Houston coworking company opens new Galveston hub amid profound growth and expansion

seaside innovation

The Cannon Galveston @ the MarMo has opened as a convening space for Galveston entrepreneurship. Photo via TheCannon.com

The Cannon Houston has expanded its footprint throughout 2021, and one of the coworking company's newest hubs has opened its doors seaside.

The Cannon Galveston @ the MarMo is a new coworking space with membership options starting at $180 a month for entrepreneurs. The building is a former credit union space that Galveston real estate entrepreneur, Jimmy McClure, bought and renovated. McClure is also one of The Cannon's board members as of a couple months ago.

"We've always felt there was this opportunity to create this coastal innovation community," says Alex Gras, chief commercial officer at the Cannon. "And we found a great partner in Jimmy McClure."

In the aftermath of the pandemic, Gras says people are going to be more intentional about where they spend their time, and this location offers its member companies something different.

The new space has membership options starting at $180 a month. Image via TheCannon.com

"Not only does Galveston have the allure of a coastal town with a more relaxed atmosphere, but it has some amazing support organizations," he says.

Gras is referring to the numerous innovative institutions on the island that have been operating in silos over the years — including University of Texas Medical Branch at Galveston, Texas A&M Galveston, Galveston College, Galveston ISD, Vision Galveston, and more. Gras says the feedback for The Cannon providing this neutral convening space for entrepreneurship has been so positive.

"Galveston really has the raw ingredients to become an amazing innovation ecosystem," Gras tells InnovationMap.

From a programming perspective, entrepreneurs can expect exactly what The Cannon has brought to its other locations. The team recently held a hacakathon in collaboration with The Ion, Vision Galveston, and UTMB — which was a major success, according to Gras — and plans to host a pitch competition on March 10.

The MarMo is a former credit union building renovated by Jimmy McClure. Image via TheCannon.com

"At the end of the day, entrepreneurs are looking for peers that they can do this with and not feel like they are so alone, as well as advisers, mentors, and coaches who help them think differently and investors who can provide some economic capital to help prop up their ideas," Gras explains. "Any programming we do in the future will have elements of social, networking, and education — but all in the confines of making sure we're providing all these different human, economic, and social capital to the entrepreneurs of Galveston."

It's not just toward the Gulf of Mexico where The Cannon has expanded profoundly this year. The company's sportstech hub opened in the Galleria area in collaboration with Braun Enterprises and Gow Media (InnovationMap's parent company).

"The thing that's exciting about this profound growth is it's reflective of the two driving initiatives of the Cannon — one being establishing a network of programmatically connected innovation hubs throughout the entire expanse of the city of Houston," says Lawson Gow, founder of The Cannon. "The other is looking for opportunities where Houston can go deep into an industry and be the best at that."

Sportstech is one of those avenues of opportunity, according to Gow, but the team is always looking for other verticals that might be a similar fit.

Additionally, The Cannon opened a new space in the Esperson building in downtown Houston. This space is small, says Lawson Gow, founder of The Cannon, but has room to grow.

"We want to create network of hubs — some in the community want highly-programed environments," Gow explains, adding that the Esperson Coworking likely won't feature the same level of programming as seen at some of the other locations.

Gow explains that he expects to grow the team at The Cannon to sport these expansions, crediting Gras for building and cultivating the team. Gras joined The Cannon in February.

Alex Gras joined The Cannon as managing director in February, and recently transitioned into chief commercial officer. Photo via LinkedIn

"It wouldn't surprise us if we more than double our team within the next year," Gow says.

This profound growth comes after 18 months of uncertainty — which allowed Gow and his team to rethink some of their plans.

"Pre-covid had our eyes on expansion outside of the city, and we've dialed it back — it's been a healthy exercise", Gow says, "to reset our focus on the whole sprawl of Houston in setting up eight to 10 locations across the city so that we're truly democratizing access to all the tools entrepreneurs need to grow."

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Houston space tech companies land $25 million from Texas commission

Out Of This World

Two Houston aerospace companies have collectively received $25 million in grants from the Texas Space Commission.

Starlab Space picked up a $15 million grant, and Intuitive Machines gained a $10 million grant, according to a Space Commission news release.

Starlab Space says the money will help it develop the Systems Integration Lab in Webster, which will feature two components — the main lab and a software verification facility. The integration lab will aid creation of Starlab’s commercial space station.

“To ensure the success of our future space missions, we are starting with state-of-the-art testing facilities that will include the closest approximation to the flight environment as possible and allow us to verify requirements and validate the design of the Starlab space station,” Starlab CEO Tim Kopra said in a news release.

Starlab’s grant comes on top of a $217.5 million award from NASA to help eventually transition activity from the soon-to-be-retired International Space Station to new commercial destinations.

Intuitive Machines is a space exploration, infrastructure and services company. Among its projects are a lunar lander designed to land on the moon and a lunar rover designed for astronauts to travel on the moon’s surface.

The grants come from the Space Commission’s Space Exploration and Aeronautics Research Fund, which recently awarded $47.7 million to Texas companies.

Other recipients were:

  • Cedar Park-based Firefly Aerospace, which received $8.2 million
  • Brownsville-based Space Exploration Technologies (SpaceX), which received $7.5 million
  • Van Horn-based Blue Origin, which received $7 million

Gwen Griffin, chair of the commission, says the grants “will support Texas companies as we grow commercial, military, and civil aerospace activity across the state.”

State lawmakers established the commission in 2023, along with the Texas Aerospace Research & Space Economy Consortium, to bolster the state’s space industry.

Houston experts: Can AI bridge the gap between tech ambitions and market realities?

guest column

Despite successful IPOs from the likes of Ibotta, Reddit and OneStream, 2024 hasn’t provided the influx of capital-raising opportunities that many late-stage tech startups and venture capitalists (VCs) have been waiting for. Since highs last seen in 2021—when 90 tech companies went public—the IPO market has been effectively frozen, with just five tech IPOs between January and September 2024.

As a result, limited partners have not been able to replenish investments and redeploy capital. This shifting investment landscape has VCs and tech leaders feeling stuck in a holding pattern. Tech leaders are hesitant to enter the public markets because valuations are down 30 percent to 40 percent from 2021, which is also making late-stage fundraising more challenging. After all, longer IPO timelines mean fewer exit opportunities for VCs and reduced capital from institutional investors who are turning toward shorter-term investments with more liquid exit options.

Of course, there’s always an exception. And in the case of a slowed IPO market, a select slice of tech companies—AI-related companies—are far outperforming others. While not every tech startup has AI software or infrastructure as their core offering, most can benefit from using AI to revise their playbook and become more attractive to investors.

Unlocking Growth Potential with AI

While overall tech startup investment has slowed, the AI sector burns bright. This presents an opportunity for companies that strategically leverage AI, not just as a buzzword but as a tool for genuine growth and differentiation. Imagine a future where AI-powered insights unlock unprecedented efficiency, customer engagement and a paradigm shift in value creation. This isn’t just about weathering the current storm of reduced access to capital; it’s about emerging stronger, ready to lead the next wave of tech innovation.

Here's how to navigate the AI frontier and unlock its potential:

  1. Understand that data is the foundation of AI success. AI is powerful, but it’s not magic. It thrives on high-quality, interconnected data. Before diving into AI initiatives, companies must assess their data health. Is it structured in a way that AI can understand? Does it go beyond raw numbers to capture context and meaning—like customer sentiment alongside sales figures? Rethinking data infrastructure is often the crucial first step.
  1. Focus on amplifying strengths, not reinventing the wheel. The allure of AI can tempt companies into pursuing radical reinvention. However, a more effective strategy is to leverage AI to enhance existing strengths and address core customer needs. Why do customers choose your company? How can AI supercharge your value proposition? Consider Reddit’s strategic approach: They didn’t overhaul their platform before their 2024 IPO. Instead, they showcased the value of their vast online communities as fertile ground for AI development, leading to a remarkable first-day stock surge of 48 percent.

  2. Use AI as a customer-centric force multiplier. Companies with a deep understanding of their customer base are primed for AI success. By integrating AI into the very core of their product or service—the reason customers choose them—they can create a decisive competitive advantage based on delivering tangible customer value.

From Incremental Gains to Transformative Growth

This practical, customer-centric approach has the potential to help companies generate immediate growth while laying the foundation for future reinvention. By leveraging AI to optimize operations, deepen customer relationships, and redefine industry paradigms, late-state tech startups can not only survive but thrive in a dynamic market. The future belongs to those who embrace AI not as a destination but as a continuous journey of innovation and growth.

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Hong Ogle is the president of Bank of America Houston. Rodrigo Ortiz Gomez is a market executive in Bank of America’s Transformative Technology Banking Group as well as the national software banking lead for the Global Commercial Bank.

Houston joint venture secures $5.2M for AI-powered methane tracking tech

Fresh Funds

Houston-based Envana Software Solutions has received more than $5.2 million in federal and non-federal funding to support the development of technology for the oil and gas sector to monitor and reduce methane emissions.

Thanks to the work backed by the new funding, Envana says its suite of emissions management software will become the industry's first technology to allow an oil and gas company to obtain a full inventory of greenhouse gases.

The funding comes from a more than $4.2 million grant from the U.S. Department of Energy (DOE) and more than $1 million in non-federal funding.

“Methane is many times more potent than carbon dioxide and is responsible for approximately one-third of the warming from greenhouse gases occurring today,” Brad Crabtree, assistant secretary at DOE, said in 2024.

With the funding, Envana will expand artificial intelligence (AI) and physics-based models to help detect and track methane emissions at oil and gas facilities.

“We’re excited to strengthen our position as a leader in emissions and carbon management by integrating critical scientific and operational capabilities. These advancements will empower operators to achieve their methane mitigation targets, fulfill their sustainability objectives, and uphold their ESG commitments with greater efficiency and impact,” says Nagaraj Srinivasan, co-lead director of Envana.

In conjunction with this newly funded project, Envana will team up with universities and industry associations in Texas to:

  • Advance work on the mitigation of methane emissions
  • Set up internship programs
  • Boost workforce development
  • Promote environmental causes

Envana, a software-as-a-service (SaaS) startup, provides emissions management technology to forecast, track, measure and report industrial data for greenhouse gas emissions.

Founded in 2023, Envana is a joint venture between Houston-based Halliburton, a provider of products and services for the energy industry, and New York City-based Siguler Guff, a private equity firm. Siguler Gulf maintains an office in Houston.

“Envana provides breakthrough SaaS emissions management solutions and is the latest example of how innovation adds to sustainability in the oil and gas industry,” Rami Yassine, a senior vice president at Halliburton, said when the joint venture was announced.

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This story originally appeared on our sister site, EnergyCapitalHTX.com

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