A Rice University course on fostering innovation at your company, investor Q&As, a summit for drone and robotics within the energy industry, and more online events not to miss this month. Getty Images

Virtual events at this point has become the new normal for Houston's innovation ecosystem. From interactive Q&As and virtual pitches to online courses and panels, here's what's in store for Houston entrepreneurs this month.

July 1 — The Ion Smart and Resilient Cities Accelerator Cohort 2 Demo Day

The Ion Smart and Resilient Cities Accelerator Cohort 2's Demo Day will be filled with sessions that speak to Cohort 2's themes of air quality, water purification, and cleantech efforts in Houston. These sessions will feature the work that is currently being done, and highlight the work that needs to be done.

Details: This event takes place Wednesday, July 1, from 9 a.m. to 5 p.m. Learn more.

July 8 — HXTV'S HouTech Talks ft. AvidXchange

Tyler Gill and Chris Elmore of AvidXchange join HXTV for a live Q&A that will tackle the big questions on everyone's mind, like how founders should adjust in the face of the pandemic and what fundraising will look like once the pandemic loosens its grip.

Details: This event takes place Wednesday, July 8, from 1 to 2 pm. Learn more.

July 9 — Intro to Investing & Ask Me Anything with Dumb Money and Joshua Baer

Join Capital Factory as they walk you through the ins and outs of investing in startups, stocks, and more with guest speakers from Dumb Money.


Details: This event takes place Thursday, July 9, from 2 to 3:30 pm.Learn more.

July 11 — Enventure Basecamp: Business Building Workshop

Enventure's community-driven business building basecamp series returns this June to support a local innovator construct their healthcare venture. This month, BioVentures team DiaPacer is featured.

Details: This event takes place Saturday, July 11, from 9 a.m. to noon. Learn more.

July 14 — HXTV's VC Ask Me Anything Virtual Event featuring Plug and Play

In this virtual event, Neda Amidi, Milad Malek, and Payal Patel will share information about Plug and Play's investment activities and other plans in Houston.

Details: This event takes place Tuesday, July 14, from 5 to 6 p.m. Learn more.

July 14-16 — Energy Drone & Robotics Virtual Summer Summit

Ahead of its fall summit, Energy Drone & Robotics is bringing live industry keynotes, asset owner panels, moderated discussion groups, 1:1 meetings, demos and use cases with hardware, software and service solution providers virtually.

Details: This event takes place Tuesday, July 14, to Thursday, July 16. Learn more.

July 15 — Maintaining an Ecosystem in a Time of Uncertainty

At this event, General Assembly is hosting local leaders to discuss how they are coping with the COVID-19 devastation and what they're doing to maintain community and interaction within their groups.

Details: This event takes place Wednesday, July 15, from 6 to 7:30 p.m.Learn more.

July 16 — HXTV's VC Ask Me Anything Virtual Event featuring Bowery Capital

Bowery Capital is an early-stage venture capital investor focused exclusively on founders looking to modernize business through technology. The live Q&A that will tackle the big questions on everyone's mind, like how founders should adjust in the face of the pandemic and what fundraising will look like once the pandemic loosens its grip.

Details: This event takes place Thursday, July 16, from 3 to 4 pm. Learn more.

July 16-17 — MassChallenge's Virtual Showcase

Hear from all 56 startups in the Houston cohort as well as the Boston, Austin, and Rhode Island cohorts. The showcase environment is a premier opportunity for hear directly from the founding teams and get a sneak peek at the future of business and technology. At the center of the event will be the startup demo booths where each company will actively pitch their mission and business to event guests.

Details: This event takes place Thursday, July 16, to Friday, July 17, from noon to 3 p.m. Learn more.

July 17 — Open Innovation and Problem-Solving in an Organization

Open innovation enables firms to leverage data, talent and expertise to rapidly generate new ideas, solve problems and find efficiencies. This Rice University course will help business leaders identify urgent and critical problems amenable to open innovation solutions and develop creative strategies and implementation through open innovation.

Details: This event takes place Friday, July 17, from 9 to 11 a.m. Learn more.

July 29 — Transition into Tech (For Oil and Gas Professionals)

What happens when you've realized it's time for a change? For many, it can be as simple as a new look, a new restaurant, or a trip out of town. But what about when it's your career and livelihood that needs to be revamped? This can happen for any number of reasons, but the challenges and questions remain the same - what's next and how do I get there?

Details: This event takes place Wednesday, July 29, from 6 to 7:30 p.m.Learn more.

Two Houston venture capitalists weigh in on the state of startup investing in an economic climate recovering from the COVID-19 crisis. Getty Images

Houston-based venture firm closes recent fund and reflects on COVID-19's effect on investing

must be the money

It's no secret that — in light of coronavirus-caused closures, market disruption, and historic unemployment — venture capitalist might be a little more hesitant to join in on a startup's investment round. Yet one Houston VC group has managed amidst the crisis — and even succeeded in closing its most recent fund.

Fitz Gate Ventures, which operates out of Houston but with the support of Princeton University, announced the closing of its Fund II on May 5. Focusing on seed and pre-seed rounds, co-founders and managing directors Mark Poag and Jim Cohen will be looking for startups across industries — usually with some revenue and customer base — to write around $500,000 checks to.

At a virtual panel event hosted by Houston Exponential, the investors say they have appreciated focusing on smaller deals in times like these — it's allowed them to work closely with their portfolio of 15 startups, two of which (Cheers and Spruce) have roots in Houston.

"We are definitely more hands-on with our founders," Cohen says on the panel, noting that it feels like they are having board meetings daily — virtually, of course.

Most of these meetings, Poag explains, are focusing on making sure the portfolio startups have enough runway with their cash reserves to make it at least through the end of the year without any new sales. Of course, that's meant cutting salaries and employees and finding other options to operate in a lean way.

Fitz Gate also has stayed in touch virtually with its Friends of Fitz group — a unique network of Princeton-related professionals (such as faculty, fellow VCs, domain experts, etc.) that give the investors and their portfolio companies a strategic advantage.

While the video conferences are useful to stay in touch with existing portfolio companies, Poag says he — as well as other VCs — might be wary of making new investments in this capacity.

"We haven't invested in any new companies since the COVID situation, but it will be interesting to see if we and other venture capital firms get comfortable with making investments without an in-person meeting," says Poag on the panel.

Generally, Cohen says he has observed a different investment environment since the beginning of March, and there's no clear indication when things will change.

"I think in the short-term, investing will be slower. Basically, people are still trying to figure out what's going on," Cohen says, noting how, in March, the tides seemed to change every 24 hours. "Now, things have started to slow down, but the ground is still shifting beneath our feet. I think most venture investors are proceeding cautiously."

Something else to keep an eye on, as the Fitz Gate founders have experienced, is that startups are making changes to their products in order to provide a more relevant offer to customers. One of the fund's portfolio companies is Houston-founded Spruce, which recently started offering disinfecting deals along with its concierge services to apartment dwellers.

"None of our companies have pivoted to change anything they are doing fundamentally to take advantage of the situation," says Cohen, citing some supply chain software startups and a charity-based startup that have also seen business success during the COVID-19 crisis.

However, approaching VCs for the first time is now a different story, amidst the crisis. While the Fitz Gate founders explain that they open and respond to every email inquiry from startups, that's not the case for most VCs who prefer a warm introduction — but maybe not even that considering the current economic climate.

"If you're approaching a venture investor today, you might get a bit of a weird look," Cohen says of startups looking to fundraise.

On the virtual panel, the duo shared some insight on their passion for venture funding, as well as some general advice for startups. One key takeaway from the investors was a reminder that most VCs are funding between 1 and 2 percent of deals that come across their table.

"Don't get discouraged," Cohen says. "Any venture fund you talk to, they're not geniuses. They are operating on very limited information about whatever it is you pitched them in a really short fashion."

While it is disheartening to hear a "no" from an investor, it doesn't mean the startup's idea or product isn't valid.

In wrapping up the call, Cohen remarks on the environment for Houston innovation. While he admits the ecosystem lacks access to funding, he observes that this will change in a matter of time.

"It's amazing how many startups in Houston — and the support infrastructure," Cohen says, noting startup development organizations like The Ion, The Cannon, and more. "So much going on in this ecosystem, so I think, in that sense, it's an incredibly vibrant place to be as a founder."

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Axiom Space-tested cancer drug advances to clinical trials

mission critical

A cancer-fighting drug tested aboard several Axiom Space missions is moving forward to clinical trials.

Rebecsinib, which targets a cancer cloning and immune evasion gene, ADAR1, has received FDA approval to enter clinical trials under active Investigational New Drug (IND) status, according to a news release. The drug was tested aboard Axiom Mission 2 (Ax-2) and Axiom Mission 3 (Ax-3). It was developed by Aspera Biomedicine, led by Dr. Catriona Jamieson, director of the UC San Diego Sanford Stem Cell Institute (SSCI).

The San Diego-based Aspera team and Houston-based Axiom partnered to allow Rebecsinib to be tested in microgravity. Tumors have been shown to grow more rapidly in microgravity and even mimic how aggressive cancers can develop in patients.

“In terms of tumor growth, we see a doubling in growth of these little mini-tumors in just 10 days,” Jamieson explained in the release.

Rebecsinib took part in the patient-derived tumor organoid testing aboard the International Space Station. Similar testing is planned to continue on Axiom Station, the company's commercial space station that's currently under development.

Additionally, the drug will be tested aboard Ax-4 under its active IND status, which was targeted to launch June 25.

“We anticipate that this monumental mission will inform the expanded development of the first ADAR1 inhibitory cancer stem cell targeting drug for a broad array of cancers," Jamieson added.

According to Axiom, the milestone represents the potential for commercial space collaborations.

“We’re proud to work with Aspera Biomedicines and the UC San Diego Sanford Stem Cell Institute, as together we have achieved a historic milestone, and we’re even more excited for what’s to come,” Tejpaul Bhatia, the new CEO of Axiom Space, said in the release. “This is how we crack the code of the space economy – uniting public and private partners to turn microgravity into a launchpad for breakthroughs.”

Chevron enters the lithium market with major Texas land acquisition

to market

Chevron U.S.A., a subsidiary of Houston-based energy company Chevron, has taken its first big step toward establishing a commercial-scale lithium business.

Chevron acquired leaseholds totaling about 125,000 acres in Northeast Texas and southwest Arkansas from TerraVolta Resources and East Texas Natural Resources. The acreage contains a high amount of lithium, which Chevron plans to extract from brines produced from the subsurface.

Lithium-ion batteries are used in an array of technologies, such as smartwatches, e-bikes, pacemakers, and batteries for electric vehicles, according to Chevron. The International Energy Agency estimates lithium demand could grow more than 400 percent by 2040.

“This acquisition represents a strategic investment to support energy manufacturing and expand U.S.-based critical mineral supplies,” Jeff Gustavson, president of Chevron New Energies, said in a news release. “Establishing domestic and resilient lithium supply chains is essential not only to maintaining U.S. energy leadership but also to meeting the growing demand from customers.”

Rania Yacoub, corporate business development manager at Chevron New Energies, said that amid heightening demand, lithium is “one of the world’s most sought-after natural resources.”

“Chevron is looking to help meet that demand and drive U.S. energy competitiveness by sourcing lithium domestically,” Yacoub said.

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This article originally appeared on EnergyCapital.