University of Houston establishes new health care business innovation chair thanks to $2M gift

donation station

Elaine Finger's donation will go toward an endowed chair to advance education, research and innovation in business and health care at the University of Houston. Photo via uh.edu

A Houston philanthropist made a $2 million gift to the University of Houston to advance health care business innovation

Elaine Finger's donation will go toward an endowed chair to advance education, research and innovation in business and health care at the University of Houston. The Elaine W. Finger Endowed Chair in Health Care Business Innovation is a joint appointment in the C.T. Bauer College of Business and the Tilman J. Fertitta Family College of Medicine. The project will aim to catalyze innovative advancements to help the university into a leading hub for innovative solutions.

The endowment was made through the Bauer Foundation, and will be matched dollar-for-dollar via UH’s Aspire Fund. The Aspire Fund is a grant program created by the gift of an anonymous donor that matches all eligible gifts up to $50 million — for a total of $100 million — and is aimed to assist in education, health care innovation research, and industry outreach.

“An investment in health care business innovation is far more than a gift, it is a visionary commitment to the future of healthcare in Houston and beyond,” Diane Z. Chase, UH senior vice president for academic affairs and provost, says in a news release. “The establishment of this Chair is a testament to our shared dedication to developing solutions that will shape the health care landscape for generations to come.”

Bauer College launched the Healthcare Business Institute, or HBI, this summer to address research and innovative solutions for quality, cost and access concerns. HBI also works to connect students, faculty and researchers from Bauer, the Fertitta Family College of Medicine and the highly ranked health law program at the UH Law Center, and other UH programs.

UH will search for a new chair that according to the university, “will be considered a thought leader in health care innovation" and who is of high national prominence and able to elevate the stature of the University of Houston by bringing a record of achievements recognized by membership in the National Academy of Science, National Academy of Medicine or another national academy related to the field of study.

Ravi Aron, research director and professor of health care strategy, currently leads HBI.

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17 Houston entrepreneurs named finalists in annual regional competition

on to the next round

Entrepreneurs from the Houston area have been named finalists for one of the region’s most prestigious business awards.

The 17 finalists are competing for Ernst & Young’s Entrepreneur Of The Year 2024 Gulf South Award. The Gulf South region includes parts of Texas, along with Louisiana and Mississippi.

An independent panel of judges selected the 48 finalists. Contenders were evaluated based on their demonstration of building long-term value through factors such as entrepreneurial spirit, purpose, growth, and impact.

The Houston-area finalists are:

  • Shannon Payne, Allied Fire Protection, Pearland
  • Jay McEntire IV, Arva Intelligence, Houston
  • Andrew Levy, Avelo Airlines, Houston
  • Derek Maetzold, Castle Biosciences, Friendswood
  • Scott Aronstein, Connectivity Source, Houston
  • Joshua Weisman, Construction Concepts, Houston
  • Feras Moussa and Ben Suttles, Disrupt Equity, Houston
  • John Poindexter, J.B. Poindexter, Houston
  • James Ross, LJA Engineering, Houston
  • Asher Kazmann, Locke Solutions, Houston
  • Chad Millis, Millis, Missouri City
  • Mike Francis, NanoTech Materials, Houston
  • Stuart Hinchen and Peter Jenkins, Quva Pharma, Sugar Land
  • Trevor Best and Suman Khatiwada, Syzygy Plasmonics, Houston
  • Hal Brumfield, Tachus Fiber Internet, The Woodlands
  • Jared Boudreaux, Vector Controls and Automation Group, Pearland
  • Ting Qiao, Wan Bridge, Houston

“The finalists of this year are audacious entrepreneurs who are making a significant impact in their respective industries and communities,” says Anna Horndahl, an EY partner and co-director of the EOY Gulf South Program.

“These pioneers, chosen by an independent panel of judges, showcase relentless commitment to their businesses, customers and communities. We are thrilled to acknowledge their accomplishments,” adds Travis Garms, an EY partner and co-director of the EOY Gulf South Program.

Houston makes top 10 list of metros with most millionaires

living large

Anew population analysis has unveiled an exclusive view into how the elite live in the U.S., including a surprising discovery that Houston-The Woodlands-Sugar Land has the No. 9 highest concentration of millionaire households in the country.

The study by online real estate marketplace Point2Homes compared household data among millionaires in the 30 biggest U.S. metropolitan areas, including four Texas metros, between 2017 and 2022.

The report found that the number of U.S. households that earned at least $1 million a year more than quadruped within the five-year period, with the highest concentration of millionaire households located in the New York-Newark-Jersey City area across New York, New Jersey, and Pennsylvania.

There are just under 2,900 millionaire homeowners living across the Houston metro, making up 0.11 percent of all households in the area. The report revealed a majority (32.9 percent) of millionaires in Houston are actually Gen Xers, with the second highest share going to baby boomers (28.9 percent).

Most interestingly, the youngest generation, Gen Z, make up 15.4 percent of all millionaire households in Houston, with millennials making up 21.5 percent, according to the report. But the Gen Z percentage is misleading; as the report clarifies, there aren't actually that many Gen Z millionaires walking among us in H-Town.

"Instead, this high share is most likely almost entirely due to the people aged 15 to 24 who are still living with their (millionaire) owner parents," the report explained. "Unfortunately, living in a millionaire owner household does not a millionaire owner make — but it does come with some serious perks."

Physicians make up Houston-The Woodlands-Sugar Land millionaires' main occupations across all age groups, the study also found.

This is how Houston's millionaires live
The saying goes, "Go big or go home," and Houston's millionaire homeowners are taking that to heart when it comes to their own lavish households.

The report discovered the typical home owned by a millionaire in Houston-The Woodlands-Sugar Land is a five bedroom, nine total-room house, with an average assessed value of $1,466,682. As for wheels, a Houston-based millionaire is likely to have less than three vehicles (2.8) on average.

By comparison, the average value for a millionaire homeowner's abode in San Francisco-Oakland-Berkeley, California is $2,816,196, the highest amount out of all 30 U.S. metros in the report.

Big, expensive homes don't come without big costs to maintain them, the report reminds. And when it comes to managing finances for wealthy earners, making more money doesn't necessarily mean they'll be saving that income.

"Rather, it just means bigger homes with bigger mortgages and maintenance expenses; more cars; much costlier schools; and more over-the-top lifestyles, which simply bite bigger chunks out of the family's big budget," the report said. "However, despite the 'risks,' most of us would probably choose to have rich people problems. Or, as the saying goes, crying in a Ferrari might just feel better than crying in a Toyota when all is said and done."

Millionaire lifestyles across Texas
In a comparison of all Texas metro areas, Houston-The Woodlands-Sugar Land claimed the highest share of millionaire homeowners statewide. Dallas-Fort Worth-Arlington took the No. 2 spot, while Austin-Round Rock-Georgetown rounded out the top three. San Antonio-New Braunfels took No. 4 in the statewide analysis.

Dallas-Fort Worth-Arlington was right behind Houston in the national standings, ranking No. 10, with nearly 2,650 millionaire households situated in the Metroplex. DFW's millionaires are mainly chief executives and legislators, or physicians. Gen Xers (44.1 percent) make up the highest share of the metro's millionaires, with baby boomers (24.7 percent) not too far behind.

Austin-Round Rock-Georgetown, however, fell to No. 24 in the national ranking with only 749 millionaire households calling the Texas Capital home. Austin's millionaires are mainly chief executives and legislators, or other types of high-level mangers. Gen Xers (34.9 percent) make up the highest share of the metro's millionaires, with millennials (30.8 percent) not too far behind.

San Antonio-New Braunfels ranked at the bottom of the study at No. 29, above Pittsburgh, Pennsylvania. There were only 414 millionaire households in the metro area between 2017-2022, and a majority of them (38.4 percent) were Gen X physicians.

The top 10 metros with the highest share of millionaires in the U.S. are:

  • No. 1 – New York-Newark-New Jersey City, New York-New Jersey-Pennsylvania
  • No. 2 – Los Angeles-Long Beach-Anaheim, California
  • No. 3 – San Francisco-Oakland-Berkeley, California
  • No. 4 – Boston-Cambridge-Newton, Massachusetts-New Hampshire
  • No. 5 – Washington-Arlington-Alexandria, D.C.-Virginia-Marland-West Virginia
  • No. 6 – Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin
  • No. 7 – Miami-Fort Lauderdale-Pompano Beach, Florida
  • No. 8 – Seattle-Tacoma-Bellevue, Washington
  • No. 9 – Houston-The Woodlands-Sugar Land, Texas
  • No. 10 – Dallas-Fort Worth-Arlington, Texas

The full report and its methodology can be found on point2homes.com.

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This article originally ran on CultureMap.

Energy leader named CEO of startup, May events, and more top Houston innovation news

now trending

Editor's note:Let's roundup the most-read Houston innovation news from the week. Trending Houston tech and startup articles from InnovationMap and its daily newsletter included a roundup of events not to miss, a new CEO for an innovative energy tech company, and more.

Exclusive: Houston hydrogen spinout names energy industry veteran as CEO

Prabhdeep Singh Sekhon, who previously held roles at companies such as NextEra Energy Resources and Hess, was named CEO of Gold H2. Photo courtesy of Golf H2

Cleantech startup Gold H2, a spinout of Houston-based energy biotech company Cemvita, has named oil and gas industry veteran Prabhdeep Singh Sekhon as its CEO.

Sekhon previously held roles at companies such as NextEra Energy Resources and Hess. Most recently, he was a leader on NextEra’s strategy and business development team.

Gold H2 uses microbes to convert oil and gas in old, uneconomical wells into clean hydrogen. The approach to generating clean hydrogen is part of a multibillion-dollar market. Continue reading.

10+ can't miss Houston business and innovation events for May

Don't miss these May events — from expos and conferences to panels and pitch days. Photo via Getty Images

From pitching competitions to expert speaker summits, May is chock-full of opportunities for Houston innovators.

Here's a roundup of events you won't want to miss out on so mark your calendars and register accordingly. Continue reading.

Houston innovation leaders secure SBA funding to start equitability-focused energy lab

Impact Hub Houston partnered with Energy Tech Nexus to establish the Equitable Energy Transition Alliance and Lab to accelerate startup pilots for underserved communities. Photo via Getty Images

A group of Houston's innovation and energy leaders teamed up to establish an initiative supporting equitability in the energy transition.

Impact Hub Houston, a nonprofit incubator and ecosystem builder, partnered with Energy Tech Nexus to establish the Equitable Energy Transition Alliance and Lab to accelerate startup pilots for underserved communities. The initiative announced that it's won the 2024 U.S. Small Business Administration Growth Accelerator Fund Competition, or GAFC, Stage One award.

"We are incredibly honored to be recognized by the SBA alongside our esteemed partners at Energy Tech Nexus," Grace Rodriguez, co-founder and executive director of Impact Hub Houston, says in a news release. "This award validates our shared commitment to building a robust innovation ecosystem in Houston, especially for solutions that advance the Sustainable Development Goals at the critical intersections of industry, innovation, sustainability, and reducing inequality." Continue reading.

Houston organization launches virtual accelerator, seeks 10 biotech startups

Calling all biotechnology startups. Photo via Getty Images

A Houston organization — freshly funded by a $700,000 U.S. Economic Development Administration’s “Build to Scale” grant — is seeking its first accelerator cohort of industrial biology startups.

Founded by Houston-based First Bight Ventures, the BioWell has launched a virtual accelerator program that will provide programming, networking, mentorship, and financial resources to its inaugural cohort of 10 bioindustrial startups. The selected companies will also have access to specialized pilot bioproduction infrastructure throughout the nine-month program.

“BioWell equips startups with more than just capital. We provide a foundation for breakthrough innovations by combining access to cutting-edge bioproduction facilities with expertise that nurtures scalability. This comprehensive support is crucial for transforming pioneering ideas into market-ready solutions that can address pressing global challenges,” Carlos Estrada, head of venture acceleration at BioWell, says in a news release. Continue reading.

Report: Houston's VC trends so far in 2024 and what to watch for the rest of the year

Geothermal investment is up, but health tech is down — plus more data-backed VC trend from 2024 so far. Photo via Getty Images

Houston-based geothermal company Fervo Energy accounted for more than half of the venture capital raised by Houston-area startups in the first quarter of 2024.

The region’s VC haul in the first quarter totaled $462.4 million, according to the PitchBook-NCVA Venture Monitor. That’s up from $290.4 million during the same period in 2023 and from $285.8 million in the fourth quarter of last year. Click here to see the Q1 rounds as reported by InnovationMap.

Fervo’s latest funding round, announced in February, represented $244 million (52 percent) of the region’s VC total for the first quarter of 2024. Continue reading.

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