Breaking down Houston's 4 new startup accelerator programs

Excelling in accelerating

Houston has seen four new accelerators enter the market this year. Photo by Zview/Getty Images

It's official — 2019 is the year of accelerators in Houston. Four different accelerator programs have announced plans to launch Houston programs this year so far — and they are all bringing something different to the table.

All four of the programs represent global programs or big companies recognizing the potential in Houston, which, according to Yael Hochberg, head of the Rice University Entrepreneurship Initiative, is a key part of the equation.

"When you're talking about a place like Houston, what we need here right now is interest from the outside," Hochberg says. "We need some certification by people from the outside that in fact this is a destination for innovation and entrepreneurship."

Houston's most successful accelerator has been homegrown — right out of the Texas Medical Center. TMCx is on its ninth cohort since it launched in 2014.

Also founded in Houston, SURGE Accelerator had a different fate. It launched in 2011 and closed in 2016. Hochberg says there are a number of reasons for the program's demise including disengaged corporations.

"I do feel there's a lot of opportunity around this, and I don't think we should look at SURGE as some sort of indicator of what will happen to an accelerator in the city," she says. "If anything, I would look at TMCx and look at the potential that we see from that."

The biggest benefit to these accelerator programs, Hochberg says, is the new influx of startups that come to Houston. It's not only the accelerators' cohorts, but just the feasibility of the success and resources available. More startups translates to more investments.

"When you have startup activity and good startups, then money, private investment money will follow," Hochbergs says. "Private investment money doesn't just show up."

But bringing in these programs puts the pressure on the city to focus on the environment it's providing new companies and talent. Innovative companies thrive in major metros with things like protected bike lanes, city living, sustainability — and Houston needs to work on these things, Hochberg says, adding that Houston's ability to boast on its single-family homes is less and less attractive to younger demographics.

Building the city up with these types of infrastructure is going to be key when it comes to retaining these startups that accelerators bring in.

"We can create accelerators from here until tomorrow," Hochberg says. "People will send a couple of people down for two days a week to Houston sit at the accelerator, but they'll keep their company somewhere else and not actually move to Houston. Maybe if you're lucky, they'll open up like a little satellite office. We don't want that."

So, what exactly are the differences between these four new startup accelerators? Here's a breakdown of each.

MassChallenge Texas

Photo via greenstreetdowntown.com

MassChallenge Texas first announced its Houston program in January. The Boston-based accelerator program is currently in its final phase of deciding its inaugural cohort. The program is for early stage companies, and is industry agnostic. Jon Nordby, former director of strategy at Houston Exponential, leads the Houston program as managing director.

Launch: July 2019
Location: Downtown Houston
Number of cohort companies: 25
Length: 6 weeks — July through August
Origin: Boston
Requirements: The program looks for applicants that haven't raised more than $500,000 in equity-based funding and have generated less than $1 million in revenue over the past year.
Equity requirements: None.
Prizes on the line: Free office space, mentorship, and, usually, monetary prizes. (Currently, the organization hasn't confirmed cash prizes for the inaugural cohort.)

Founder Institute

Houston's new Founder Institute chapter has teamed up with Alice. Image courtesy Founder Institute

Founder Institute Houston is the earliest stage accelerator that's not associated with a university. Companies must be in the pre-funding stage of growth, and, while 30 companies will be chosen per cohort, only a fraction will complete the full 14 weeks. The Silicon Valley-originated concept now has chapters in almost 200 cities around the world. FI announced its new chapter in Houston in March after first launching in Austin.

Launch: May 2019
Location: Downtown (out of Station Houston)
Number of cohort companies: 30
Length: 14 weeks
Origin: Silicon Valley
Requirements: Company must be pre-funding.
Equity requirements: 4 percent
Prizes on the line: Cash prizes, discounts, access to worldwide alumni network, etc.

Plug and Play Tech Center

Ahead of entering the Houston market later this year, Silicon Valley's Plug and Play hosted three days of programming surrounding innovation in energy and health care. Natalie Harms/InnovationMap

Plug and Play Tech Center confirmed they were entering the Houston market earlier this month. The Silicon Valley organization has 30 locations all over the world and plans to open five new locations in the United States over the next six months to a year — one being Houston.

Launch: Fourth quarter 2019
Location: Currently scouting for a location.
Number of cohort companies: 20
Length: Three months, twice a year.
Origin: Silicon Valley
Requirements: The program is stage agnostic, but cohorts are focused on a specific industry. Houston's likely to be health and energy/sustainability, though nothing is set in stone.
Equity requirements: None
Prizes on the line: In-house venture capital opportunities, corporate connections, etc.

Ion Smart Cities Accelerator

The historic Sears building in Midtown will transform into The Ion, a Rice University-backed hub for innovation. Courtesy of Rice University

In April, the city announced that Microsoft and Intel were backing a Smart Cities Accelerator program that would accelerate companies with solutions to some of Houston's key problems. The first cohort will be focused on solutions within resilience and transportation, but each cohort will have a different set of issues. With these rotating themes, every cohort will be different.

Launch: September 2019
Location: Station Houston (then later The Ion, when it opens)
Number of cohort companies: 10
Length: 10 months
Requirements: The first set of companies will be chosen for their ability to solve problems within mobility and transportation in Houston. (Other cohorts will have other topics.)
Prizes on the line: Pilot programs and permanent business from the city of Houston.

Blockchain-as-a-service company closes $6 million Series A round. Courtesy of Data Gumbo

Data Gumbo closes $6M round, Alice partners with accelerator, and more Houston innovation news

Short stories

Houston's innovation ecosystem has been busy, and the ongoing 50th anniversary of the Offshore Technology Conference has claimed a lot of attention in town lately. While I'm sure you've seen the big news pieces, like the Texas Medical Center's new details about TMC3 or WeWork's third Houston location, you may have missed some of these short stories.

Need more news rounded up for you? Subscribe to our daily newsletter that sends fresh stories straight to your inboxes every morning.


Data Gumbo closes a $6 million Series A round

Data Gumbo's executive team will use the round of funding to grow its operations. Courtesy of Data Gumbo

Data Gumbo Corp., a Houston-based blockchain-as-a-service company, completed a $6M Series A equity funding round. Saudi Aramco Energy Ventures — the venture subsidiary of Saudi Aramco — and Equinor Technology Ventures —the venture subsidiary of Equinor — co-led the round.

The new capital will be used to grow the company's commercial blockchain network, as well as Data Gumbo's technical, sales and marketing teams at their Houston headquarters and office in Stavanger, Norway. This Series A round brings Data Gumbo's total funding to $9.3 million.

"We enabled the first application of blockchain technology in the offshore drilling industry and will continue to break new ground with applications of BaaS to improve the bottom line of companies of all sizes. Blockchain will have a major impact on the oil and gas industry - and all global industries - and we will lead the charge in its broad adoption for sweeping operational improvements," says Andrew Bruce, CEO of Data Gumbo, in a release. "The partnership with Equinor and Saudi Aramco, and their associated supply chains and partnerships, will provide the momentum for the Data Gumbo BaaS network to gain critical mass." Learn more about Bruce and Data Gumbo here.

Alice and Founder Institute team up

Houston's new Founder Institute chapter has teamed up with Alice. Image courtesy Founder Institute

Pre-seed accelerator, the Founder Institute and Houston-based AI startup resource platform, Alice, announced a partnership to present the "Alice Fellowship" within the Founder Institute Program to help aspiring female founders build impactful and enduring startup companies.

The fellowship allows for female entrepreneurs in the Alice community to apply to the Houston FI program for free, waiving the $50 fee. The best applicants will then be selected to receive the fellowship for free as well. Interested female founders can apply https://fi.co/join/Alice before the application deadline of May 19.

Report shows how Houston fares as a startup city

Houston didn't rank among the best cities for startups — but it didn't make the worst either. Photo by Tim Leviston/Getty Images

Houston performed averagely on a new study from SimpleTexting. The report ranked cities based on their startups' performance — valuation of startups, startup jobs available, number of investors in the region, etc. Here's how Houston ranked. (Note: only the top and bottom 10 cities were ranked, and Houston doesn't appear on any of the top or bottom 10 lists.)

  • Average startup valuation: $4 million (This seems to be about the middle of the pack compared to other cities.)
  • Investor to startup ratio: 2.9 (Houston outranks Austin, which has a 1.5 ratio, in this category but seems to be closer to the bottom than the top.)
  • Startups per 100,000 people: 27.1 (Houston ranks pretty low on the spectrum for this. The 10th worst city is Rochester, New York, which has 17.8.)
  • Startup jobs per 100,000 people: 1.8 (Houston again falls closer to the bottom than the top with this number. The 10th worst city is Tuscon, Arizona, which has 0.88.)

While using different metrics, WalletHub found that Houston is a strong city to start a business. Read that story here.

Clean energy company awarded at EarthX

Trevor Best, CEO of Syzygy Plasmonics, walked away from EarthX $100,000 richer. Photo via LinkedIn

Houston-based Syzygy Plasmonics won $100,000 as one Texas' top CleanTech startup companies at the 2019 EarthX CleanTech Investment Challenge in Dallas. Syzygy is a chemicals startup out of Rice University, and one of their technologies focuses on hydrogen as a fuel option and alternative to gasoline.

TMCx company raises $5.14 million Series A

Philadelphia-based RoundTrip, which is in TMCx's current cohort, closed a hefty Series A round. Photo via roundtriphealth.com

An estimated 3.6 million patients miss or postpone their medical appointments annually, which leads to bigger medical issues that could have been prevented or treated earlier. Philadelphia-based RoundTrip created a platform where patients can book transportation to and from appointments. The startup, which is currently completing TMCx's digital health accelerator program, recently closed its Series A round of $5.14 million led by Motley Fool Ventures.

Houston energy professional publishes female-focused book

The new novel tells the stories of the women within the offshore oil and gas industries. Courtesy of Rebecca Ponton

Rebecca Ponton has published her series of 23 short biographies of women in the offshore oil and gas industry called, Breaking the GAS Ceiling: Women in the Offshore Oil & Gas Industry. Ponton timed the publication ahead of the 2019 Offshore Technology Conference. The book is available on Amazon.

The book features a number of Texas women, including:

  • Marni Zabarsky (MADCON Corp.)
  • Mieko Mahi (freelance petroleum photographer)
  • Alyssa Michalke (previously of TAMKO)
  • Jerry Tardivo Alcoser (works in Chevron's Bakersfield office, but has a home in Houston)
  • Melody Meyer, Katie Mehnert, and Ally Cedeno, who wrote endorsements for the book, live and work in Houston.

Houston O&G consulting company named Great Place to Work

oil and gas

EAG Services received a national recognition for its work environment and employee happiness. Getty Images

Great Place to Work and FORTUNE selected Houston-based EAG Services as one of the 2019 Best Workplaces in Consulting and Professional Services in the small to mid-sized company category. The rankings were based on employees' feedback. EAG Services took the Number 17 spot on the list.

"EAG Services is proud to be recognized by our people for creating one of the best workplaces in the consulting and professional services industry. Our ongoing commitment to keeping culture our priority as well as playing an ever-critical role in hiring has proven to be successful in attracting and building an empowering place to work," says Elizabeth Gerbal, CEO and Founder of EAG Services, in a release.

Here's your one-stop shop for innovation events in Houston in May. Getty Images

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

Where to be

The month of May has business and innovation events aplenty to offer local entrepreneurs and movers and shakers. Scroll through this month's event roundup to find workshops, pitch nights, and more — and stay tuned, as more events will be added.

If you know of innovation-focused events for this month or next, email me at natalie@innovationmap.com with the details and subscribe to our daily newsletter that sends fresh stories straight to your inboxes every morning.

May 2 — SGWomen The Many Shades of Entrepreneurship Celebrating Houston

Startup Grind Houston is recognizing the women behind some Houston startups.

Details: The event is from 6 to 9 pm on Thursday, May 2, at TMC Innovation Institute (2450 Holcombe Blvd). Learn more.

May 7 — Innovative Drug Discovery and Development Kickoff Mini-Symposium

Gulf Coast Consortia for Quantitative Biomedical Science's new program and focus on supporting therapeutics advancement from discovery, through development, and to the clinic.

Details: The event is from 8:45 am to 1 pm on Tuesday, May 7, at Bioscience Research Collaborative (6500 Main Street). Learn more.

May 7 — Startup Co-Founder Matching: Find the Right Partner in Houston

Network and speed pitch with fellow entrepreneurs in town as Founder Institute Houston plays matchmaker.

Details: The event is from 6:30 to 10 pm on Tuesday, May 7, at Station Houston (1301 Fannin St., suite 2440). Learn more.

May 8 — Fireside Chat with Silicon Valley Bank

Explore the journey of a healthcare startup when it comes to investment and take a look back on 2018 investment trends and try to predict what the future of 2019 holds for healthcare companies raising money.

Details: The event is from 5:30 to 8 pm on Wednesday, May 8, at JLabs @ TMC (2450 Holcombe Blvd.). Learn more.

May 9 — High Impact Paid Marketing: Leah Faul, Ameritex Movers

Learn the difference between organic and paid marketing efforts. And learn how what CPC vs CPM means. With these two fundamental concepts learn 5 targeted, high-impact, low-cost digital marketing tactics to reach your growth goals.

Details: The event is from 5 to 6:30 pm on Thursday, May 9, at Station Houston (1301 Fannin St, suite 2440). Learn more.

May 10 — Eternal Energy Lunch n' Learn: SME’s Growth & Technology Commercialization

Led by Eternal Energy's Ashraf Zeid, the session will review key factors in ascertaining technology readiness levels and associated commercialization strategies for oil and gas startups and small businesses.

Details: The event is from 11:30 am to 1 pm on Friday, May 10, at The Cannon (1336 Brittmoore Road). Learn more.

May 10-12 — Comicpalooza

Celebrities, esports, and more will take over downtown Houston for a weekend full of activities.

Details: The event is from Friday, May 10, to Sunday, May 12, at the George R. Brown Convention Center (1001 Avenida de las Americas). Learn more.

May 15 — Fuckup Nights Houston: Momtrepreneurs

Failure is just part of the process. Impact Hub Houston brings this global speaker series to Houston to focus on entrepreneurs that also hold the title of "mom."

Details: The event is from 6 to 8 pm on Wednesday, May 15, at Oakmont Houston (1916 Baldwin St). Learn more.

May 15-16 — Texas A&M New Ventures Competition

The Texas A&M Engineering Experiment Station and the Texas A&M University System along with a growing number of sponsors are working to ensure today's innovative ideas become a reality through the Texas A&M New Ventures Competition.

Details: The event is from Wednesday, May 15, to Thursday, May 16, at Texas A&M University (College Station). Learn more.

May 18-19 — Houston Hackathon

Do you have what it takes to solve the city's problems? Share your expertise with like-minded individuals to make Houston's tech city safer and more efficient.

Details: The event is from Saturday, May 18, to Sunday, May 19, at The Cannon (1336 Brittmoore Road). Learn more.

May 22 — 2019 SEEchange Conference

Network with like-minded businessmen and women looking to propel innovation and business success in Texas.

Details: The event is from 8 am to 8 pm on Wednesday, May 22, at TMC Innovation Institute (2450 Holcombe Blvd). Learn more.

May 22 — Nuts and Bolts of Early Clinical Research

JLabs has tapped into an expert in study designs and trial protocols in early clinical research to help you prepare for the lab to clinic leap.

Details: The event is from 11 am to 2 pm on Wednesday, May 22, at JLabs @ TMC (2450 Holcombe Blvd.).Learn more.

May 22 — A-CON

Calling all data scientists, engineers, analysts, and more — the Analytics Conference Houston focuses on the latest news and updates in the world of analytics today.

Details: The event is from 8 am to 5 pm on Wednesday, May 22, at D&B (7620 Katy Freeway).Learn more.

May 22 — WeWork's Fireside Chat and AMA with Ryan Merket

Join WeWork Labs for a fireside chat with Ryan Merket. Ryan will share lessons, and strategies learned throughout his entrepreneurial career. Now an angel investor, he will share the approaches taken when investing in startups.

Details: The event is from 6 to 8 pm on Wednesday, May 22, at WeWork Labs (708 Main St., 10th Floor). Learn more.

May 28 — Open Project Night

Bring your own idea or just come to listen at this monthly Impact Hub Houston event.

Details: The event is from 6 to 8 pm on Tuesday, May 28, at Black Sheep Agency (611 West 22nd Street). Learn more.


Palo Alto-based Founder Institute is launching its Houston program at Station Houston. Image courtesy Founder Institute

Exclusive: Global early stage accelerator program launches second Texas location in Houston

New to town

Silicon Valley-based Founder Institute has announced its second Texas program in Houston, which will operate out of Station Houston. Founder Institute Houston applications for the inaugural cohort close May 19.

The early stage accelerator focuses on advancing startup companies in the pre-funding phase.

"It's quite different from any other program in Houston currently," says Neal Murthy, director of Founder Institute Houston. "It's an accelerator, but it's an idea-stage accelerator."

Before Founder Institute, Houston's only early stage opportunities were tied to universities — like the University of Houston's Red Labs or Rice University's Owl Spark — and those are typically focused on the university's community and on education, Murthy says.

In anticipation of launch, Founder Institute Houston will host a series of free entrepreneurial events, with the first one being March 19.

The Houston chapter will be ran by three directors: Murthy, a UH lecturer and angel investor, James Phelan, innovation expert with a real estate background, and Tabbie Saenz, Alice community leader and Baker Ripley mentor. Martin Martinez, managing director of Founder Institute Texas, who launched the Austin program, will also join the team.

"What's nice about our team is because we were already colleagues and friends prior to coming together on this project, we already have rapor, we can communicate, and we know each other's working styles, strengths, and weaknesses," says Phelan.

Founded in 2009 by Adeo Ressi and Jonathan Greechan, Founder Institute has chapters in 180 cities in 65 countries. They've contributed to 3,500 companies that have now raised over $800 million.

"Houston's supportive startup community and its affordable living costs have inspired a lot of entrepreneurial enthusiasm in the city. Every year, more co-working spaces and incubators move to Houston and it's now easier to launch a startup here than ever before. We aim to help that trend," Ressi says in a release. "I believe that our structured accelerator program will give potential founders the guidance they need to launch successful technology companies in Houston."

Every chapter focuses on the same idea-stage type of company and selects around 30 companies to participate in a 14-week course of education, mentorship, and business development. The cohort spends around three hours a week in educational programming, but then is expected to spend 20 to 25 hours a week working assignments and business development. It's designed to be tough. Usually, only around 10 founders of the 30 will cross the finish line.

"If they can't handle this course, then there's no way they're going to be a successful founder because this course is a breeze compared to running a company," says Phalen.

The Founder Institute alumni network is huge, and is one of the program's biggest perks. Not only do participants get access to a network successful founders, but they also usually have a foot in the door at the next stage of competitive accelerator programs.

"That's an enormously valuable thing from a fundraising aspect if you have the support from another successful founder standing next to you, vouching for you," Phelan says.

Another thing that makes Founder Institute different is, rather than operating off an equity approach, Founder Institute and its local directors receive warrants from each participating company. And, fellow founders and even program mentors receive a cut too.

"The sharing of that [means] everyone has economic incentives and it encourages collaboration among the cohort itself," Murthy says.

Founder Institute's expansion plan for Texas doesn't end at Austin and Houston. Two other locations in Dallas and San Antonio are also in route to the Lone Star State. However, Houston's a bit different of a city to be in, with it's diversity and large size.

"We are going to be targeting a very diverse community as well. We want to have everyone who hasn't had a chance to access resources like this," Saenz says.

Murthy, who has been a mentor for the Founder Institute in Austin, says it's so remarkable to see how much these founders accomplish in the 14 weeks, and he can't wait to see that affect the Houston ecosystem.

"We think that Houston needs a number of new elements to fill out its ecosystem, and this is one of them — an idea-stage accelerator," Murthy says. "We've seen the success it's had in Austin and globally, and we're hoping to bring that to Houston."

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Houston health tech startup using AI in palliative care scores $256,000 grant to test its product

Med tech moves

A new Houston-based digital advanced care planning company is streamlining some of the most difficult conversations in the health care industry around palliative care.

Founded by Tatiana Fafanova, Dr. Desh Mohan, and Katelin Cherry, Koda Health uses AI to help patients create advance medical care directives and documents—such as a living will—through an easy to use web-based interface.

Koda Health uses a conversational platform where users can enter information about their values, living situations, quality of life wishes, and more while learning about different care options at their own speed. It also uses a proprietary machine learning approach that personalizes audio-video guided dialogue based on the patient's individual and cultural preferences.

The app then autogenerates legal and medical documents, which patients can notarize or electronically witness the forms through the app or on their own.

According to Fafanova, who earned her PhD in in Molecular Medicine at Baylor College of Medicine in Houston and now acts as the company's CEO, what historically has been a time consuming and expensive process, through Koda Health, takes an average of 17 minutes and is completely free of charge to the end user.

"We hope to reduce any outstanding barriers to access that might exist," Fafanova says. "It is very frequently the oldest and the poorest that are the highest utilizers of health care that don't have access to these solutions."

The app is also projected to save health care systems roughly $9,500 per patient per year, as it allows for hospitals and organizations to better plan for what their patient population is seeking in end-of-life-care.

The B2B platform was born out of the TMC's Biodesign Fellowship, which tasked Koda's founding members with finding solutions to issues surrounding geriatric care in the medical center. In March 2020, Koda incorporated. Not long after ICU beds began to fill with COVID-19 patients, "galvanizing" the team's mission, Fafanova says.

"It was no longer this conceptual thing that we needed to address and write a report on. Now it was that people were winding up in the hospital at alarming rates and none of those individuals had advanced care planning in place," she says.

After accelerating the development of the product, Koda Health is now being used by health care systems in Houston, Texas, and Virginia.

The company recently received a Phase I grant of $256,000 from the National Science Foundation, which will allow Koda to deploy the platform at Atrium Health Wake Forest Baptist and test it against phone conversations with 900 patients. Fafanova says the company will also use the funds to continue to develop personalization algorithms to improve Kona's interface for users.

"We want to make this a platform that mimics a high quality conversation," she says.

After Koda completes the Phase I pilot program it will then be eligible to apply for a Phase II award of up to $1 million in about a year.

Koda Health was founded by Tatiana Fafanova, Dr. Desh Mohan, and Katelin Cherry. Photos via kodahealthcare.com

Research: 5 mistakes Houston entrepreneurs should be making

houston voices

We all have heard "you learn from your mistakes," so, why do a lot of startup blogs warn entrepreneurs of the mistakes they shouldn't make when starting a business, but not very many tell them what mistakes they should be making? Some mistakes teach us more than our successes and some of those mistakes are bound to happen anyway, so why not embrace them?

Ben Wiener, a startup founder and managing partner of a Jerusalem-based micro-fund that invests in early-stage startups, provides a list of five mistakes startup founders should be making as early as possible during their entrepreneurial journey in an OnStartups blog post.

Ben Wiener’s Top  Mistakes When Starting a Business 

1. Get Screwed

"It's inevitable. Anyone – your partner, co-founder, employee, investor, or any other character in your unfolding plot – will mess you over. Someone will break your trust, violate a verbal or even written agreement, cut your compensation, or try to steal your equity or destroy your whole company (or all of the above, if you're me). Someone will do something stupid to scuttle your grand plan."

Wiener said to accept the inevitable. Power struggles are real, and the vision you have, someone else on your team may not see it the same way, causing friction. Prepare yourself for this problem and hope it doesn't cause too much damage.

"Upon reflection, you'll likely find that what enabled your misfortune was something you did or didn't do. The screwer-screwee relationship requires at least two people, and there are two sides to every story. Even if you clearly weren't "at fault" – you encountered a terrible, crooked person who did you in – you still need to ask yourself how you allowed yourself to do business with that person," Wiener said.

2. Seek Revenge

"This is an adjunct to the above mistake. Once bitten, your natural impulse may be to bite back. You've lost something – tangible, emotional, some future upside or all of the above – and you want to deny the perpetrator those same things or at least the satisfaction of having caused you that loss."

Wiener recommends trying this at least once. "I predict that not only won't you be successful, but most likely nothing will happen at all, or worse, it will bounce back at you. You'll just feel immature, cheap and dirty and the lingering recollection of that bad feeling probably will be enough to prevent you from playing the revenge card again," he said.

Beyonce said it best, "always stay gracious, best revenge is your paper." Translation: remain cordial, your success will be the best revenge.

3. Tell People Your Venture is in "Stealth Mode"

"It's natural to want to keep your cards close to your vest. Perhaps you're afraid someone will steal your idea, or you lack confidence that you've developed it well enough to convincingly describe it to others. The tech industry has even provided you the gift of a cool-sounding cover: "Stealth Mode," which makes you sound more like a covert spy shrouded in secrecy than an unsure rookie plagued by insecurity. Saying you're in "Stealth Mode" is almost certainly a mistake, for many reasons. First of all, it can easily be interpreted as either pompousness or insecurity, which is bad for your credibility. You're also signaling that you don't trust that person, creating a negative feeling that will likely persist even after you're able to elaborate later on."

You never know who a potential investor or costumer could be, so don't keep everything a secret. Pique people's curiosity. You may even know a potential investor or costumer personally, so "switch to 'Get Out There' mode" as Wiener recommends.

4. Believe that "If You Build It, They Will Come"

"The popularity of the phrase leads some founders to believe, and predict to investors, that they, too, need only to build their amazing new thingy, and the users will come running until the rest looks like a hockey stick. I can assure you that if you just build "it", "they" will almost certainly not come. In startup theory the "coming" of "they" is called "Market Pull" which almost never happens by itself, even among early adopters. Market Pull needs to follow an intense and iterative period of product design, customer development, Product/Market Fit and hands-on "Technology Push" into the target market, which only if successful begets the glorious Market Pull. You'll have to work hard to make the market notice and care, and probably personally engage your early users individually, and that's fine."

5. "Wiener's Favorite Mistake"

"My favorite founder mistake is not appropriately balancing confidence and humility. There's a yin/yang relationship between the two and as you pilot your rocketship forward, you will occasionally find that you've leaned too hard to one side or the other. As a startup founder you need to have a healthy dose of self-confidence. Ok, maybe an unhealthy dose. An overdose. You need to passionately believe that your solution is The Next Big Thing. But overconfidence can be extremely dangerous, for many reasons. It can be misinterpreted by others as arrogance, which can cause damaging interpersonal consequences. If overconfidence morphs into false confidence, it can cloud your vision or your analysis. A great founder must have just as healthy a dose of humility, an understanding of his or her relatively small place in the world. But being too humble can hold you and your venture back."

Wiener said that balancing your self-confidence and humility is something you will have to do every day. You will need to choose which situations require which trait.

What’s The Big Idea? 

When starting your own company, do you want other entrepreneurs to only tell you about their successes? Or, do you want to know their failures as well and what they learned?

"A good entrepreneur wants to talk about their mistakes as well as their successes, and a good investor wants to hear about those mistake and lessons without penalizing the pitch, Wiener said."

If you had a young child or teen in the early 2000s, maybe you heard Hannah Montana sing "Nobody's Perfect." That mantra always has and will remain true. Wiener said to expect mistakes to happen. Embrace them, and then analyze them "as those lessons learned will become important, lasting building blocks in your personal development and the development of your company."

Don't be afraid to make mistakes when starting a business. It would be weird if you didn't, actually. Learn from them and go succeed.

------

This article originally appeared on the University of Houston's The Big Idea. Cory Thaxton, the author of this piece, is the communications coordinator for The Division of Research.

Real estate giant to open another downtown Houston coworking hub

going up

A new downtown Houston skyscraper that's on the rise and expected to be completed by the end of the year will offer flexible office space.

Texas Tower will feature The Square, Hines' flexible office product, the international real estate firm announced with Ivanhoé Cambridge. The 18,000-square-foot space will provide "elevated level of service and amenitization akin to a hospitality environment," according to a news release from Hines.

"We recognize the way our tenants conduct business is rapidly changing. The Square at Texas Tower will provide the highest quality flexible work experience in the market supported by an unparalleled dedication to service and integrity. Its offerings accommodate tenants' temporary teams, task forces, and expansions, and welcomes collaboration and variability," says Hines Senior Managing Director John Mooz in the release.

The Square is scheduled to open in early 2022 in the LEED Platinum office building that's being designed by Pelli Clarke Pelli. The flexible space is a result of a collaboration between Hines and Montreal-based firm, Ivanhoé Cambridge.

"We are thrilled to offer this signature workplace service in Texas Tower," says Jonathan Pearce, executive vice president of leasing and development, office and industrial at Ivanhoé Cambridge. "We have listened to our tenants and understand their need for flexibility of service, duration and built environment. As owner of Texas Tower and long-standing partners with Hines, we thrive to put forward innovative solutions such as The Square, to elevate and support the user experience of our customers and their employees' engagement, attraction, retention, and development."

Hines introduced its coworking concept — Hines² — a few years ago. Hines² already is up and running at two locations: 717 Texas, a 33-story Class A office tower in Houston, and The Kearns Building, a 10-story office building in Salt Lake City. As Hines looks to continued expansion, future cities may include Atlanta, Chicago, San Francisco, Washington, DC, and London, per the release.

The Square's first Houston location opened in 2020 at 717 Texas Ave. Image courtesy of Hines