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

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

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.

In times of crisis, here's what businesses big and small need from a human resources team. Photo via Getty Images

What HR can provide in times of company crisis, according to this Houston expert

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In times of crisis, organizations face numerous challenges that can disrupt operations, impact employee well-being and jeopardize the overall success of the company. During these trying times, the role of human resources becomes absolutely critical.

HR professionals play a multifaceted and indispensable role in managing crises, supporting employees, and ensuring business continuity. While it may not seem obvious, HR takes on a pivotal role in times of crisis, and organizations should take this into consideration when developing crisis communications plans. A few of the key responsibilities are as follows.

Crisis communications and employee support

During a crisis, effective communication is paramount. HR professionals work closely with leadership and the crisis communications team to act as the primary communicators within the organization, providing timely and accurate information to employees. As leadership deals with the crisis at hand, HR acts as the bridge between senior management and employees, ensuring crucial updates, safety measures, and policies are effectively communicated.

HR teams also play a crucial role in providing emotional support to employees. Crises often create anxiety, stress and uncertainty among the workforce. HR professionals are trained to provide guidance, reassurance and resources for employees to cope with the situation. Measures to provide support to employees include organizing counseling sessions, creating support networks, and establishing appropriate channels for employees to voice their concerns.

Emergency response and preparedness

HR departments are responsible for developing and implementing emergency response plans and protocols. They collaborate with relevant stakeholders to ensure the organization has effective crisis management strategies in place. This includes creating evacuation plans, establishing communication channels, and coordinating with external agencies, like emergency services and healthcare providers.

In a crisis, HR professionals also ensure the well-being and safety of employees. They coordinate efforts to provide necessary resources, such as personal protective equipment (PPE), medical support or remote working arrangements. Additionally, HR teams facilitate employee training programs to enhance preparedness and provide guidance on crisis-specific protocols.

Workforce management and business continuity

HR plays a vital role in managing the workforce during a crisis. They assess the impact of the crisis on the organization's operations and help formulate strategies to mitigate risks and ensure business continuity. No matter how much crisis planning is done prior to an incident, each issue is unique and will require custom solutions. HR professionals work closely with department heads and managers to identify critical roles, create contingency plans, and redistribute workload as necessary.

Moreover, HR departments are responsible for addressing workforce-related challenges arising from the crisis. This includes managing employee absences, ensuring leave policies are flexible, and implementing work-from-home arrangements where feasible. HR professionals also evaluate and adapt performance management systems to accommodate the unique circumstances of the crisis.

Legal compliance and ethical considerations

During a crisis, organizations must navigate legal and ethical considerations. HR professionals are compliance experts who ensure the company follows labor laws, health and safety regulations, and employment standards. HR teams stay abreast of changing legislation, update policies and advise senior management on legal implications and requirements, both in times of crisis and not.

In addition, HR professionals must consider ethical aspects of crisis management. They advocate for fair treatment, equal opportunities and non-discriminatory practices. HR plays a crucial role in preventing discrimination, supporting diversity and inclusion, and maintaining a positive work environment during challenging times.

Talent retention and recruitment strategies

Even in the midst of a crisis, HR professionals actively engage in talent management. While workforce reductions may be necessary, HR plays a pivotal role in retaining critical talent and ensuring a smooth transition during downsizing. Communication is always key in these situations, and HR develops strategies to minimize the negative impact on the workforce, provide assistance with job placements and offer career counseling.

Furthermore, HR professionals remain involved in recruitment efforts during a crisis, particularly for essential roles. They adapt recruitment processes to accommodate remote hiring, conduct virtual interviews and collaborate with managers to identify urgent hiring needs. HR's role in talent acquisition ensures the organization can continue to operate effectively and recover from the crisis with a skilled workforce.

In times of crisis, the role of HR is indispensable. From crisis communications and employee support to emergency response, HR truly envelopes the human aspect of business. No matter the size of the organization, ensuring HR is incorporated prior to a crisis, whether it is outsourced guidance or an in-house team, is vital to business success.

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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.

Team building enhances an already strong, successful team, allowing colleagues to deepen bonds and get to know each other on a personal level. Photo via Getty Images

Houston expert shares tips on implementing team building to promote productivity

GUEST COLUMN

Filling positions within an organization can be a challenge. However, finding the right people – who work together well to elevate the business – is an even bigger challenge.

When everyone is the right fit and comes together to accomplish quality work, there is increased profitability, engagement and productivity. Team building enhances an already strong, successful team, allowing colleagues to deepen bonds and get to know each other on a personal level.

Though team building can uplift a functioning team, it is not the cure for dysfunction. If the team is not communicating, experiences poor performance or has personality conflicts, among other issues, team building is not the prescription. These kinds of foundational challenges must be addressed before team building activities can serve to elevate the team.

Team building is effectively used to improve the performance of the team and create a more positive, productive work environment for already working teams.

To effectively reap all the benefits of team building for functional groups, managers or directors should include a wide range of activities, create a space for honest communication, and focus on the well-being of the employees.

Team building activities for everyone

When choosing the activities for the team, it should be tailored to meet a specific goal. This could be as simple as getting to know each other better on a personal level or creative/interactive teamwork. To secure interest from team members, ask the group what activities work best for their unique dynamic and abilities. Leadership must ensure the team-building activity is inclusive of everyone, and asking will boost morale, collaboration and wholehearted participation.

Team-building activities should have elements of fun built in that apply to the group’s roles within the organization, but this creativity should not mean added work. For instance, collaborative problem-solving activities can instruct the team on how to effectively work together when given the opportunity to understand one another’s strengths and weaknesses and how they can achieve their goals as a unit. This moment is not the time to insert a project and call it a team-building activity.

Create a space for open and honest conversations

Debriefs after team-building activities are important. These sessions allow leadership to know if their goals were clearly communicated, and it allows employees to express what they felt worked, what did not work, what was learned, and how the activity can be applied in daily work interactions.

Discussing the activity helps give space for communication breakdowns that may have occurred within the team and encourages them to learn how to better communicate with each other. Practicing how to be an active listener and how to give constructive feedback will benefit the group long-term to reduce misunderstandings and conflict within the workplace. When employees feel valued and supported during these conversations, they are more likely to be engaged with their peers and the overall organizational goals.

Spotlight the significance of well-being

Many businesses have been doing more work with fewer employees due to the tight labor market. Savvy business leaders will communicate the importance of unplugging for team building activities, which can help underscore its significance and the engaging activity. Some team building activities could even incorporate stress reduction, such as yoga or meditation.

Strong working teams will likely appreciate employers showing empathy and concern regarding their mental health and welcome a chance to unplug with colleagues. When team-building activities incorporate a well-being component, it can help team members develop a better understanding of one another to aid in the achievement of common goals. Team members who are given the opportunity to disconnect from their demanding work life can return to work rejuvenated and invigorated.

Team building is a successful approach to reinforce positive relationships within the company, making a space for genuine bonding and connection. Business leaders should work to find inclusive activities to boost team morale, create a more enjoyable workplace, build bridges for better communication and increase employee engagement. Including team-building activities that cater to everyone, create conversations and focus on employee well-being will elevate the team dynamic and the overall company performance.

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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.
Managing a workforce with varied skillsets can be an obstacle for businesses of any size. Here are three tips for navigating this challenge. Photo via Getty Images

Houston expert shares 3 tips for making employees top performers

Guest Column

As each person is uniquely different, their capabilities are directly reflected in the workplace in terms of how work is delegated to high performing, standard performing and underperforming employees based on their skill sets. For some employees, they thrive when being recognized as the individual who is trusted to always get the job done or complete a last-second task. Meanwhile, other employees may struggle with execution or efficiency, which may mean fewer new assignments for them.

Experienced managers will be able to decipher what is wrong in this scenario. Although it has become a societal norm to assign added work to high performers as a reward, this well-meaning intention can ultimately lead to performance punishments. As the overachievers are “awarded,” the average or below average performers are not placed in conditions that will push them beyond their comfort levels nor to their personal optimal performance capacity. This tactic is also referred to as a “quiet promotion,” in which top performers are given additional work without the benefit of a promotion or increased compensation.

“Quiet promotion” can have severe repercussions for top performers such as increased stress and burnout, which can subsequently lead to lowered productivity. According to a 2022 study by the American Institute of Stress, 76 percent of workers reported that stress harms their overall productivity. To avoid unintentional performance punishments, managers can implement opportunities for continual skill development, provide more balanced workloads and practice honest communication.

Create spaces to develop skills

Yearly reviews are a critical opportunity for managers to highlight their employees’ achievements and identify areas for improvement. However, a formal review is not the only time employees should receive praise or constructive criticism from their managers.

Managers have a more accurate scope of which skills the employee may lack and can assign development opportunities when they touch base with employees throughout the year. This creates a level field for performers to feel eager for development opportunities, and candidates who perform at a lower level will benefit, too. When a culture of continuous development is cultivated, it keeps top performers engaged and mitigates the sense of needing to catch up for those on a development track.

Encourage collaboration

While top performers can complete tasks without additional support, collaboration with colleagues at all levels can elevate work across the board. Partnering top performers with those who may need to fine-tune and develop relevant skills allows top performers to improve their leadership and training skills while building trusting relationships within the team or organization. Group collaboration allows employees to discover and hone their strengths and identify weaknesses so even better work is done together.

Implement honest communication

Top performers, more often than not, work above set expectations. When top performers feel they are due for a promotion as a result of their performance, but have not received it or are overlooked, a once content employee might consider searching for a new job. To avoid potential dispirited employees and impromptu resignations, managers should practice clear and effective communication with their team.

Whether during a yearly review or a biweekly check-in, take the time to ask top performers directly about where they see themselves now, where they would like to go within the organization and whether a promotion is on their radar. In a transparent and open culture, employees will feel more inclined to be outspoken about their intentions. Those who are exploring the idea of moving on will give their manager the opportunity to present other opportunities, advocate for a deserved promotion or articulate a detailed career path to reach the desired position.

Performance punishments are often unintentional, but managers need to be aware the practice can ultimately cause a disconnect within their team and burnout with their top talent. With continual opportunities for skill development, distribution of balanced workloads and transparent communication, managers can lead everyone on their team to growth and success.

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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.

While numerous factors outside of work impact individual mental health, employers can make a difference with a few key steps. Photo via Getty Images

How Houston businesses can support employee mental health in 2023, according to expert

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In 2023, it is imperative leaders keep the wellbeing of their workforce at the forefront of their minds.

According to an October 2022 publication from the McKinsey Health Institute, 59 percent of the global workforce report having at least one mental health challenge either now or in the past. These challenges not only threaten employee wellbeing but can also impact performance by a reduction in productivity.

Numerous factors outside of work impact individual mental health. Nonetheless, employers can make a difference with a few key steps, such as properly training management to mitigate toxic behaviors, prioritizing inclusivity and providing mental health resources.

Management training

To start, leaders need to prepare their managers to set the tone for employees. Frontline managers can have a large influence on employee wellbeing through their daily interactions with their teams. Even if organizations offer a host of mental health benefits, employees might not take advantage if their managers do not buy in. There is no substitute for the genuine care and concern that a supportive manager offers their employees, and they can tell the difference when they are authentically cared for or not.

Although the vast majority of managers have good intentions toward their employees, managers also may hold themselves and their teams to high standards without realizing the impact on mental health. Managers should receive training in how to respect work-life balance, help employees prioritize their duties, and create and maintain a supportive, positive work environment. These things may not have been on the radar for management in the past, but it is now the norm to lead with the wellness of the whole person in mind.

Beyond helping employees balance their lives, managers also need support in balancing their own, particularly to avoid burnout. Employees and managers may both face pressure to perform, and leaders need to make sure mental health initiatives for junior employees do not simply transfer excessive workloads to their supervisors. To accomplish that, train managers in time- and stress-management techniques and keep the lines of communication open with the executive team. Staying in tune with the pulse of wellness at work requires open communication and the commitment to support work-life balance by all members of the organization.

Prioritize inclusivity

Since 2020, inclusivity has become a bigger and bigger part of the conversation about workplace culture. The impact of a discriminatory workplace on mental health can be profound. When employees experience or indirectly experience discrimination in the workplace, their overall wellbeing suffers, with engagement and satisfaction decreasing as well, according to a 2021 survey from Gallup. The good news is most workplaces already have policies in place to prevent and report discriminatory practices.

However, a truly inclusive workplace will go beyond anti-discrimination policies to create an affirmative environment where employees can fully embrace their identities. Steps to promote inclusivity include celebrating holidays of various cultures, creating opportunities for employees to discuss their heritage and traditions, organizing relationship-focused exercises and offering educational opportunities in the workplace. To promote unity in the workplace, leaders should take care to discourage the formation of cliques and ensure all employees feel welcomed and not judged or mistreated by coworkers. Valuing diversity and honoring the individual drives the culture of tolerance and acceptance, which promotes a harmonious and productive work environment and team.

Provide mental health resources

To promote mental health and wellness, employees need access to the right resources and the knowledge to navigate those resources. In many cases, employees with the biggest mental health challenges may also face the most obstacles in receiving care. For employers offering health care benefits, employees may need training on how to find mental health practitioners in their area. What is more, employees accustomed to inconvenient appointment times or long wait lists for therapists may benefit from learning about online therapy platforms, which can offer care sooner and outside of typical work hours.

Many employers also choose to offer an employee assistance plan, or EAP, which can offer further mental health programs, free of charge. Despite their relevance to employees in need, EAPs are often overlooked and underutilized, making it even more necessary for managers or HR to proactively reach out to employees and educate them about their EAP benefits.

For organizations without the budget to provide health care benefits or EAPs, their leadership should investigate free or low-cost mental health resources in their region. In many cases, local government will provide free access or subsidies for mental health care. Nonprofit organizations may also offer free programs for those meeting eligibility requirements.

Employers should keep in mind employees may feel afraid to use mental health benefits for fear of stigma. While managers should be careful not to intrude on employees’ personal lives, managers can still gently offer caring support to employees who show signs of struggling with mental health, including chronic tardiness, absenteeism, low mood and a sudden change in personality or work performance. The ability to know if a behavior is out of the norm for an employee, the manager needs to have built a relationship with them and to care enough to notice the change.

As employees continue to face mental health challenges in their personal lives, employers can be part of the solution by educating managers, emphasizing inclusivity and offering mental health resources and support. Being a caring human being goes a long way, even at work.

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Karen Leal is a 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 initiative receives $4M grant to promote biomedical entrepreneurship

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The National Institute of Health has awarded a $4 million grant to a Houston-area initiative in the name of sparking biomedical activity.

The grant will create a new Research Evaluation and Commercialization Hub, known as REACH, in Houston. The team behind the Gulf Coast Consortium — one of the world’s largest inter-institutional cooperatives, which includes eight of Houston’s medical research leading lights — has been hard at work to bring REACH-GCC to fruition.

The result? A multidisciplinary means of promoting biomedical entrepreneurship, bringing innovators from concept to commercialization.

“I can tell you that a lot of those potential users came out of our research consortium. Those users span from a focus on mental health to antibiotic resistance to regenerative medicine to pain management to, of course, cancer,” says Suzanne Tomlinson of Rice University.

Tomlinson is the director of GCC research programs and worked with Stan Watowich of The University of Texas Medical Branch to create the grant. Peter Davies helped to submit it through Texas A&M University.

One of the dozen research and educational programs that Tomlinson directs is the Innovative Drug Discovery and Development Consortium.

“Within that, we have established a wide network of drug to drug discovery and development cores,” she says.

The vast majority of those are funded by CPRIT (Cancer Prevention and Research Institute of Texas), and Tomlinson and Watowich (the chair of IDDD’s steering committee) were lead developers and authors of the grant to create TMCi’s Accelerator for Cancer Therapeutics (ACT). That accelerator is a model for what GCC-REACH may do for taking other innovations from discovery to market.

“We get close to a billion dollars in research monies a year coming into the Medical Center. The question is, ‘Are we seeing a lot of those dollars resulting in products that benefit patients?’ And the answer always is, ‘We can do better,’” says Watowich.

How will GCC-REACH help to do that? By combining the forces of all eight full members of the GCC, plus outside help when it’s needed. Watowich sets for the example of a budding entrepreneur at his home institution, UTMB. That researcher could potentially receive guidance from an MD Anderson expert in immunotherapies or a Rice scientist who focuses on nanotechnology delivery systems.

“This grant is designed to put together a bespoke team of whatever is needed to have a discussion with and figure out what's the market for this technology. How might it get there?’” says Watowich.

Those options could include setting up a startup company, but could also mean licensing the idea to someone else, whether it’s a company or an institution.

“Our goal is, we help each other. We help ourselves. We help the patient population. And we do that through working together,” he continues.

Though it sounds like GCC-REACH could be a competitor to other accelerators, Watowich doesn’t see it that way. He sees the new hub as working with very early-stage creators who may still take part in those existing accelerators in the future. And the team hopes to do so quickly. The goal is to launch this month. Watowich says that the plan is to use the NIH’s $4 million to launch around 60 early stage biomedical companies over the next four years.

A variety of nascent founders — regardless of their type of innovative solution — will take part in the initiative.

“It can be a device, it could be an AI, it could be an app, it could be digital health, it could be therapeutics,” says Watowich. “We have experts across all of these areas that could help provide guidance and mentoring to try to move those companies forward.”

New report ranks Houston as the top city for foreign investment

by the numbers

For the second time, a report has analyzed the top markets in the United States for the rest of the world to do business in. This year, that top spot belongs to Houston.

The second annual FT-Nikkei Investing in America ranking, which came out this week from the Financial Times and international financial newspaper Nikkei, put the Bayou City — and six other Texas cities — at the top portion of the ranking. Houston's at No. 1, up four spots from last year, but Austin and four cities in the Dallas area also claim spots in the top 20.

The report looked at four dozen metrics, including workforce and talent, quality of life, openness, business environment, investment trends, and more.

In addition to the ranking, the Financial Times dove a little deeper into what made Houston a standout this year, interviewing many of Houston's most prominent business community members. The article points to the city's storied past as an oil and gas leader, also calling out its busy airports and global shipping ports, as well as its medical technology and aerospace industries. But one of the biggest factors in Houston's business climates success is its opportunity within the energy transition.

“We’re clear in Houston that if we’re going to continue to have prosperity — to the degree to define prosperity as job growth and wealth creation — it’s going to need to come from places other than the incumbent energy business,” Bobby Tudor, chief executive of Artemis Energy Partners, tells FT in the article.

Houston scored an overall 73 out of 100, and its scores across metrics in the report include:

  • Workforce and talent: 68/100
  • Openness: 80/100
  • Business environment: 64/100
  • Foreign business needs: 100/100
  • Quality of life: 47/100
  • Investment trends: 73/100
  • Aftercare: 69/100
Last year's top city was Miami, which ranks at No. 6 this year. Most of the top 10 cities in this year's report represent major gains on the ranking.This report falls in line with others in terms of noticing a change within the green economy in Houston. Earlier this year, personal finance website SmartAsset ranked the Houston metro area as the fifth best place in the U.S. for green jobs, which pay an average of 21 percent more than other jobs. The SmartAsset study found that 2.23 percent of workers in the Houston area hold down jobs classified as “green.”

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This article originally ran on EnergyCapital.

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 hardtech to digital solutions — recently making headlines in Houston innovation.

Wogbe Ofori, founder and chief strategist of WRX Companies

Wogbe Ofori, founder and chief strategist of WRX Companies, joins the Houston Innovators Podcast to discuss hardtech and Houston as an innovative city. Photo via LinkedIn

To Wogbe Ofori, the definition of entrepreneurship is simple: "To be more opportunity centric than risk averse." And Houston, as he says, has be entrepreneurial for a very long time — despite it being considered the specialty of a certain coastal region.

"Silicon Valley has hijacked the concept of innovation and entrepreneurship, and this city has been filled with entrepreneurs long before the concept of 'tech entrepreneurs,'" Ofori says on this week's episode of the Houston Innovators Podcast.

Ofori, the founder and chief strategist of WRX Companies, has developed a keen eye for entrepreneurship and innovation activity in Houston and shares his observations on the show. An adviser to Nauticus Robotics and strategist to Intuitive Machines and Jacobs, he's also served as a mentor across the local innovation community. Read more or listen below.

Amy Chronis, vice chair, US Energy and Chemicals Leader and Houston managing partner at Deloitte

Amy Chonis shares Houston listmakers from Deloitte's annual report. Photo courtesy Deloitte/AlexandersPortraits.com

Deloitte just unveiled the fastest-growing technology companies in North America — and four businesses from Houston made the cut.

For the 29th year, 2023 Technology Fast 500 ranked top tech, media, telecommunications, life sciences, and energy technology companies based on fiscal year revenue growth from 2019 to 2022. While no Houston business was able to break into the top 100, four did make the cut for this year's list.

“It is great to see Houston represented alongside established technology hubs on this year’s Fast 500 list,” Amy Chronis, vice chair, US Energy and Chemicals Leader and Houston managing partner at Deloitte, says in a statement. “Houston is planting seeds for future innovation, and the companies named to this year’s list confirm our city’s value proposition as an innovative community. We look forward to this growth continuing in the future and extend our congratulations to this year’s Houston winners.” Read more.

Steve Altemus, co-founder, president, and CEO of Intuitive Machines

Intuitive Machines has some big news. Photo via intuitivemachines.com

Intuitive Machines has landed a nearly $9.5 million Air Force contract to develop technology for NASA’s Gateway project, the first space station that will orbit the moon. Specifically, the technology will support a high-powered nuclear fission system that will supply electricity for satellites, bypassing the need for power from solar, battery, or fuel-cell sources.

“As space exploration ventures become more ambitious and diverse, the need for efficient and reliable power sources in space is paramount,” Pete McGrath, vice president of business development at Intuitive Machines, says in a news release. “Developing the ability to expand power sources beyond solar, which requires heavy battery storage, could remove the burden of constantly worrying about a spacecraft’s arrays relative to the sun, and potentially deliver long-term stability for satellites that would otherwise lose power over time.”

Second, Intuitive Machines has set January window for the launch of its IM-1 lunar mission in conjunction with private aerospace company SpaceX. The liftoff is targeted for a multiday window that opens January 12, 2024. Read more.

The 2023 Houston Innovation Awards winners

The 2023 Houston Innovation Awards revealed its big winners across 13 categories. Photos courtesy

Who are the top innovators and startups in Houston? We just found out for you. The Houston Innovation Awards honored over 50 finalists categories, naming the 12 winners at the event. The 2023 Trailblazer Award recipient, Brad Burke, managing director of the Rice Alliance for Technology and Entrepreneurship, was also honored at the event by inaugural winner, Barbara Burger. Read more.

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