tests for early cancer detection are too complex or too expensive for hospitals and clinics in medically underserved areas,” CITEC co-principal investigator Rebecca Richards-Kortum, a Rice bioengineering professor and director of Rice360, says in a news release.

The project is part of a five-year grant from the National Institutes of Health to launch a top-tier research center in the Texas Medical Center to develop point-of-care technologies that improve early cancer detection in low-resource in America and internationally that are effective and affordable. Rice’s leading collaboration group to help secure the grant includes engineers, oncologists and international global health partners from three continents. in low-resource settings in the United States and other countries.

CITEC will aim to target development of POC tests for oral, cervical and gastrointestinal cancers through the first-year grant from the National Institute of Biomedical Imaging and Bioengineering (NIBIB) of $1.3 million—up to $6.5 million over five years. CITEC is funded by a NIBIB grant.

Last month, NIBIB announced that CITEC will be one of six research centers that it will support, along with an additional center, through its Point of Care Technology Research Network (POCTRN).

Dr. Sharmila Anandasabapathy, vice president of global health at Baylor College of Medicine, and Tomasz Tkaczyk, bioengineering professor at Rice, are the other two cco-principals on the initiative.

“CITEC will identify needed technologies, accelerate their development, evaluate their performance and impact in diverse settings and train local users and technology developers to create and disseminate more equitable POC technologies,” Anandasabapathy says in the release.

Houston expert: How to celebrate National Entrepreneurship Month by recruiting, retaining talent

guest column

As November marks National Entrepreneurship Month and Small Business Saturday awaits Nov. 25, it is the perfect time to acknowledge and celebrate the contributions of small businesses to the U.S. economy.

According to the U.S. Small Business Administration, small businesses with 500 or fewer employees have accounted for two thirds of employment growth in the past quarter century. Further research from the Small Business Administration shows Texas alone is home to 3.1 million small businesses, making up 99.8 percent of Texas businesses overall and 44.5 percent of Texas employees.

The numbers are particularly impressive considering the unique business challenges entrepreneurs and small businesses have faced. In a tight labor market, competition for talent remains fierce, and small businesses and startups especially must rely on recruiting strong candidates to generate results. Yet entrepreneurs are often passionately focused on their product or service, which can obscure the finer details of their people management strategy.

Fortunately, there is a way for entrepreneurs to succeed both as business and people leaders. By providing learning and development opportunities, competitive compensation plans and an exceptional workplace culture, they can create an engaged workforce that shares their vision that can be competitive and even win the fight for top talent.

Learning and development opportunities

Especially for a small business, ongoing professional learning and development (L&D) is essential for teams to stay competitive. A robust L&D program also expands the talent pool by creating the possibility of hiring promising candidates who need to acquire additional skills for the role. L&D opportunities can also improve retention. According to 2022 research from McKinsey, lack of career development and advancement opportunities is one of the biggest factors driving employee attrition.

Leaders should assess the needs of their teams to determine the most important areas for L&D. These areas should help employees to develop core competencies necessary for business success, such as teamwork, problem solving and leadership. Offering a variety of options is best practice so employees can develop a wide range of skills, as is leveraging learning opportunities that exist through the normal course of work, like job shadowing and cross training. Tapping into existing experience and knowledge via in-house talent is another resource that can help promote learning and development through mentoring and collaboration.

Compensation and benefits

Working at a small business or startup offers many benefits to professionals in search of a fast-paced environment. However, compensation remains a critical piece of the puzzle for entrepreneurs who want to recruit and retain top talent. A 2022 survey from LinkedIn revealed 89 percent of employees said salary range was the most helpful element in a job description when deciding whether to apply.

While businesses need not disclose their salary bands in a job application, except as required by law, competitive compensation is an important factor for successful recruitment. Small businesses should research the market rate for each position in their organization and conduct a pay audit to understand whether current employees are being compensated fairly. Organizations with positive results should consider mentioning “competitive compensation and benefits package” in job ads or on their website.

For leaders who discover their pay is noncompetitive in their industry, it may be time to reevaluate budgets and create a plan to align salaries with the market averages. Salary growth does not need to happen overnight but can be a part of the bigger picture of recruiting and retaining talent. Leaders can also communicate the total compensation when factoring in the overall value of employer contributions provided in addition to salary, including things like bonuses, paid benefits and 401k contributions, wellness perks, etc.

Organizational culture

Company culture is a foundational element to recruiting and retaining top-tier talent. Research from Gallup found employees who feel connected to their organization's culture are 55 percent less likely to watch for job openings or actively seek out a new role.

As many founders know well, tight-knit teams can work with greater agility than larger organizations. However, on a cultural level, small business and startups face unique culture challenges due to their size. Small organizations’ culture is heavily influenced by the behaviors of leaders, who are highly visible to their employees. When conflicts arise between two employees, the entire team may be drawn in. Employees can also feel under scrutiny if micromanagement is experienced in their workplace.

To build a strong culture, leaders need to have open conversations and gather feedback, including through anonymous survey data. On a small team, the anonymity of company culture surveys becomes even more critical. Employees may feel concerned that management will easily recognize their voice, so survey results should be handled with the utmost discretion and accessible only to essential personnel. When sharing results publicly, leaders should withhold any specific comments or responses in favor of broader statistics about the entire group or identified patterns in the feedback. It is important for leaders to focus on the learnings and awareness the feedback can offer, as opposed to spending time wondering or trying to identify who said what. Even well intended interest around the source of feedback can lead to feelings of breached trust or, in extreme cases, instances of retaliation.

Trust is an essential component, and these steps will help employees in a small business feel comfortable sharing their honest thoughts. Provided management provides open communication and acts on employee survey feedback, employees will also feel heard and that their employer truly cares for their wellbeing.

This month, entrepreneurs across the country should take a moment from their busy schedules to celebrate their successes. National Entrepreneurship Month is an opportunity to recognize the importance of small businesses to the economy. It is also a chance to strengthen small businesses and bolster their ability to compete for talent through building a robust culture and supporting employees.

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Karen Leal is performance specialist with Houston-based Insperity, a provider of human resources offering a suite of scalable HR solutions available in the marketplace.

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