Rice University's student startup competition names 2024 winners, awards $100,000 in prizes

taking home the W

This year, Rice University's NRLC started with 100 student venture teams before being whittled down to the final five at the championship. Photo courtesy of Rice

A group of Rice University student-founded companies shared $100,000 of cash prizes at an annual startup competition.

Liu Idea Lab for Innovation and Entrepreneurship's H. Albert Napier Rice Launch Challenge, hosted by Rice earlier this month, named its winners for 2024. HEXASpec, a company that's created a new material to improve heat management for the semiconductor industry, won the top prize and $50,000 cash.

Founded by Rice Ph.D. candidates Tianshu Zhai and Chen-Yang Lin, who are a part of Lilie’s 2024 Innovation Fellows program, HEXASpec is improving efficiency and sustainability within the semiconductor industry, which usually consumes millions of gallons of water used to cool data centers. According to Rice's news release, HEXASpec's "next-generation chip packaging offer 20 times higher thermal conductivity and improved protection performance, cooling the chips faster and reducing the operational surface temperature."

The rest of the winners included:

  • Second place and $25,000: CoFlux Purification
  • Third place and $15,000: Bonfire
  • Outstanding Achievement in Social Impact Award and $1,500: EmpowerU
  • Outstanding Achievement in Artificial Intelligence and $1,000: Sups and Levytation
  • Outstanding Achievement in Consumer Goods Prize and $1,000: The Blind Bag
  • Frank Liu Jr. Prize for Creative Innovations in Music, Fashion and the Arts and $1,500: Melody
  • Outstanding Achievement in Climate Solutions Prizes and $1,000: Solidec and HEXASpec
  • Outstanding Undergraduate Startup Award and $2,500: Women’s Wave
  • Audience Choice Award and $2,000: CoFlux Purification

The NRLC, open to Rice students, is Lilie's hallmark event. Last year's winner was fashion tech startup, Goldie.

“We are the home of everything entrepreneurship, innovation and research commercialization for the entire Rice student, faculty and alumni communities,” Kyle Judah, executive director at Lilie, says in a news release. “We’re a place for you to immerse yourself in a problem you care about, to experiment, to try and fail and keep trying and trying and trying again amongst a community of fellow rebels, coloring outside the lines of convention."

This year, the competition started with 100 student venture teams before being whittled down to the final five at the championship. The program is supported by Lilie’s mentor team, Frank Liu and the Liu Family Foundation, Rice Business, Rice’s Office of Innovation, and other donors

“The heart and soul of what we’re doing to really take it to the next level with entrepreneurship here at Rice is this fantastic team,” Peter Rodriguez, dean of Rice Business, adds. “And they’re doing an outstanding job every year, reaching further, bringing in more students. My understanding is we had more than 100 teams submit applications. It’s an extraordinarily high number. It tells you a lot about what we have at Rice and what this team has been cooking and making happen here at Rice for a long, long time.”

HEXASpec was founded by Rice Ph.D. candidates Tianshu Zhai and Chen-Yang Lin, who are a part of Lilie’s 2024 Innovation Fellows program. Photo courtesy of Rice

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Eleven business leaders were selected for a new entrepreneurship-focused council for Rice University. Photo courtesy of Rice University

Rice University taps 11 Houston business leaders for new entrepreneurship council

leadership council

Rice University has named 11 successful business leaders with ties Houston to its inaugural council focused on entrepreneurship.

Frank Liu, a Rice alumnus and founder of the Rice University Liu Idea Lab for Innovation and Entrepreneurship, or Lilie, recruited the entrepreneurs to the council, and each has agreed to donate time and money to the university’s entrepreneurship programs, according to the university.

Members of the council, known as the Lilie’s Leadership Council or LLC, individuals have experience in a variety of fields, from the industrial and automotive sectors to local government and public radio.

"I owe much of my entrepreneurial success to opportunities I had while at Rice University,” Liu says in a statement. “I can't imagine the heights students today can achieve with the resources that now exist through Lilie. Over the last several years, as the No. 1 ranked Graduate Entrepreneurship program in the country, we have seen exponential growth in student engagement, and we have witnessed the life-changing technologies—tackling big problems in industries like energy and healthcare—bred within Lilie classes and programs. I am thankful for the commitment of Lilie's Leadership Council for propelling these founders from the classroom to the community and building the next generation of Houston's economy.”

LCC's inaugural cohort includes:

  • Sandy P. Aron: president of Hunington Properties who has served on the boards of the St. Francis Episcopal Day School of Houston, Congregation Beth Israel of Houston and Jones Partnership at Rice’s Jones Graduate School of Business
  • John Chao, vice president and managing director of Westlake Innovations and board member of Westlake Corp. The Rice alumnus previously served as COO of New York Public Radio and partner in the strategy and finance practice at McKinsey & Co.
  • Shoukat Dhanani, CEO of Sugar Land-based Dhanani Group Inc., a family owned and operated business conglomerate
  • Lorin Gu, founding partner of Recharge Capital and the founding chair of the Global Future Council at the Peterson Institute of International Economics
  • Earl Hesterberg, former CEO of Group 1 Automotive and former group vice president of North America marketing, sales and service for Ford Motor Co., who is currently chairing the capital campaign at Kids Meal Inc. in Houston.
  • Robert T. Ladd, chairman and chief executive of Stellus Capital Investment Corp. who is also chairman of the board of trustees of Rice and a member of the advisory council for the UT Health's McGovern Medical School
  • Frank Liu, co-founder and co-owner of Lovett Industrial and the founder and owner of Lovett Commercial, Lovett Homes and InTown Homes
  • Charlie Meyer, CEO of Lovett Industrial who formerly served as managing director at Hines Interests in Houston and director of construction and development for NewQuest Properties. He currently serves on the board of directors for Generation One and NAIOP Houston.
  • Hong Ogle, president of Bank of America Houston and Southeast/Southwest Division Executive for Bank of America Private Bank who serves on the board of Greater Houston Partnership and Central Houston Inc. and chairs the Bank of America Charitable Foundation in Houston.
  • Annise Parker, Houston’s 61st mayor who is currently CEO of the Victory Fund, a nonprofit devoted to electing pro-equality, pro-choice LGBTQ+ leaders to public office
  • Gary Stein, CEO of Triple-S Steel Holdings who serves on the American Institute of Steel Construction Board and the MD Anderson Cancer Center Board of Visitors

Over the summer, Lilie and Rice's Office of Innovation also announced its 2023 cohort of Innovation Fellows. The program, open to Rice faculty and doctoral and postdoctoral students, provides support to move innovation out of labs and into commercialization and up to $20,000 in funding.

Earlier this year, Lilie also launched a new startup accelerator program for students called the Summer Venture Studio, which ran from May through August.
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Tesla self-driving mode wasn't to blame in Houston-area crash, report suggests

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Federal safety investigators looking into a runaway Tesla that killed a grandmother in her home say the driver had pressed the accelerator to full speed, suggesting the vehicle's self-driving software was not to blame.

The driver had told police that he had the self-driving software turned on, but a report from the National Transportation Safety Board concluded that he had actually overridden that feature when he pushed hard on the pedal. Moments later the Tesla Model 3 raced down a residential street in Katy, Texas, at highway speeds, slammed into a brick home and killed a 76-year-old woman standing in the front room.

The crash last month drew national attention because Tesla CEO Elon Musk is seeking to reassure the public its self-driving feature is safe as he prepares to turn hundreds of thousands of Teslas already on the road into fully automatic vehicles and begin selling two-seated Cybercabs missing steering wheels and pedals.

The crash came two months after officials at a separate federal agency, the National Highway Traffic Safety Administration, announced it was elevating a 2024 investigation of the self-driving feature to new “engineering analysis” level, raising the possibility of a recall of 3.2 million Tesla vehicles.

That NHTSA probe was triggered by crashes where the self-driving feature failed to alert drivers to take control in fog and other poor visibility conditions.

The agency opened an investigation last year into 58 incidents in which Teslas reportedly violated traffic safety laws while using self-driving technology, leading to more than a dozen crashes and fires and nearly two dozen injuries.

Separate from the National Transportation Safety Board, NHTSA is also looking into the Tesla house crash in Texas, one of 46 “special crash” investigations of Tesla's self-driving or driver-assistance technology in the past decade, according to the agency’s records. In more than a dozen of those crashes, at least one person — a driver, passenger or pedestrian — was killed.

Tesla had originally called its driver assistance software Full Self-Driving, or FSD, but auto experts and regulators complained it was misleading because drivers must always keep their eyes on the road and be ready to take over at any time.

The company has since changed the name to Full Self-Driving (Supervised).

Video of the Katy, Texas, accident shows the Tesla traveling at more than 70 mph (112.65 kilometers per hour), jumping a curb then tearing across a lawn before crushing through a brick wall of a home. A woman standing feet away, Martha Avila, was found amid piles of crumbling plaster, split beams and bits of furniture and rushed to a hospital but died.

Sales of Tesla cars still haven't recovered fully from boycotts last year over Musk's political stands, but the stock is rising anyway as he has successfully shifted attention away from the sales figures. He says they matter less now that the company is on the cusp of major technological advances, such as turning Teslas into hands-free vehicles and having its Optimus robots take over for humans for tasks at home and work.

Tesla stock has risen 22% in the past year and is currently trading at 170 times expected annual earnings compared to 20 for the S&P 500.

For its second-quarter financial results, financial analysts surveyed by FactSet expect earnings per share will barely budge — 32 cents versus 33 cents a year earlier — continuing a sixth quarter streak of flat or falling profits.

London AI startup selects Houston for first U.S. office after $20M raise

welcome to houston

London-based AI firm Applied Computing has announced a $20 million Series A round and a new office in Houston.

The new Bayou City office is Applied Computing’s first in the United States and part of its North American expansion. The company is known for its Orbital AI platform, which is tailored for energy operations.

The funding round was led by Houston-based KBR Inc., with participation from San Francisco-based Databricks Ventures. KBR’s investment was first announced in March.

KBR and Applied Computing have also entered into a multi-year agreement to deliver exclusive AI products for the energy sector. KBR already has integrated Orbital into its INSITE 3.0 platform for energy projects, and is also using the product for ammonia production.

Applied Computing’s Orbital platform combines physics-grounded intelligence with models across chemical engineering, time-series forecasting and language, according to the company. The system analyzes sensor readings and can recognize a facility’s equipment constraints and operator activity. The platform can also allow technicians to run simulations of how a change to a facility could affect the rest of its operations.

According to TechCrunch, Applied Computing will use the $20 million to further explore projects and deployments with the energy sector, hire engineering and research positions, and continue to expand internationally, potentially into the Middle East.

The company is also working on deals with a major U.S. stream operator, TechCrunch reports. And Applied Computing shared on LinkedIn that it plans to announce its first partnership with a major European oil company in the coming weeks.

“Yesterday we showed Orbital live in deployments at our demo day at the Energy Institute in London,” Callum Adamson, CEO and co-founder of Applied Computing, posted on LinkedIn on July 16. “Today, we're announcing the capital to scale it globally as well as the launch of our new offices in Houston and Bangalore. In the weeks following, there will be more announcements on our progress, partnerships and deployments.”

The company opened its Bangalore offices in December.

Texas is no longer America's No. 1 most financially distressed state

Report Rebound

After spending an unfortunate year as the No. 1 state with the most people in financial distress, Texas has slightly recovered. But the Lone Star State isn't out of the woods yet: it's still among the five most financially distressed states in America for 2026.

According to WalletHub's 2026 report, Texas sits in the No. 4 spot this year, while Kansas, Louisiana, and Florida moved up to become the top three states with the most financially distressed residents.

The personal finance website's experts compared all 50 states based on residents' average credit scores, the share of people with "accounts in distress" (meaning an account that's in forbearance or has deferred payments), the one-year change in bankruptcy filings from March 2025, and search interest indexes for "debt" and "loans."

Despite improving in the overall ranking, the study found Texas has had the fourth-biggest spike in bankruptcy filings nationally from March 2025 to March 2026. Texas residents also have the 10th worst average credit scores in the country, according to the findings.

This is how Texas ranked across the study's six key dimensions, where No. 1 means "most distressed:"

  • No. 4 – Change in bankruptcy filings from March 2024 to March 2025 rank
  • No. 5 – Average number of accounts in distress rank
  • No. 8 – "Loans" search interest index rank
  • No. 8 – People with accounts in distress rank
  • No. 12 – Credit score rank
  • No. 13 – “Debt” search interest index rank

It feels like inflation and affordability have been top-of-mind for many Americans over recent years, and uncertainty around the national economy also adds another level of distress. That's especially true for Houston residents, which were dubbed the second most financially distressed people in America earlier in 2026.

"Americans have faced significant financial challenges in recent years, as inflation, shifting unemployment levels, public health emergencies, and natural disasters have made it more difficult for many households to stay on top of their bills," the report said.

The top three states that have the least financially distressed residents are Maine (No. 50), Rhode Island (No. 49), and Hawaii (No. 48).

The top 10 most financially distressed states in America for 2026 are:

  • No. 1 – Kansas
  • No. 2 – Lousiana
  • No. 3 – Florida
  • No. 4 – Texas
  • No. 5 – South Carolina
  • No. 6 – Wyoming
  • No. 7 – Georgia
  • No. 8 – California
  • No. 9 – North Carolina
  • No. 10 – Kentucky
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A version of this article originally appeared on CultureMap.com.

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