Attention small business owners: it's time for a financial wellness exam. And Hello Alice has just the tool for you to use. Photo by Hero Images

Much like the humans that run them, businesses need the occasional wellness exam. A fintech company founded in Houston has created a tool for conducting that health check.

Hello Alice announced that its new tool Business Health Score has launched today. The assessment tool can be used by startups and small businesses to navigate their financial and business health. The tool is the first product rolling out from the Equitable Access Program, a new initiative from Hello Alice and the Global Entrepreneurship Network with support from Wells Fargo, JPMorgan Chase, Mastercard, and the Kauffman Foundation.

Hello Alice was co-founded by Elizabeth Gore and Carolyn Rodz and has worked with over one million small businesses to help them access capital. The idea of the Score is to give business owners "a comprehensive overview of a business's financial health," according to the news release from Hello Alice. This information is critical for decision making and works hand-in-hand with all of Hello Alice's existing resources.

Operating as a self-assessment questionnaire, the Score will provide entrepreneurs with a composite number by evaluating three business aspects: financial and business management practices, financial performance and position, and credit history.

“Over the last two years, Americans have applied to start 10.5 million new businesses, leading to a surge in the small business economy and more entrepreneurs who need support to properly grow their businesses," say Gore and Rodz in the release. "We recognized data was missing from the market that would give enterprise partners and financial institutions a clearer picture of the potential that small business owners possess for massive growth and investment."

The Score will help Hello Alice and its partners, which includes financial institutions, navigate the business's unique needs and provide the appropriate financial services and resources.

“We are providing unparalleled visibility through the Business Health Score that will empower small business owners to make more strategic decisions and optimize their growth while giving partners and institutions the insight to best help them through personalized service and product recommendations," the co-founders continue. "The Score and the larger Equitable Access Program we have launched with GEN are a huge step forward in opening up more growth opportunities for small businesses and ecosystem partners.”

Hello Alice and GEN are on a mission of democratizing access to capital so that entrepreneurs from all communities have the ability to grow their businesses sustainably. Last year, Hello Alice launched an entrepreneur-focused credit card that helped businesses more easily set up a line of credit.

“Entrepreneurs are well-equipped to deal with disruption and changing dynamics, but while talent is plentiful, opportunity is not,” says Jonathan Ortmans, founder and president of the Global Entrepreneurship Network, in the release. “The Equitable Access Program and Business Health Score will open doors for small business owners to better manage and grow their businesses, which will lead to more strategic partnership and funding opportunities.”

LevelField Financial is planning a nationwide expansion following a recent acquisition. Photo via Getty Images

Houston financial services firm announces acquisition, plans to grow

M&A radar

A Houston-based financial services company has made a recent strategic acquisition that gives it a new banking status.

LevelField Financial, which is creating a platform that combines traditional banking and digital asset products and services, announced this week that it is acquiring Burling Bank, an FDIC-insured, Illinois state-chartered bank. According to the company, once it receives regulatory approval, "LevelField will be the first full-service bank to offer fully compliant traditional banking and digital asset services."

The financial terms of the deal's transaction, which is expected to close later this year, were not disclosed.

The combined company will be able to provide traditional banking services, as well as LevelField's digital asset management. Burling Bank's senior management team will join LevelField's leadership, per a press release. They will focus on serving the bank's existing clients and growing the banking business nationwide.

"We conducted a broad review of banks in the U.S. to find the ideal institution with both an existing business and a management team who are aligned with our vision; we exceeded our expectations with Burling Bank. With this acquisition, LevelField will become a traditional bank, albeit one serving customers interested in the digital asset class," says Gene A. Grant II, CEO of LevelField Financial, in the release.

"We are thrilled to have the Burling executives join our leadership team, and together we intend to deliver fantastic customer service and well-designed products to customers who have an interest in accessing the digital asset class through a traditional bank," he continues.

Founded in 2018 by former banking executives, LevelField's leadership believes "the future of money is digital and that banks will continue to be a trusted provider of financial services," according to the website. This acquisition comes ahead of the company's plans to expand nationally.

"LevelField's strategic approach presented a tremendous opportunity for the bank to expand beyond our local footprint and serve customers with shared interests across the nation," says Michael J. Busch, Burling Bank president and CEO. "Together, we will continue to provide superior service and demonstrate that we truly understand the expanding and unique needs of our customers. Additionally, through the carefully developed suite of products we can address our customers' interests in digital assets and introduce them to LevelField's safe, simple, and secure platform."

The music industry has adapted to the digital age — so should financial securities. Getty Images

The financial industry needs to digitize not tokenize, says this Houston expert

Guest column

One of my favorite movies growing up was Empire Records. It was the mid-1990s, and the closest we got to Instagram feeds was who had the best mixtapes. If you're not familiar with Empire Records (or what a mixtape is), I recommend watching the movie, but you don't have to worry too much about mixtapes any more.

Since Empire Records was released in 1995, the way we purchase and consume music has fundamentally changed. The physical music store was displaced by iTunes, and then the music industry evolved even further into a streaming economy. It took 24 years, but music evolved and it now operates in a fundamentally different way. Digitization of music was initially viewed as an existential threat to the industry, but in the end, music was digitized globally and the music industry very much survived.

The music industry has evolved and adapted to the digital age. The same happened across countless other industries, including financial services. Today we can invest in publicly traded stocks through a mobile app for free. However, a critical segment of capital markets has not evolved yet. The private securities space.

Transactions in private securities are still done on paper (no, DocuSign does not count as securities digitization.) Administrative costs are kept high due to the amount of paper that is processed and pushed through this system. As long as the foundation of private securities is paper, there is no amount of administrative technology out there to create an efficient market.

Public markets took the plunge into digital long before music did, and digitization of public markets enabled exponential growth globally. Trading volume, access to capital, and liquidity have all increased, and a large part of that can be attributed to the efficient and transparent nature of most public exchanges.

Efficient markets rely on price transparency and information equality. Currently, the private securities markets do not offer either of these characteristics. This is nothing new to people in the alternatives space, but how to reach these lofty goals, to create liquidity and reduce costs, is what I am excited about.

The reduction of cost does not relate only to commissions. There are administrative costs associated with private securities. Information distribution is slow and unilateral, forcing investors to depend on antiquated systems in order to track their investments. Nearly all of these costs are absorbed by the investor, and most efforts to date have not helped address the core issue, analog private security transactions.

Digitization of private securities is fundamentally different than tokenization. Tokenized securities are considered bearer securities. A digitized security, on the other hand, maintains its original status as a registered security, as long as its digitization is implemented in a manner that fits current regulatory requirements. Until recently, that had not been possible in a scalable way. Blockchain changed all of that.

Initial attempts at utilizing blockchain for private markets applied tokenization. Essentially, this configuration took securities that had clearly defined ownership records, anonymized them and put them on a public blockchain such as Ethereum. While there are some benefits to this approach, it also opened doors to significant fraud and securities regulation violations. Tokenization may provide liquidity, but the long-term risk far outweighs the value of liquidity for any prudent investor.

Blockchain does provide a framework that supports compliant digitization of private investments, it's simply not tokenization. The solution lies in using private permissioned blockchains that allow an appropriate degree of technical security while also ensuring transparency and accountability.

Blockchain enables us to maintain a statement of record that is both compliant, and scalable. Across the financial services industry, and across most other industries, blockchain is being deployed to help solve problems that were previously unmanageable. The blockchain is even helping farmers track their crops through IBM's blockchain. iownit has integrated blockchain at the core of our technology, proving that compliant digitization of private securities is possible and scalable.

The United States has a free market economy, so in the end, winners are determined by the market. It is our belief that the digitization of private securities is the responsible way to help this industry evolve. If you're still skeptical, just look at how the public securities markets have evolved since the '70s when electronic stock trading was enabled and the first digital public security trade was placed. Now try and imagine how private security markets will look in four years.

------

Yosef Levenstein is the head of marketing at iownit, a Houston-based financial technology firm that is democratizing how investors and private companies transact.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Waymo self-driving robotaxis will launch in Houston in 2026

Coming Soon

Houston just cleared a major lane to the future. Waymo has announced the official launch of its self-driving robotaxi service in the Bayou City, beginning with employee-only operations this fall ahead of a public launch in early 2026.

The full rollout will include three Texas cities, Houston, Dallas, and San Antonio, along with Miami and Orlando, Florida. Currently, the company operates in the San Francisco Bay Area, Phoenix, and Los Angeles, with service available in Austin and Atlanta through Uber.

Before letting its technology loose on a city, Waymo first tests the routes with human drivers. Once each locale is mapped, the cars can begin driving independently. Unique situations are flagged by specialists, and engineers evaluate performance in virtual replicas of each city.

“Waymo’s quickly entering a number of new cities in the U.S. and around the world, and our approach to every new city is consistent,” explained the announcement. “We compare our driving performance against a proven baseline to validate the performance of the Waymo Driver and identify any unique local characteristics.”

The launch puts Waymo ahead of Tesla. Elon Musk’s Austin-based carmaker has made a lot of hullabaloo about autonomy being the future of the company, but has yet to launch its service on a wide scale.

Waymo started testing San Antonio’s roadways in May as part of a multi-city “road trip,” which also included Houston. The company says its measured approach to launches helps alleviate local concern over safety and other issues.

“The future of transportation is accelerating, and we are driving it forward with a commitment to quality and safety,” Waymo wrote. “Our rigorous process of continuous iteration, validation, and local engagement ensures that we put communities first as we expand.”

---

This article originally appeared on CultureMap.com.

Shipley Donuts launches AI-powered ordering assistant

fresh tech

Popular Houston-born doughnut chain Shipley Donuts has added a first-of-its-kind AI-powered assistant to its online ordering platform.

The new assistant can create personalized order recommendations based on individual or group preferences, according to a news release from the company. Unlike standard chatbox features, the new assistant makes custom recommendations based on multiple customer factors, including budgetary habits, individual flavor preferences and order size.

"We're not just adding AI for the sake of innovation — we're solving real customer pain points by making ordering more intuitive, personalized and efficient," Kerry Leo, Shipley Vice President of Technology, said in the release.

The system also works for larger events, as it can make individual orders and catering recommendations for corporate events and meetings by suggesting quantities and assortments based on group size, event type and budget.

According to Shipley, nearly 1 in 4 guests have completed orders with the new AI technology since it launched on its website.

“The integration of the AI ordering assistant into our refreshed website represents a significant leap forward in how restaurant brands can leverage technology to enhance the customer experience,” Leo added in the release.

Houston company wins AHA competition for pediatric heart valve design

winner, winner

Houston-based PolyVascular, which develops minimally invasive solutions for children with congenital heart disease, was named the overall winner of the American Heart Association’s annual Health Tech Competition earlier this month.

The company was founded in 2014 by Dr. Henri Justino and Daniel Harrington and was part of TMCi's 2017 medical device cohort. It is developing the first polymer-based transcatheter pulmonary valve designed specifically for young children, allowing for precise sizing and redilation as the child grows while also avoiding degradation. PolyVascular has completed preclinical studies and is working toward regulatory submissions, an early feasibility study and its first-in-human clinical trial thanks to a recent SBIR grant from the National Heart, Lung, and Blood Institute.

With the new AHA honor, PolyVascular will be invited to join the association’s Center for Health Technology & Innovation Innovators’ Network, which connects entrepreneurs, providers and researchers to share and advance innovation in cardiovascular and brain health.

“This is a tremendous honor for PolyVascular—we’re especially proud to bring hope to families and children living with congenital heart defects,” Justino said in a news release. “Our technology—a minimally invasive valve that can be expanded over time to grow with the child—has the potential to dramatically reduce the need for repeated open-heart surgeries.”

The Health Tech Competition is a live forum for health care innovators to present their digital solutions for treating or preventing cardiovascular diseases and stroke.

Finalists from around the world addressed heart failure, hypertension, congenital heart defects and other issues that exist in cardiovascular, brain and metabolic health. Solutions were evaluated on the criteria of validity, scientific rigor and impact.

The judges included Texas-based Dr. Eric D. Peterson, professor of medicine in the division of cardiology at UT Southwestern Medical Center, and Dr. Asif Ali, clinical associate professor of cardiovascular medicine at the University of Texas Medical School in Houston and director at Cena Research Institute.

According to the American Heart Association, nearly half of U.S. adults live with some form of cardiovascular disease or stroke.

“The American Heart Association plays a pivotal role in advancing innovative care pathways, and we’re excited that our solution aligns with its guidelines and mission,” Justino said in a news release. “It’s time these life-changing technologies reach the youngest patients, just as they already do for adults.”