Houston billionaire energy exec buys Texas Monthly

Media on media

Texas Monthly has a new owner. Texas Monthly/Facebook

For the second time in less than three years, Texas Monthly has a new owner. Randa Duncan Williams, chairman of Houston-based midstream oil and gas company, Enterprise Products Partners LP, has purchased the Austin-based magazine. The terms of the sale were not disclosed.

The magazine will become a part of Enterprise Products Company (EPCO), "a privately held company which owns interests in commercial real estate and ranching, as well as a substantial interest in Enterprise Products Partners L.P., a publicly traded midstream energy company," says a release.

"I have been an avid Texas Monthly reader since I was a teenager," says Duncan Williams, chairman of Texas Monthly, LLC, and of EPCO, in the release. "My family is delighted to provide the resources to support this iconic Texas institution which is nationally recognized for its editorial flair."

Williams is the daughter of EPP's late founder, Dan L. Duncan. She has a net worth of $6.2 billion, according to Forbes.

In TM's official statement, president Scott Brown is quoted as saying Duncan Williams wants to own the magazine "forever."

Forever may be what the magazine needs, following a tumultuous era for Texas Monthly, considered to be both a beacon of Texas culture and a shining example of long-form magazine journalism. In 2016, it was purchased from Emmis Communications by Genesis Park, a private investment firm led by Paul Hobby of the famed Houston-based Hobby family. Following that purchase, Hobby took over the role of chairman and CEO of the magazine, launching an arguably rocky tenure for Texas Monthly.

In February 2017, Hobby announced that Tim Taliaferro would be taking over the editor in chief position from Brian Sweany, a longtime TM staffer who climbed the ladder from intern in 1996 to taking the editor position following Jake Silverstein's departure for The New York Times Magazine in 2014. About a dozen notable writers left after Sweany's departure, though it's unfair to say it was a result of the masthead shakeup.

Just a few weeks into the Hobby-Taliaferro regime, journalism watchdog Columbia Journalism Review reported that Texas Monthly, a 13-time National Magazine Award winner, was going in a lifestyle direction. Reader reaction — not to mention the response from the journalism world — was swift, forcing the magazine to backpedal.

A year later, the magazine faced another misstep, this one involving Bumble and an alleged pay-for-play on social media. The somewhat salacious story also broke in the Columbia Journalism Review and eventually led to Taliaferro being moved into the newly created role of chief innovation officer. Thus began a year-long search that ended with Dan Goodgame being named editor in January 2019.

It's not breaking news to say it's an uncertain time for journalism, and Texas Monthly has clearly not survived unscathed. But hopefully Duncan Williams' purchase will help move the "national magazine of Texas" into a new era, one with a clear and bold vision.

For the sake of one of the nation's best magazines, we hope so.

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This article originally ran on CultureMap.

Capital Factory's Texas Startup Roadshow made a pit stop in Houston to discuss investment. Photo by Tim Leviston/Getty Images

Houston still needs capital, talent, and success stories to grow its innovation ecosystem, according to a panel of experts

Show me the money

While Houston has increased its number of capital investments in startups over the recent years, there's more work to be done.

A panel of experts at Capital Factory and J.P. Morgan's Texas Startups Roadshow discussed what the city still needs if it is going to accomplish its mission of being a vibrant, successful place for innovation.

For Blair Garrou, managing director of Mercury Fund, Houston has experienced a growth in the number of opportunities for deals, but his firm can only do so much.

"There's more activity going on right now than my 20 years here — it's coming," Garrou says. "And we don't have enough capital to support it."

Garrou says out-of-Houston firms want to invest in deals here, but they don't want to lead a round — they want Mercury Fund to, and they'll follow. For Garrou, that indicates a credibility problem that needs to be addressed.

Houston Exponential is attempting to right the course on this issue with its HX Venture Fund, says Sandy Wallis, managing director. The fund of funds puts money into non-Houston VCs in hopes that those VCs turn around and invest back into Houston.

"The number one problem I'm trying to help with, which I hear a lot from entrepreneurs, is getting more venture here, Wallis, who co-founded Weathergage Capital, says. "What we're trying to do is make sure that our entrepreneurs are meeting with VCs — not just the ones HX invests in, but all the ones that get into town."

She wants to connect the dots for startups — both to visiting VCs and local corporations, which, she says, are already engaged and interested.

"You can see the fluid activation of our corporates here," Wallis says. "Those corporates are engaging directly with the innovation going on in Houston, and we have our headliner tech companies in place."

One of the things that would spir interest and investment into Houston companies is more success stories coming out of Houston, says Paul Hobby, founding partner at Genesis Park. Focusing on talent — developing leadership, recruitment, and retention — is what the city needs to get there. It has all the other ingredients, he says.

"In Houston, we have the means, the opportunity, the will, the capital, and the risk tolerance to solve our own problems," Hobby says to the crowd.

Houston has been working on developing talent and providing resources for entrepreneurs for the past couple years, and many of those accelerator and incubator programs — like Station Houston, The Cannon, Impact Hub Houston, MassChallenge Texas, etc. — have launched to serve startups.

"We probably have 12 to 15 startup development organizations all with different flavors," Garrou says. "And in doing that, we're still looking to the outside for best practices, like Capital Factory, to ask how we could do this better."

The focus on improving resources for startups will continue, he says, and even more will deliver. However, not every single effort will see success, but that's OK, Garrou says.

"All of these are grand visions that Houston has to keep building," Garrou says. "Some of that won't pan out, but the fact that it's all happening and if 50 percent is successful, then I think we've done our jobs to meet entrepreneurs where they are."

Wallis agrees — in capitalism, you can't win it all.

"Developing Houston is going to have failures and successes, and it's about failing successfully," she says.

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Chevron's Houston-based venture arm launches $300M fund focusing on low-carbon tech

show me the money

Chevron Corp.'s investment arm has launched a $300 million fund that will focus on low-carbon technology.

Chevron Technology Ventures LLC's Future Energy Fund II builds on the success of the first Future Energy Fund, which kicked off in 2018 and invested in more than 10 companies specializing in niches like carbon capture, emerging mobility, and energy storage. The initial fund contained $100 million.

"The new fund will focus on innovation likely to play a critical role in the future energy system in industrial decarbonization, emerging mobility, energy decentralization, and the growing circular carbon economy," Houston-based Chevron Technology Ventures says in a February 25 release.

Future Energy Fund II is the eighth venture fund created by Chevron Technology Ventures since its establishment in 1999. In 2019, the investment arm started a $90 million fund to invest in startups that can help accelerate the oil and gas business of San Ramon, California-based Chevron.

Chevron Technology Ventures' portfolio for low-carbon technology comprises a dozen companies: Blue Planet, Carbon Clean, Carbon Engineering, ChargePoint, Eavor, Infinitum Electric, Natron Energy, Spear Power Systems, Svante, Voyage, Vutility, and Zap Energy.

Only one of the companies in the low-carbon portfolio is based in Texas — Infinitum Electric, located in Round Rock. However, Chevron Technology Ventures is active in the Houston entrepreneurial ecosystem as a participant in the Rice Alliance for Technology and Entrepreneurship, Greentown Labs, The Cannon, and The Ion. Chevron's investment arm was the first tenant at The Ion.

In an August 2020 interview with InnovationMap, Barbara Burger, president of Chevron Technology Ventures, said the investment arm places a priority on helping advance entrepreneurship in Houston. "It is our home court," she said.

Burger said that for Houston to succeed in energy innovation, companies, government agencies, investment firms, and universities must rally around the city.

"We're doing a lot of things right — almost in spite of the world being crazy. … I think constancy of purpose is important," she said. "Despite the headwinds from COVID and despite the headwinds that industries are facing, we need to stay committed to that."

Burger noted that innovation "is not a straight path."

"We've got to plant a bunch of these seeds and see how they grow — we need to water them every day, and then I think we'll have a beautiful garden," she said.

Now's the time to find innovation opportunities in a trustless world, says this Houston expert

guest column

Hidden beneath all the recent events in the technology work, stock market, political landscape, and most of the social problems we see today lies one underlying trend. A trend so powerful that it's causing disruption in nearly every institution out there, and changing the business landscape faster than anyone can keep up.

Trust is gone. I mean completely gone.

At this point, the examples of this are too numerous to list but let's look at the past several months in the United States. In that short period, we saw an incredibly contentious election process, big tech disable the primary communication of a world leader, a mass exodus do decentralized messaging, an explosion in the defi industry and crypto, and a once promising vaccine process somehow not be effective despite being the primary conversation topic for everyone.

And this was all before a bunch of social media users treated the world's greatest stock market like a game, and far after we saw a country divided into two by racial movements, and we have yet to even get to things such as the Russian hacks.

We're left with an absolute mess of a situation where every social contract seems to be broken and the default response to any sort of central authority is being reevaluated. Without doubt we'll eventually figure out some great long-term answers, but at the speed at which the business world works today, it's going to be messy.

Luckily, mess creates opportunity and within all this disruption lies many golden nuggets of opportunity. The last twelve months was likely a watershed moment in key areas and as innovators, and business people — and it's our job to find them. It's what we signed up for and, for many of us, why we do what we do.

If there was ever a time to invest heavily in innovative technologies, today is it. Most of the time businesses are very resistant to change. Their default answer is always "no," and this puts innovators in a constant search of early adopters. But today, we see a different landscape. Businesses of all sizes and industries have been tossed around like a toy ship in an ocean. They do not know which way is up and business as usual seems like an old campfire story. Everyone, everywhere is looking for creative ideas to improve their business, and creative ideas is at the heart of true entrepreneurship and innovation.

Within this disruption also lies a few other key support pillars that should benefit all innovative minded individuals.

  • Despite terrible economic conditions, those invested in tech over the past year have done incredibly well. These individuals should be primed to reinvest their profits into bigger wins.
  • The workforce is truly global, and people are scrambling. The ideas of location being an advantage to hiring is truly disappearing. This means talent acquisition costs are falling through the floor and availability through the ceiling.
  • Consumers and businesses alike have been introduced to new technology so the legwork of explaining things such as defi and blockchain is much easier. It's also easy to find numerous use cases for anything involving proximity, health, privacy, and security.
  • The new administration will be eager to find wins, and invest money in different technologies than the previous. No matter what you think politically about this strategy, the reality is that areas such as healthcare, education, and will offer innovation opportunities. Even regulation itself, which we are likely to see increased, can be a great playground for innovation.

Twenty years ago, the way that business was done is unrecognizable in some industries. Many of the successful business today did not even exist then. Technology has a tendency to change things exponentially so imagine what the next ten years will look like. What are we not seeing today that will be the new business as usual?

The future is ours to create

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Cody Caillet is the founder at Gulf Coast Solutions, a Houston-based technology firm with speed-to-value approach in delivering business technology to impact top-line and bottom-line numbers for a business.

These 3 Houston researchers are revolutionizing health science innovation

research roundup

Research, perhaps now more than ever, is crucial to expanding and growing innovation in Houston — and it's happening across the city right under our noses.

In InnovationMap's latest roundup of research news, a couple local scientists are honored by awards while another duo of specialists tackle a new project.

University of Houston professor recognized with award

Mehmet Orman of UH has been selected to receive an award for his research on persister cells. Photo via UH.edu

Mehmet Orman, assistant professor of chemical and biomolecular engineering at the University of Houston Cullen College of Engineering has been honored with a Faculty Early Career Development Award from the National Science Foundation. The award comes with a $500,000 grant to study persister cells — cells that go dormant and then become tolerant to extraordinary levels of antibiotics.

"Nearly all bacterial cultures contain a small population of persister cells," says Orman in a news release. "Persisters are thought to be responsible for recurring chronic infections such as those of the urinary tract and for creating drug-resistant mutants."

Previously, Orman developed the first methods to directly measure the metabolism of persister cells. He also developed cell sorting strategies to segregate persisters from highly heterogeneous bacterial cell populations, and, according to the release, he will be using his methods in the NSF research project.

Houston researchers collaborate on oral cancer innovation

Dr. Simon Young of UTHealth and Jeffrey Hartgerink of Rice University are working on a new use for an innovative gel they developed. Photo via Rice.edu

Two Houston researchers — chemist and bioengineer Jeffrey Hartgerink at Rice University and Dr. Simon Young at the University of Texas Health Science Center at Houston — have again teamed up to advance their previous development of a sophisticated hydrogel called STINGel. This time, they are using it to destroy oral cancer tumors.

SynerGel combines a pair of antitumor agents into a gel that can be injected directly into tumors. Once there, the gel controls the release of its cargo to not only trigger cells' immune response but also to remove other suppressive immune cells from the tumor's microenvironment. The duo reported on the technology in the American Chemical Society journal ACS Biomaterials Science & Engineering.

SynerGel, combines a pair of antitumor agents into a gel that can be injected directly into tumors, where they not only control the release of the drugs but also remove suppressive immune cells from the tumor's microenvironment.

"We are really excited about this new material," Hartgerink says in a news release. "SynerGel is formulated from a specially synthesized peptide which itself acts as an enzyme inhibitor, but it also assembles into a nanofibrous gel that can entrap and release other drugs in a controlled fashion.

In 2018, the pair published research on the use of a multidomain peptide gel — the original STINGel — to deliver ADU-S100, an immunotherapy drug from a class of "stimulator of interferon gene (STING) agonists."

The research is supported by the Oral and Maxillofacial Surgery Foundation, the National Institutes of Health, the Welch Foundation, the National Science Foundation and the Mexican National Council for Science and Technology.

Texas Heart Institute researcher honored by national organization

Dr. James Martin of Texas Heart Institute has been named a senior member of the National Academy of Inventors. Photo courtesy of THI

The National Academy of Inventors have named Houston-based Texas Heart Institute's Dr. James Martin, director of the Cardiomyocyte Renewal Lab, a senior member.

Martin is an internationally recognized developmental and regenerative biologist and his research is focused on understanding how signaling pathways are related to development and tissue regeneration.

"Dr. Martin has long been a steward of scientific advancement and has proven to be a tremendous asset to the Texas Heart Institute and to its Cardiomyocyte Renewal Lab through his efforts to translate fundamental biological discoveries in cardiac development and disease into novel treatment strategies for cardiac regeneration," says Dr. Darren Woodside, vice president for research at THI, in a news release. "Everyone at the Texas Heart Institute is thrilled for Dr. Martin, whose induction into the NAI as a Senior Member is well-deserved."

Martin has authored over 170 peer-reviewed papers in top journals he holds nine U.S. patents and applications, including one provisional application, all of which have been licensed to Yap Therapeutics, a company he co-founded.

The full list of incoming NAI Senior Members, which includes three professionals from the University of Houston, is available on the NAI website.