3 Houston innovators to know this week

who's who

This week's roundup of Houston innovators includes Tim Latimer of Fervo Energy, Karen Leal of Insperity, and Kevin Knobloch of Greentown Labs. Photos courtesy

Editor's note: Every week, I introduce you to a handful of Houston innovators to know recently making headlines with news of innovative technology, investment activity, and more. This week's batch includes a podcast with the founder of a fast-growing geothermal company, a human resources expert, and an outgoing climatetech CEO.

Tim Latimer, co-founder and CEO of Fervo Energy

Tim Latimer, CEO and co-founder of Fervo Energy, joins the Houston Innovators Podcast. Photo courtesy of Fervo Energy

Geothermal energy has been growing in recognition as a major player in the clean energy mix, and while many might think of it as a new climatetech solution, Tim Latimer, co-founder and CEO of Fervo Energy, knows better.

"Every overnight success is a decade in the making, and I think Fervo, fortunately — and geothermal as a whole — has become much more high profile recently as people realize that it can be a tremendous solution to the challenges that our energy sector and climate are facing," he says on the Houston Innovators Podcast.

In fact, Latimer has been bullish on geothermal as a clean energy source since he quit his job as a drilling engineer in oil and gas to pursue a dual degree program — MBA and master's in earth sciences — at Stanford University. He had decided that, with the reluctance of incumbent energy companies to try new technologies, he was going to figure out how to start his own company. Through the Stanford program and Activate, a nonprofit hardtech program that funded two years of Fervo's research and development, Latimer did just that. Read more.

Karen Leal, performance specialist at Insperity

Karen Leal, performance specialist at InsperityTime to think ahead, business owners. Here's what this expert thinks you need to prioritize. Photo courtesy

Not only is upskilling your workforce on a regular basis good for performance purposes, it also contributes to a positive company culture, writes Karen Leal, performance specialist with Houston-based Insperity, in a guest column.

"Learning and development (L&D) programs give employees the resources to grow within their current role and ready them for their possible advancement into new positions and/or another role or function," she writes. "This development should be a collaborative effort with the employee to support the employee’s growth goals. L&D programs build and strengthen your organization’s learning culture, which encourages employees to lean into the overall corporate culture and promotes employee engagement."

She goes on to outline the major benefits when developing L&D programs that impact business success. Read more.

Kevin Knobloch, CEO of Greentown Labs

Kevin Knobloch is stepping down as Greentown Labs CEO, effective on July 31. Photo via LinkedIn

While not based full time in Houston, Kevin Knobloch has led Greentown Labs, which is co-located in the Boston and Houston areas, as president and CEO for the past several months. Last week, he announced he's stepping down.

Knobloch will continue in his role until the end of July 2024.

“It has been an honor to lead this incredible team and organization, and a true privilege to get to know many of our brilliant startup founders," Knobloch says in the news release. “Greentown is a proven leader in supporting early-stage climatetech companies and I can’t wait to see all that it will accomplish in the coming years.” Read more.

Building a strong learning culture and refining your strategies now will strengthen your current employees’ engagement and attract top-notch talent in the future. Photo via Getty Images

Learning culture fosters business success, per this Houston expert

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Employee training is often seen as synonymous with learning and development, but there are significant differences. Understanding the differences can help elevate your organization’s programs and foster a learning culture.

Training teaches employees to perform the core duties of their role, typically competency and task/skills-based learning. Training is usually leveraged when the goal is to elevate an employee’s performance in their current role.

Learning and development (L&D) programs give employees the resources to grow within their current role and ready them for their possible advancement into new positions and/or another role or function. This development should be a collaborative effort with the employee to support the employee’s growth goals. L&D programs build and strengthen your organization’s learning culture, which encourages employees to lean into the overall corporate culture and promotes employee engagement.

There are major benefits when developing L&D programs that impact business success, including:

Employee retention

Employee turnover occurs in every organization, regardless of the work culture. As we continue to maneuver a tight labor market, it is important to consider how each business initiative impacts employee retention. Leadership should not focus on L&D potentially preparing employees for their next position outside the organization. According to LinkedIn’s 2024 Workplace Learning Report, organizations with a strong learning culture saw a 57 percent boost in employee retention. It is much better to invest in and retain your current employees today to drive business success, rather than be forced to invest in constant hiring and onboarding initiatives. Investing in L&D shows your workforce that you value them and care about their future within the company. L&D is a sound investment in your most valuable resource, your people.

Upskilling and reskilling

Today’s labor market has brought increased attention to the value of upskilling and reskilling, with upskilling reducing the skill gaps and preparing employees to advance within your organization, while reskilling teaches employees how to perform an entirely new set of skills. Insperity’s 2024 Business Outlook Report surveyed small- and medium-sized businesses, finding that almost 75 percent either had or planned to introduce an upskilling strategy.

A learning culture is the foundation for upskilling and reskilling within your organization and creates agility in the talent within your business. Upskilling and reskilling opportunities can be individually customized to meet your employees’ career goals, skill sets and the needs of the organization. When members of your workforce experience upskilling and reskilling, others within the organization may be motivated to grow within the organization as well.

Employer branding

Information travels about your organization, whether good or bad. When there are ample L&D opportunities, it improves your employer brand and helps attract top talent who are looking for growth opportunities. A learning culture is a competitive advantage when competing for talent. When the competition does not invest in L&D, your business will stand out more to their employees and prospective candidates as an opportunity for growth and development.

Leveraging your L&D programs and knowing the opportunities available are important for recruiting success. Highlighting upskilling and advancement opportunities are especially important as many employees who choose to work with startups and small businesses want to have a hand in the company’s growth and success. It is also important to discuss how your organizational culture supports learning on the job.

Building a strong learning culture and refining your strategies now will strengthen your current employees’ engagement and attract top-notch talent in the future. Success in business always begins with a focus on your people.

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Karen Leal is performance specialist with Houston-based Insperity, a provider of human resources offering a suite of scalable HR solutions available in the marketplace.

There are three topics in particular that business owners should refresh and/or make sure they include in their HR policies and employee handbook. Photo via Getty Images

3 things Houston companies need to freshen up when it comes to their HR practices

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Just as we typically look to freshen up our homes this time of year, the same needs to be done for employee handbooks. Employee handbooks streamline HR operations, mitigate risks and set expectations to protect a business from negative workplace behavior by outlining employee policies and procedures.

There are three topics in particular that business owners should refresh and/or make sure they include in their HR policies and employee handbook: in-office attendance, social media and artificial intelligence (AI).

In-office attendance

When taking a closer look at hybrid workplace policies, the in-office attendance policies should align with your organizational goals. Whether you decide to implement hybrid work permanently or eventually return to being in the office completely, the return-to-office (RTO) policies should reflect those goals.

Clear expectations are especially important when defining office attendance rules. When attendance policies are set, employees respond best when they are fair, accessible and easily understood. Detailed policies outlining the nuances and consequences can help reduce noncompliance while supporting accountability.

Policies need consistent enforcement for them to be effective. Hybrid policies set prior to or during the pandemic may now be loosely enforced. The policies may state for employees to be in the office three days a week, but there may be no accountability for not meeting the mandate. Not enforcing attendance policies can give the impression that it is okay to violate other policies, too. Reviewing your policies allows you to course correct and write a policy reflecting your corporate culture and goals. You’ll then be able to reintroduce the attendance policy and enforce it across the board as intended.

Social media

You are hard pressed to find an employee without a social media account, whether it is TikTok or LinkedIn. If your business does not have a social media policy with guidelines surrounding employees’ online behaviors, now is the time to put one in place. If you do have a policy, social media changes quickly enough to warrant an annual review.

Social media policies should set boundaries between personal and professional use of social media. Employee activity on social media outside of work can influence business, as employees are often seen as reflecting the company. It is also important to note that social media policies should be based on input from senior management, HR, legal and IT, not just marketing.

The social media policy should delineate between an employee’s personal and professional use, establish a code of conduct and outline its use as part of crisis communications. Social media can just as easily elevate your brand, and you can potentially ask employees to share positive work experiences online.

Cybersecurity should also be addressed in social media policies. As it has become more common for hackers to infiltrate personal emails and social media accounts, policies can prohibit employees from storing company documents in their personal social media and email accounts for security purposes.

Artificial Intelligence (AI)

AI seems to be changing the way we do business daily. However, the policies surrounding company use of AI are lacking at many organizations. Research from McKinsey states only one in five employers have established policies governing their employees use of AI.

AI technology has already streamlined many business practices, but it can also present major risks. Inaccuracy can threaten your business if employees use generative AI for assistance in completing writing tasks, for instance, and the system may not generate accurate or original information.

As we learn the evolving and complex nuances of AI, creating a policy needs careful attention. You may consider developing an AI team to write a comprehensive, well-researched AI policy tailored to your organization. This working group should gather insights from leaders within the organization, including frontline managers, to fully understand how employees use, or might use, AI. This team should be charged with considering the ethical aspects of AI’s use and ensuring the policy aligns with company values.

One of the most critical elements of the policy is an accountability process or system. The policy should clearly outline any corrective action or disciplinary steps associated with using AI in a manner that harms the business and/or its clients. Just as important, the policy should outline how to use and how to avoid misusing AI. Since AI continues to evolve month to month, this is a policy that will require more attention and revisioning throughout the year.

Keeping a critical eye on HR policies is an important part of business success. Setting aside time to review, update and even create new policies now – before being faced with an issue – can potentially mitigate costly challenges down the road.

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Karen Leal is performance specialist with Houston-based Insperity, a provider of human resources offering a suite of scalable HR solutions available in the marketplace.

Despite the inevitability of bad hires, recruiters equipped with proper tools and training can identify red flags and take preventive measures. Photo by Tima Miroshnichenko from Pexels

How to avoid bad hiring decisions when it matters most, according to this Houston expert

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Hiring the right people for the right roles is ideal and can make an organization reach new heights. The reality is every business has made a bad hire.

Finding the wrong fit for a team or organization is not uncommon, but it is important to know what it costs the organization, which can be detrimental to company finances and its workplace culture, especially small businesses and startups where the impact is magnified.

The U.S. Department of Labor reports a bad hire can cost up to 30 percent of the employee’s wage, which would be approximately $18,000 since the average American wage is $60,000. In addition, there are soft costs of managers and leadership time during the hiring and training process, which adds up quickly.

Bad hires explained

A bad hire can simply be someone who is not the best fit for the position or the company. The quality of work may not meet expectations; however, there are behaviors that can point to a bad hiring decision. New hires who were recruited due to specific knowledge or a skillset, but they do not deliver, have a negative attitude, or are disengaged, are all signs of a bad hire.

Even though hiring the best people for the job should be every recruiter’s goal, they are sometimes pressured to quickly fill the role. Once a new hire starts, it does not take long to find out if they are a bad hire. Recruitment is vital to a company’s success, so it is important to know how to identify a bad hire before they join the organization, the red flags, and the lasting impacts to the workplace culture.

Right turns, wrong fit

Business leaders most certainly think they are bringing in the right person for the job, but the wrong fit can significantly impact the organization.

Suffering morale and reduced teamwork: Incompetent employees force team members to cover their work, negatively impacting morale. If these issues persist, it signals to existing employees that suboptimal work is acceptable, which adds stress, distraction and reduced engagement.

Unmet expectations: When a new employee exaggerates their qualifications, they may struggle to meet expectations, resulting in slow or inadequate work product, which can be especially detrimental in a small business setting. This not only impacts the company financially but also demands managers’ time for oversight and performance issue resolution.

Weakened employer reputation: Startups and small businesses depend heavily on their hard-earned reputation and brand. Employees represent a company’s values, and when they fail to embody them, it can negatively influence sales, vendor relationships and recruitment efforts. Actions of employees, both in-person and online, significantly shape public perception.

Client attrition: Poor performance or unprofessional behavior can damage client relationships, leading to business losses. These client experiences may lead to lasting consequences for the company’s reputation, affecting potential clients and key partnerships, and its bottom line.

Recruiting and training challenges: The recruiting process usually spans four to six weeks, involving tasks such as drafting the job description, obtaining approvals, posting ads, resume screening, candidate communication, interviews and offer negotiations. After accepting an offer, new employees, regardless of experience, require time to familiarize themselves with the organization, its processes and job responsibilities. If a poor hiring decision is made, the recruitment process may persist, leading to extended periods of onboarding.

Preventing bad hires

Experienced recruiters can still make bad hires, but certain measures can help mitigate risks:

  • Fine-tune job descriptions. Clear and concise job descriptions aid in identifying suitable candidates and provide a better understanding of position expectations.
  • Take sufficient time. Resist the pressure to fill the role; prioritize finding the right candidate to avoid subsequent costs.
  • Standardize the interview process. Employ set questions for consistency and involve team members in behavioral and peer-to-peer interviews to assess cultural fit.
  • Check references. Verify candidates’ honesty, skills, attitude toward work, and work ethic through thorough reference checks.

Despite the inevitability of bad hires, recruiters equipped with proper tools and training can identify red flags and take preventive measures. This proactive approach ensures better preparation for attracting top talent and minimizes the impact of suboptimal hiring decisions on the company.

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Karen Leal is performance specialist with Houston-based Insperity, a provider of human resources offering a suite of scalable HR solutions available in the marketplace.

In honor of National Entrepreneurship Month, let's look at the impact of small businesses and tips on recruiting. Photo by krakenimages on Unsplash

Houston expert: How to celebrate National Entrepreneurship Month by recruiting, retaining talent

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As November marks National Entrepreneurship Month and Small Business Saturday awaits Nov. 25, it is the perfect time to acknowledge and celebrate the contributions of small businesses to the U.S. economy.

According to the U.S. Small Business Administration, small businesses with 500 or fewer employees have accounted for two thirds of employment growth in the past quarter century. Further research from the Small Business Administration shows Texas alone is home to 3.1 million small businesses, making up 99.8 percent of Texas businesses overall and 44.5 percent of Texas employees.

The numbers are particularly impressive considering the unique business challenges entrepreneurs and small businesses have faced. In a tight labor market, competition for talent remains fierce, and small businesses and startups especially must rely on recruiting strong candidates to generate results. Yet entrepreneurs are often passionately focused on their product or service, which can obscure the finer details of their people management strategy.

Fortunately, there is a way for entrepreneurs to succeed both as business and people leaders. By providing learning and development opportunities, competitive compensation plans and an exceptional workplace culture, they can create an engaged workforce that shares their vision that can be competitive and even win the fight for top talent.

Learning and development opportunities

Especially for a small business, ongoing professional learning and development (L&D) is essential for teams to stay competitive. A robust L&D program also expands the talent pool by creating the possibility of hiring promising candidates who need to acquire additional skills for the role. L&D opportunities can also improve retention. According to 2022 research from McKinsey, lack of career development and advancement opportunities is one of the biggest factors driving employee attrition.

Leaders should assess the needs of their teams to determine the most important areas for L&D. These areas should help employees to develop core competencies necessary for business success, such as teamwork, problem solving and leadership. Offering a variety of options is best practice so employees can develop a wide range of skills, as is leveraging learning opportunities that exist through the normal course of work, like job shadowing and cross training. Tapping into existing experience and knowledge via in-house talent is another resource that can help promote learning and development through mentoring and collaboration.

Compensation and benefits

Working at a small business or startup offers many benefits to professionals in search of a fast-paced environment. However, compensation remains a critical piece of the puzzle for entrepreneurs who want to recruit and retain top talent. A 2022 survey from LinkedIn revealed 89 percent of employees said salary range was the most helpful element in a job description when deciding whether to apply.

While businesses need not disclose their salary bands in a job application, except as required by law, competitive compensation is an important factor for successful recruitment. Small businesses should research the market rate for each position in their organization and conduct a pay audit to understand whether current employees are being compensated fairly. Organizations with positive results should consider mentioning “competitive compensation and benefits package” in job ads or on their website.

For leaders who discover their pay is noncompetitive in their industry, it may be time to reevaluate budgets and create a plan to align salaries with the market averages. Salary growth does not need to happen overnight but can be a part of the bigger picture of recruiting and retaining talent. Leaders can also communicate the total compensation when factoring in the overall value of employer contributions provided in addition to salary, including things like bonuses, paid benefits and 401k contributions, wellness perks, etc.

Organizational culture

Company culture is a foundational element to recruiting and retaining top-tier talent. Research from Gallup found employees who feel connected to their organization's culture are 55 percent less likely to watch for job openings or actively seek out a new role.

As many founders know well, tight-knit teams can work with greater agility than larger organizations. However, on a cultural level, small business and startups face unique culture challenges due to their size. Small organizations’ culture is heavily influenced by the behaviors of leaders, who are highly visible to their employees. When conflicts arise between two employees, the entire team may be drawn in. Employees can also feel under scrutiny if micromanagement is experienced in their workplace.

To build a strong culture, leaders need to have open conversations and gather feedback, including through anonymous survey data. On a small team, the anonymity of company culture surveys becomes even more critical. Employees may feel concerned that management will easily recognize their voice, so survey results should be handled with the utmost discretion and accessible only to essential personnel. When sharing results publicly, leaders should withhold any specific comments or responses in favor of broader statistics about the entire group or identified patterns in the feedback. It is important for leaders to focus on the learnings and awareness the feedback can offer, as opposed to spending time wondering or trying to identify who said what. Even well intended interest around the source of feedback can lead to feelings of breached trust or, in extreme cases, instances of retaliation.

Trust is an essential component, and these steps will help employees in a small business feel comfortable sharing their honest thoughts. Provided management provides open communication and acts on employee survey feedback, employees will also feel heard and that their employer truly cares for their wellbeing.

This month, entrepreneurs across the country should take a moment from their busy schedules to celebrate their successes. National Entrepreneurship Month is an opportunity to recognize the importance of small businesses to the economy. It is also a chance to strengthen small businesses and bolster their ability to compete for talent through building a robust culture and supporting employees.

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Karen Leal is performance specialist with Houston-based Insperity, a provider of human resources offering a suite of scalable HR solutions available in the marketplace.

How to navigate your hiring process with transparency amid the flexible workforce trend. Photo via Getty Images

Houston expert: Cultivate transparency when recruiting flexible workplace positions

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How the workplace operates, especially flexible work arrangements, captivate job seekers, prompting many job listings to spotlight remote or hybrid work options. Interestingly, a significant portion of hybrid and remote workers say they would explore new job opportunities should their current employer opt out of offering remote work possibilities. These insights from Gallup underscore the paramount importance of flexible work options.

Regrettably, not every role that promotes flexible work arrangements delivers. While the labor market is fiercely competitive, especially for startups and small businesses wishing to attract top talent, some organizations are enticing potential candidates with the prospect of flexible schedules, only for these newly hired individuals to realize the actual job flexibility falls short of the initial representation.

As remote work and flexible schedules have evolved, many organizations have established sensible guidelines concerning office presence and work frequency. However, the degree of flexibility varies, and not all recruiters are forthright about these nuances during job interviews.

Candidates who find recruiters and hiring managers omitting specific details about flexible work policies often feel misled. Maintaining honesty in job descriptions – and throughout the recruitment process – is imperative to ensure a good match is found for the organization. Employers should cultivate transparency, prioritize organizational culture, and exercise thoughtful consideration of their policies.

Clarity is Key

Many prospective candidates yearn for flexible work opportunities, recognizing that some constraints may apply. A recent McKinsey survey revealed that 58 percent of Americans engage in remote work at least once a week, with 35 percent enjoying the possibility of remote work for the entire workweek. Given the wide spectrum of policies, astute job seekers acknowledge that their next employer's stance on remote work might differ from their current one.

As startups compete with larger employers for the same talent, they may be apprehensive about outlining their remote or hybrid work policies, especially if their flexibility is less generous than that of competitors. Yet, this strategy ultimately squanders time and resources, as candidates who place high value on flexibility are unlikely to take an offer that falls short of their expectations, and these perceived deceptions could tarnish the employer’s brand.

The optimal approach is to communicate policies unequivocally in the job description and address them during interviews. While excessive detail isn't necessary, job postings can concisely indicate the number of mandatory office days.

Cultivating a Cohesive Culture

Skill set and experience might align perfectly with a role, but without a compatible cultural fit, candidates might struggle. When businesses withhold key information about their flexible work policies, they undermine the trust pivotal to fostering a strong organizational culture. This approach also misrepresents the culture, which is intricately shaped by the "how" and "when" of employee work arrangements.

While it's true that candidly sharing flexible work policies could lead some candidates to self-select out of the application process due to their desire for more flexibility, the converse is equally valid. Certain candidates might prefer spending more time in a collaborative office environment and might not pursue a job that seems excessively remote-focused.

Incorporating explicit communication about flexible work policies during recruitment not only fosters understanding of these policies but also provides insight into how these policies contribute to the organizational culture. This approach aids in identifying candidates who align well with the culture, which is paramount in all stages of a company’s growth.

Evaluating the Approach

There is likely a reason why businesses withhold information about their flexible work policies. Recruiters may feel that adhering to their employer's policies could hinder their ability to attract top-tier candidates, especially if the industry standard embraces extensive flexibility. However, misrepresenting the extent of flexible work arrangements is not a viable solution. Instead, businesses should reevaluate their standards.

Each business has unique requirements, some of which necessitate a greater in-office presence. Collaborative teams or departments might benefit from face-to-face brainstorming sessions more than teams operating more independently. However, if research indicates that competing organizations offer more flexibility, businesses need to be prepared to articulate their rationale – if they have one. If they do not have a sound business reason for their position, it might be worth reevaluating their stance on it.

The crux of reevaluating flexible work policies lies in comprehending the underlying reasons for these policies and effectively communicating them to new hires and existing employees. Candidates are more likely to accept limitations on flexible work arrangements when they perceive a sound justification from their potential employer.

Embracing transparency, nurturing a strong corporate culture, and critically assessing existing policies will help organizations manage expectations surrounding flexible work arrangements, thereby attracting the right candidates for the business.

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Karen Leal is performance specialist with Houston-based Insperity, a provider of human resources offering a suite of scalable HR solutions available in the marketplace.

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Houston startup designing emergency response drones lands $5.2M in seed funding

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Houston-based Paladin, whose remotely controlled drones help first responders react quickly to emergencies, has collected $5.2 million in seed funding.

Gradient, a seed fund that backs AI-oriented startups, led the round. Also participating were Toyota Ventures, the early-stage VC arm of Japanese automaker Toyota; venture capital firm Khosla Ventures; and VC fund 1517.

“We believe Paladin will drive meaningful change in public safety and redefine how communities are served,” Gradient said in an announcement about the seed round.

In 2019, Paladin received $1.3 million in seed funding from Khosla Ventures and Gmail creator Paul Buchheit, a group partner at Y Combinator. In 2018, the year it was co-founded by Divyaditya Shrivastava and Trevor Pennypacker, Paladin graduated from Y Combinator’s three-month boot camp.

Paladin’s AI-enhanced autonomous drones help public safety agencies, such as police and fire departments, respond to 911 calls. These drones provide aerial views of emergency scenes in an effort to decrease response times, improve “situational awareness,” and save lives, according to a Gradient blog post.

Among the agencies that have tried out Paladin’s technology is the Houston area’s Memorial Villages Police Department. The department participated in a three-month Paladin pilot project in 2019.

"(This is) one of the first departments in the country to be testing this technology," Shrivastava told InnovationMap in 2019. "We're very limited in the area that we cover, and that's just because we're taking baby steps and going as carefully and deliberately as possible."

Gradient says more than 12,000 drone missions have been performed using Paladin’s hardware and software platform. Agencies that have adopted the platform report average response times under 90 seconds. Furthermore, the technology has allowed them to resolve nearly one-third of 911 calls without dispatching first responders.

“Paladin keeps innovating, recently launching Payload Drop, a groundbreaking feature that enables drones to deliver lifesaving equipment — such as Narcan, life vests, and AEDs — directly to emergency scenes,” says Gradient.

On its website, Paladin says it envisions autonomous drones responding to every 911 call in the U.S. by 2027.

“The information is paramount, the technology exists and is rapidly improving, and the need is there. We want to help,” Paladin proclaims.

Energy, investment groups take up leases in Houston innovation hub

moving in

The Ion in Midtown has some new tenants taking up residence in its 90 percent-leased building.

Occidental Petroleum Corporation, Fathom Fund, and Activate are the latest additions to the Ion, according to a news release from Rice University and the Rice Real Estate Company, which own and operate the 16-acre Ion District where the Ion is located. With the additions, the building has just 10 percent left up for grabs.

“As the Ion continues to attract leading companies and organizations across industries, it’s clear that our vision of creating a dynamic and collaborative environment for innovation is resonating,” Ken Jett, president of the Rice Real Estate Company and vice president of facilities and capital planning at Rice, says in the release. “We are proud to set the standard for how the workplace can evolve to foster the commercialization and growth of transformative technologies that enhance quality of life in our community and beyond.”

Oxy, which was named a corporate partner of the Ion last year, now has nearly 6,500 square feet on the fourth floor where it will be housing its Zero In department that's focused on pioneering low-carbon initiatives. The build out process is slated to be completed by early 2025.

While Oxy represents the corporate side of innovation, the other two additions have their own roles in the innovation arena. Houston-based Fathom Fund, which launched its $100 million fund earlier this year, is targeting deep-tech venture opportunities and is led by Managing Partners Paul Sheng and Eric Bielke.

Founded in Berkeley, California, Activate, which announced its expansion into Houston in 2023, has officially named its local office in the Ion. The hardtech-focused incubator program recently named its inaugural cohort and opened applications for the 2025 program.

Other recent joiners to the Ion includes Kongsberg Digital, Artemis Energy Partners, CES Renewables, and Eleox.

“The partnerships we’ve forged are vital to shaping the Ion into a vibrant ecosystem for startups, where collaborative innovation is not only driving local economic growth but also positioning Houston as a global leader in the energy transition,” Paul Cherukuri, chief innovation officer at Rice University, says. “With our team leading the programming and activation across the Ion district, we are creating companies that harness cutting-edge technology for the benefit of society—advancing solutions that contribute to social good while addressing the most pressing challenges of our time. This powerful network is redefining Houston’s role in the future of energy, technology, and social impact.”

Houston's top innovators named, VC activity takes a hit, and more top tech, startup news from the week

now trending

Editor's note:Let's roundup the most-read Houston innovation news from the week. Trending Houston tech and startup articles from InnovationMap and its daily newsletter included the the Houston Innovation Awards finalists being named, a new report that shows Houston venture funding is down, and more.

Top innovators: 2024 Houston Innovation Awards finalists revealed

Here's what Houston startups and innovators will be honored at the Houston Innovation Awards on November 14. Graphic via Gow Media

After nearly 300 nominations, InnovationMap and its group of judges are ready to reveal the finalists for this year's Houston Innovation Awards.

Taking place on Thursday, November 14, the Houston Innovation Awards celebrates all of Houston's innovation ecosystem — startups, entrepreneurs, investors, mentors, and more. Over 50 finalists will be recognized in particular for their achievements across 13 categories, which includes the 2024 Trailblazer Legacy Awards that were announced earlier this month.

Click here to see the 2024 Houston Innovation Awards finalists.

After trending up all year, Houston VC activity drops in Q3

During the third quarter of 2024, Houston-area companies saw a 15 percent decrease of VC investment compared to the third quarter of 2023. Photo via Getty Images

New data from the PitchBook/NVCA Venture Monitor reveals a seesaw pattern in the Houston area’s venture capital funding.

VC fundraising by Houston-area companies climbed during the first part of this year compared with the same period last year, according to the latest PitchBook/NVCA Venture Monitor. But from 2023 to 2024, the region’s third-quarter VC haul fell by a double-digit percentage.

In the first three quarters of 2024, Houston-area companies collected $1.24 billion in venture capital, the PitchBook/NVCA Venture Monitor shows. That’s up eight percent from the $1.15 billion raised in the first three quarters of 2023. Continue reading.

Houston health care leader secures funding, milestones for latest initiatives across cancer, stroke, and more

UTHealth Houston has secured millions in grant funding — plus has reached a new milestone for one of its projects. Photo via utsystem.edu

UTHealth Houston is making waves in many disciplines right now. From cancer to Alzheimer’s disease to stroke, the institution is improving outcomes for patients in new ways. Last week, UTHealth announced three exciting updates to its roster of accomplishments.

On October 8, UTHealth announced that it had received a $4.8 million grant from the National Cancer Institute, aimed at helping cancer survivors to continue their healing and enhancing primary care capacity. It will be put into action by UTHealth researchers working with eight community health centers around Texas that treat un- and underinsured patients. The initiative is called Project CASCADE, which stands for Community and Academic Synergy for Cancer Survivorship Care Delivery Enhancement.

“Project CASCADE focuses on how primary healthcare teams provide whole-person and coordinated care to underserved patients who have a history of cancer,” says Bijal Balasubramanian, professor of epidemiology and the Rockwell Distinguished Chair in Society and Health at UTHealth Houston School of Public Health, a multiple principal investigator of the study. “Primary care is uniquely suited to deliver whole-person and coordinated care for cancer survivors because, at its core, it prioritizes, personalizes and integrates healthcare for all conditions, not just the cancer.” Continue reading.

Houston biotech VC firm's portfolio cos. score $5.3M in federal funding

Three of First Bight Venture's portfolio companies have secured federal funding. Photo via Getty Images

Three portfolio companies of Houston venture capital firm First Bight Ventures have received a combined $5.25 million from the U.S. Defense Department’s Distributed Bioindustrial Manufacturing Program.

“The allocation of funds by the federal government will be critical in helping grow biomanufacturing capacity,” Veronica Breckenridge (née Wu), founder of First Bight, says in a news release. “We are very proud to represent three dynamic companies that are awardees of this competitive and widely praised program.” Continue reading.

NASA awards Houston university $1.2M for diversity in aerospace initiative

The funding will go toward promoting diversity in aerospace workforce development. Photo via UH.edu

NASA will award the University of Houston $1.2 million toward a collaborative project with some of the biggest players in aerospace to foster diversity in the field.

The funds will go toward UH's Partnership for Inclusivity in Engineering Education and Research for Space, or PIE2RS, which is a collaboration between UH, UH-Clear Lake, NASA’s Johnson Space Center, the Boeing Company, and the Greater Houston Partnership. Continue reading.

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