Gwyneth Paltrow of Goop took the stage at Venture Houston to discuss investing and entrepreneurship. Photo courtesy of HX Venture Fund

If you're a startup founder, you might have some things in common with movie star-turned-entrepreneur Gwyneth Paltrow, who took the stage at Venture Houston this week.

Paltrow was joined with her investor Dana Settle of Greycroft in conversation with Melinda Spaulding of Texas Southern University as moderator. The duo discussed everything from their working relationship to the opportunities they see here in Houston.

Recognizing that, at the time, her decision to start a company was a bit confusing, Paltrow explained on the panel why she felt drawn to business and entrepreneurship. She described growing up in New York, idolizing her friends' parents on Wall Street, and she connected the dots between artistry and entrepreneurship for the audience.

"It struck me recently that the soul of an artist and the soul of an entrepreneur are actually very similar," she told the crowd. "When you're an artist you have this idea that you want to put out into the world and you think you're the only one that can do it — you have something specific and unique to add and you know you're going to do everything you can to put it into the world and to have success.

"And so you have to have this like abject, ridiculous self belief and you have to persevere through everything," she continued. "All of those qualities are exactly what you need to have as an entrepreneur."

The big difference between being an actor and an entrepreneur , Paltrow added, actors have to wait for someone to give them a job — they can't execute unless they get the part.

"I loved migrating over to being an entrepreneur," she said. "I had very strong feelings and instincts and a passion to connect people to great stuff and information — and I could do it on my own terms. I could do it on my own timeline, and nobody was barring or impeding the execution of those things."

Making the transition into entrepreneurship in such a public way came with its own unique set of challenges for Paltrow. While getting in front of venture capital investors wasn't a challenge, getting them to take her seriously was, she said, not even just because of her fame. The people in the room couldn't understand her company.

"The companies that are doing things for women, investors are having a hard time understanding them. I think that's true through and through," she said. "And it was certainly true when I went to go raise money. Everybody took the meetings, I think to get a selfie for their wife. ... And then they'd be like, 'no, thank you.'"

Greycroft — specifically with Settle — was an exception to the experience. Greycroft invested in Goop in 2019 and HX Venture Fund invested in Greycroft in 2020.

"Not everybody's for everybody. And finding the right investor for your company is so important," Settle said to the crowd. "I think getting those really trusted signals from other founders and other funders is the best way."

Since the event was hosted by HXVF and located in Houston, the topic shifted to the Bayou City and what Paltrow has observed of the ecosystem.

"Houston really has an opportunity to define who you all want to be as an investment community. And I think it's really exciting. You have such a massive influx of people coming here. I think you're set up to to support business in a way that, you know, unfortunately, we don't do in California — we make it a little tough," she said.

"I think it really becomes about articulating who what the community, what what do you want it to be? Who do you want to attract? It doesn't happen out of thin air. There has to be intention around how you articulate what the mission is in Houston for this community and start to talk about it and welcome those kinds of entrepreneurs and and define what you want it to be," she added.

Besides her relatable hatred of Excel, Paltrow shared part of her journey that founders from all backgrounds can identify with — identifying your own strengths and weaknesses.

"I have to be confident in where my strengths lie, and be able to index into those and know that I'm the expert in that domain," she said. "In the group dynamic where everyone brings their expertise to the table is really what makes it work.

"We have this thing as women where we have to do everything and it has to be perfect. It's impossible and it's not true," she continues. "Know your strengths, lean into them, don't be afraid to articulate what your strengths are not, and ask the questions you need to ask."

Settle agreed with Paltrow, adding "The best CEOs that I work with are the ones asking the right questions."

Goop Founder Gwyneth Paltrow and venture capitalists Dana Settle and Mitchell Green will headline Venture Houston next month. Images via venturehouston.com

Gwyneth Paltrow, VCs to headline exciting upcoming Houston summit

coming soon

A Houston-based fund of funds is bringing back its venture-focused event — and this year, you might recognize the keynote speaker.

Venture Houston hosted by the HX Venture Fund will take place on Monday, September 12, at The Ion. The day will kick off with a conversation with Goop founder and Academy Award-winning actress Gwyneth Paltrow in conversation with Dana Settle, co-founder and managing partner of New York-based Greycroft. Goop is among Greycroft's portfolio companies, and HXVF, which deploys capital in to out-of-town VCs they have an interest and intention in investing into Houston startups, invested in Greycroft in 2020.

Some of the event's other speakers — from outside Texas as well as home grown —include LeadEdge Capital's Mitchell Green, Cart.com's Omair Tariq, Solugen's Gaurab Chakrabati, and many more. The full event agenda and list of speakers are both available online.

The program of the event is centered around key topics directly affecting Houston's innovation ecosystem, such as energy transition, sustainability, startup scaling, the future of health care, entrepreneurship, talent acquisition, and more.

“Venture Houston will bring together some of the most proven venture capitalists from the nation to the Houston stage, alongside Houston’s corporate leaders and most innovative entrepreneurs," says Sandy Guitar, managing director of the HX Venture Fund. "We are delighted to bring conversations around lessons learned and best practices to The Ion so that we can continue to nurture the incredible growth we are experiencing in the innovation ecosystem in Houston.”

Venture Houston is supported and sponsored by organizations including Insperity, Rice University, Greater Houston Partnership, Silicon Valley Bank, and Halliburton Labs.

"Houston's innovation ecosystem is experiencing a compelling transformation," says Bob Harvey, president and CEO of the GHP. "Venture Houston 2022 is the premier event for corporate leaders, venture capital investors, and entrepreneurs to plug into what is happening in the city. We are proud to sponsor and share the stage with leaders helping to illuminate the power of venture capital for Houston’s innovation ecosystem."

Registration is open online for the September 12 event.

The HX Venture Fund has grown its portfolio of venture capital firms with its latest investments. Getty Images

Houston's fund of funds announces 2 new investments

money moves

The HX Venture Fund, which invests in out-of-town venture capital funds that have their eyes on Houston startups, has grown its portfolio.

The fund of funds now has a portfolio of 10 VCs from across the country, across industries, and across startup stages. According to a recent announcement, the HX Venture Fund has invested in New York-based Greycroft Venture Partners and Washington D.C.-based Revolution Ventures. The announcement also included Boston-based Material Impact and San Francisco-based venBio Global Strategic Fund, however those had been previously reported by InnovationMap.

"We are delighted to partner with the general partners of Greycroft Venture Partners, Material Impact, Revolution Ventures, and venBio Global Strategic Fund," says Sandy Guitar, managing director of HX Venture Fund, in the release. "With their proven expertise and exceptional track records, we are excited to integrate them into Houston networks and not only give them access to the Fund's innovative corporate limited partners, but also harness their knowledge to empower Houston entrepreneurs."

These four VC funds join six others that HXVF has invested in: Austin-based LiveOak Venture Partners and Next Coast Ventures, Washington D.C.-based Updata Partners, Chicago-based Baird Capital, and Boston-based .406 Ventures and OpenView Venture Partners.

"The receptivity of the HX Venture Fund model has exceeded all our expectations. Since early 2019, over 217 venture capital funds across the U.S. have expressed definitive interest in participating in our model," says Guillermo Borda, managing director of HX Venture Fund, in the release.

"It is especially noteworthy that collectively, the ten funds selected for HX Venture Fund's portfolio have $3.7 billion in committed capital in their funds to be invested with Houston on their investment radar," Borda adds. "This is at a time that provides compelling investment opportunities in the economic cycle. This is an exciting time for Houston entrepreneurs and our innovation ecosystem."

Guitar previously told InnovationMap that she's looking to curate a portfolio of VCs that is diverse in industries and stage. Additionally, before investing in a VC, the HX Venture Fund looks for an interest in investing into Houston startups. The hope is that, while not required, the HXVF portfolio funds invest in a Houston startup down the road. Earlier this year, Houston-based Liongard became the fund of funds' first example of that.

"The innovation and talent in Houston are best-in-class; we want to be investing there," says Tige Savage, managing partner at Revolution Ventures, in the release.

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CultureMap Emails are Awesome

Deadline extended: InnovationMap, HX open nominations for new combined awards gala

calling all innovators

Update: The deadline for nominations have been extended to midnight on Sunday, October 2.

InnovationMap is back to honor local startups and innovators — and this time, we've upped the ante.

Houston Exponential and InnovationMap have teamed up to combine their annual awards and event efforts to premiere a brand new program. The Houston Innovation Awards Gala on Wednesday, November 9, at The Ion will be a comprehensive event honoring Houston founders, innovators, investors, and more. InnovationMap and HX, which was acquired earlier this year, are in the same network of ownership.

Nominations are open online until midnight October 2, and nominees will have until October 11 to complete an additional application that will be emailed to nominees directly. A group of industry experts and Houston innovation leaders will review those submissions and determine finalists and winners across 11 categories. The categories for this year's awards are:

  • BIPOC-Owned Business honoring an innovative company founded or co-founded by BIPOC representation
  • Female-Owned Business honoring an innovative company founded or co-founded by a woman
  • Hardtech Business honoring an innovative company developing and commercializing a physical technology across life science, energy, space, and beyond
  • B2B Software Business honoring an innovative company developing and programming a digital solution to impact the business sector
  • Green Impact Business honoring an innovative company providing a solution within renewables, climatetech, clean energy, alternative materials, and beyond
  • Smart City Business honoring an innovative company providing a tech solution within transportation, infrastructure, data, and beyond
  • New to Hou honoring an innovative company, accelerator, or investor that has relocated its primary operations to Houston within the past three years
  • DEI Champion honoring an individual who is leading impactful diversity, equity, and inclusion initiatives and progress within Houston and their organization
  • Investor of the Year honoring an individual who is leading venture capital or angel investing
  • Mentor of the Year honoring an individual who dedicates their time and expertise to guide and support to budding entrepreneurs
  • People's Choice: Startup of the Year selected via an interactive voting portal during of the event
Nominees can be submitted to multiple categories.

Additionally, the awards gala will honor an innovator who's made a lasting impact on the Houston innovation community. While you may nominate an individual for the Trailblazer Award via the online form, the judging committee will not require applications or nominations for this category and will be considering potential honorees from the ecosystem at large. If you are interested in sponsorship opportunities, please reach out to cbuckner@houstonexponential.org.

Last year, InnovationMap introduced its awards program and named 28 finalists and honored the nine winners on September 8. Click here to see more from last year's event.

Tickets for the November 9 event are available online. Early bird tickets will be $60 per person and startup founders will be able to attend for $25.

Click here to submit a nomination or see form below.


Major corporation opens hub for global decarbonization in Houston

seeing green

Management consulting giant McKinsey & Co. plans to spend $100 million over the next decade to pump up Houston’s decarbonization economy.

McKinsey says the initiative will, among other things, focus on:

  • Promoting innovations like carbon capture, utilization, and storage (CCUS) and green hydrogen
  • Revamping business models for carbon-heavy companies
  • Ramping up the community of local startups involved in energy transition
  • Developing talent to work on decarbonization

As part of this program, McKinsey has set up a decarbonization hub in its Houston office, at 609 Main St.

“Decarbonization will lead to a new chapter of economic development, while also addressing a critical problem of climate change,” McKinsey partner Nikhil Ati says.

Global decarbonization efforts over the next three decades will require a $100 trillion investment, according to Utility Dive. Houston, home to 40 percent of publicly traded oil and gas companies, stands to gain a substantial share of that opportunity.

McKinsey’s Houston office has worked for several years on Houston’s energy transition initiatives. For instance, the firm helped produce a study and a whitepaper on energy transition here. The whitepaper outlines Houston’s future as the “epicenter of a global clean hydrogen hub.”

“Texas is the nation’s largest renewable energy producer, home to half of the nation’s hydrogen pipelines, and its companies have unparalleled capabilities in building and operating complex projects,” McKinsey senior partner Filipe Barbosa says. “This is Houston’s moment in time on the global stage.”

McKinsey estimates a Houston-based global hub for clean hydrogen that’s in place by 2050 could generate 180,000 jobs and create an economic impact of $100 billion.

3 Houston innovators to know this week

who's who

Editor's note: In this week's roundup of Houston innovators to know, I'm introducing you to three local innovators across industries — from photonics to robotics — recently making headlines in Houston innovation.

Brad Burke, managing director of the Rice Alliance for Technology and Entrepreneurship

Brad Burke joins this week's Houston Innovators Podcast. Photo via alliance.rice.edu

Collaboration has made a world of a difference for growing Houston's innovation ecosystem, according to Brad Burke, managing director of the Rice Alliance for Technology and Entrepreneurship.

"I think Houston has this culture of collaboration that I suspect that some other major cities don't have in the same way," Burke says on the Houston Innovators Podcast. "And while we're a big city, the entrepreneurial ecosystem feels like a small network of a lot of people who work really well together."

Burke has played a major role in the collaboration of Houston for the past 20 years leading the Rice Alliance, which coordinates many event programs and accelerators — including the Rice Business Plan Competition, energy and life science forums, the Clean Energy Accelerator, Owl Spark, Blue Launch, and more. Click here to read more.

Trevor Best, CEO and co-founder of Syzygy Plasmonics

A new partnership for Houston-based Syzygy will generate 1.2 million tons of clean hydrogen each year in South Korea by 2030. Image via Syzygy

Houston-area energy tech startup Syzygy Plasmonics is part of a new partnership that will develop a fully electric chemical reactor for production of clean hydrogen in South Korea.

The reactor will be installed in the second half of 2023 at Lotte Fine Chemical’s facilities in Ulsan, South Korea. Lotte Fine Chemical, Lotte Chemical, and Sumitomo Corporation of Americas are Syzygy’s partners in this venture.

“Simply improving existing tech isn’t enough to reach the world’s decarbonization goals. Stopping climate change will require industries to reimagine what is possible,” Syzygy co-founder and CEO Trevor Best says in a news release. “Our technology expands the accepted paradigms of chemical engineering. We have demonstrated the ability to replace heat from combustion with renewable electricity in the manufacture of foundational chemicals like hydrogen.” Click here to read more.

Nicolaus Radford, CEO and founder of Nauticus Robotics

Houston-based Nauticus Robotics has hit the public market. Image via LinkedIn

Fresh off its September 13 debut as a publicly traded company, Webster-based Nauticus Robotics Inc. is aiming for $90 million in revenue next year as it dives deeper into the ocean economy.

The stock of Nauticus now trades on the NASDAQ market under the ticker symbol KITT. Nauticus went public following its SPAC (special purpose acquisition company) merger with New York City-based CleanTech Acquisition Corp., a “blank check” company that went public in July 2021 through a $150 million IPO. The SPAC deal was valued at $560 million when it was announced in December.

Nauticus continues to be led by CEO Nicolaus Radford and the current executive team.

“The closing of this business combination represents a pivotal milestone in our company’s history as we take public our pursuit of transforming the ocean robotics industry with autonomous systems,” says Radford, who founded what was known as Houston Mechatronics in 2014. “Not only is the ocean a tremendous economic engine, but it is also the epicenter for building a sustainable future.” Click here to read more.