Percy Miller, aka Master P, took the virtual stage at the Houston Tech Rodeo kick-off event. Photo courtesy of HTR

Percy Miller developed his music career as Master P, but it's far from his only entrepreneurial endeavor. At Houston Exponential's kick-off event for the 2021 Houston Tech Rodeo, Miller took the virtual stage with Zack O'Malley Greenburg, a journalist and author.

In the discussion, Miller shared his experience in his many fields of entrepreneurship, including music, fashion, consumer packaged goods, and more. He focused on trusting your own hard work, surrounding yourself with a good support system, and embracing failure — something he's done throughout his career.

"I don't look at it as a loss. I look at it as a lesson. Every 'L' is a lesson," he says. "Every time I had a business fail, I learned something from it and it opened up a door into a future."

To hit the highlights from the fireside chat with Master P, check out some overheard moments below. To stream the full broadcast, click here.

“A music career only lasts 3 to 5 years at the most. … I started diversifying my portfolio and I looked at the tech side and said, ’This is where you got to be at.’”

Miller says he was out in the Bay Area in the '90s and early '00s, and he saw first hand the tech scene developing in Silicon Valley. He even released an album in 2005 called Ghetto Bill, a reference to Bill Gates.

“I have failed a lot — don’t be afraid to fail. Get out and take that chance on yourself.”

Miller's music career mirrors, in some ways, the dynamic path of a startup. He received a $10,000 investment from his grandparents and used it to launch his career.

"I created an empire with $10,000," he says.

But It wasn't always easy, and Miller remembers the hustle, selling his music from the trunk of his car, and his many failures.

“You have to be committed to what you do — and you have to love it. It never was about money. When you’re passionate about something, you have a purpose. You’ll get there. If you do it for money, you’ll probably never be successful.”

Passion is a key ingredient in the recipe for success, Miller explains. It drives accomplishment and, "if you get it that easy, you'll probably lose it even quicker," he continues.

“I have an entrepreneurial spirit — I have to learn everything about what I’m doing.”

When it came to developing his music career, Miller says he wore every different hat in the process because he knew he would work the hardest.

"For me, if I can be the talent and the person who runs the company, I feel like there's no limit," Miller says. "I knew I could depend on myself."

“Show me your friends, and I can show you your future.”

Miller started his own record label, No Limit Records, and it was here he cultivated an environment of artists who didn't just want to perform, get pampered, and hang out at the club.

"People at No Limit — it was like a university," he says. "Everybody was coming to study to not only learn how to be an artist but also learn entrepreneurship and financial literacy."

“Most people wanted that advanced check, that money upfront. But my thing was I wanted the control in the end. When you come from a poor culture, you look at things differently. At least I did.”

Miller says he learned this at a young age, that if you hold the power, you make the decisions. "I want better for my kids and the only way I am going to do that is by creating longevity where I own the largest percent of the company," he says.

“It’s all about economic empowerment — we’re stronger together.”

Miller says he's focused on product and taking over the grocery stores, as well as driving economic empowerment for other BIPOC-founded companies and putting money back into the community.

"I want to focus on other minority-owned companies and brands get their products on the shelves,' he says.

In the latest round up of Houston innovation news you may have missed, applications open for fast-growing tech awards, energy startups join latest cohort, and more. Photo via Getty Images

Houston startup grows C-suite, Deloitte opens awards apps, SDO names leader, and more innovation news

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The Houston innovation ecosystem has been especially busy this year, and for this reason, local startup and tech news may have fallen through some of the cracks.

In this roundup of short stories within Houston innovation, local organizations announce new innovators, Deloitte opens apps for its annual tech awards, Houston Tech Rodeo prepares for its annual events, and more.

Early stage accelerator names new Houston leader

Kate Evinger will lead gBETA Houston. Photo via LinkedIn

A Houston early-stage startup accelerator has named its new director. Kate Evinger has joined gener8tor's gBETA Houston as director. She will run the third gBETA cohort in Houston, adding to the 10 alumni from the two cohorts held in 2020.

Evinger has replaced Anu Pansare, who was previously named director in February. Pansare, who replaced the accelerator's inaugural director Eléonore Cluzel, moved on to another opportunity, Evinger says.

Based in Houston's Downtown Launchpad, gBETA's third cohort of early stage startups will soon start its free 7-week program, which is designed to help participating companies gain early customer traction and develop key metrics that will make them more marketable for future investment.

Evinger has been a part of the gener8tor family since 2016 when she joined the team as associate for gBETA Madison. She was promoted to program manager in 2019 when she graduated from Indiana University with degrees in finance, entrepreneurship and corporate innovation, according to a news release.

"Downtown Launchpad's inclusive set of tools, resources and opportunities empower Houston founders to accelerate and scale their businesses to solve humankind's boldest challenges," says Robert Pieroni, director of economic development at Central Houston, in a news release. "Kate Evinger brings experience and valuable insights to the gBETA Houston program and will help us continue to support founders, Houston-based partners and the community."

Houston Tech Rodeo launches registration and names headliner

Master P will be the headlining guest for Houston Tech Rodeo. Photo courtesy of HTR

Houston Tech Rodeo, a week-long collaboration of events hosted by Houston Exponential, has opened registration and announced Percy Miller, also known as musical artist Master P, as the headliner.

Miller, who began his career as an international rap artist, later became a CEO, investor, and founder of Nemesis RR.

"I'll be sharing my journey, my secrets, my success, my feelings, and my rebuilding. Transitioning from international artist to CEO to investing in philanthropy, I want to educate you and give you that gain," says Miller in a news release. "I want to add diversity into technology and the automotive industry."

HTR kicks off May 16 at Saint Arnold Brewing Company with live music, beer, and swag bag pick ups with registration. The week concludes on May 23. Registration is free and available online.

Houston industrial blockchain company expands C-suite

Data Gumbo has a new C-level executive. Photo courtesy of Data Gumbo

Data Gumbo, a Houston-based industrial smart contract network powered by blockchain — announced that it has brought on Robin Macmillan as chief corporate development officer to lead the company's corporate development team.

"The sheer breadth of Macmillan's experience will serve as an invaluable asset to Data Gumbo as we continue to exponentially grow and mature our company into new industrial markets and further solidify our leadership in energy," says Andrew Bruce, CEO and founder of Data Gumbo, in a news release. "Macmillan has the experience to expand Data Gumbo's commercial market penetration to aid companies in undertaking digital transformation with smart contracts to reveal streamlined efficiencies and cost savings, sustainability insights across supply chains and transactional certainty in any commercial relationship."

Macmillan has over 40 years of experience in the energy industry, most recently at National Oilwell Varco and is the vice president of drilling services at the International Association of Drilling Contractors,

"There is tremendous opportunity right now to change how business is executed," says Macmillan in the release. "Data Gumbo is poised to deliver trust through automated, auditable blockchain-backed smart contracts that execute transactions in real-time. I am thrilled to be a part of the Data Gumbo executive team as the company is in a period of hyper growth into new industries, serving as a harbinger for significant digital transformation across commercial relationships and transparent, accurate sustainability impact data."

Deloitte opens annual tech awards nominations

Calling all fast-growing tech companies. Image via Deloitte

Deloitte's Technology Fast 500 awards — which celebrate the fastest growing, most innovative technology, media, telecommunications, life sciences and energy tech companies in the country — has opened applications for its 2021 program.

Applications opened online on April 9 and will remain open until June 29. Winners will be announced on November 15. The program ranks applicants based on percentage of fiscal year revenue growth and the list is compiled from applications. For more information, visit the Technology Fast 500 website.

"Each year, we are excited to see the variety of Houston's Fast 500 applicants, which represent the city's positive momentum in both diversifying its core competencies and highlighting the boom in technology innovations coming to market," says Amy Chronis, vice chair and Houston managing partner at Deloitte LLP. "We look forward to seeing what Houston's innovators will bring in 2021."

Energy incubator announces latest cohort

Fifteen energy startups are joining the Plug and Play family. Gif courtesy of Plug and Play

Plug and Play Tech Center has announced 154 startups into its 2021 summer program — 15 of which were named to the Houston-based Batch 8 Energy Program. During the course of the next three months, these companies will receive access to our corporate, venture capital, and mentor network.

The new energy cohort consists of the following companies:

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Houston hospital joins the metaverse with new platform

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Houston Methodist has launched a platform that is taking medical and scientific experts and students into the metaverse.

The MITIEverse, a new app focused on health care education and training, provides hands-on practice, remote assistance from experienced clinicians, and more. The app — named for the Houston Methodist Institute for Technology, Innovation and Education, aka MITIE — was created in partnership with FundamentalVR and takes users into virtual showcase rooms, surgical simulations, and lectures from Houston Methodist faculty, as well as collaborators from across the world.

“This new app brings the hands-on education and training MITIE is known for to a new virtual audience. It could be a first step toward building out a medical metaverse,” says Stuart Corr, inventor of the MITIEverse and director of innovation systems engineering at Houston Methodist, in a news release.

Image courtesy of Houston Methodist

The hospital system's DeBakey Heart and Vascular Center has created a virtual showcase room on the app, and users can view Houston Methodist faculty performing real surgeries and then interact with 3D human models.

"We view the MITIEverse as a paradigm-shifting platform that will offer new experiences in how we educate, train, and interact with the health community,” says Alan Lumsden, M.D., medical director of Houston Methodist DeBakey Heart and Vascular Center, in the release.

“It essentially democratizes access to health care educators and innovators by breaking down physical barriers. There’s no need to travel thousands of miles to attend a conference when you can patch into the MITIEverse," he continues.

Image courtesy of Houston Methodist

Houston doctors get approval for low-cost COVID vaccine abroad

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A Houston-born COVID-19 vaccine has gotten the go-ahead to be produced and distributed in Indonesia.

PT Bio Farma, which oversees government-owned pharmaceutical manufacturers in Indonesia, says it’s prepared to make 20 million doses of the IndoVac COVID-19 vaccine this year and 100 million doses a year by 2024. This comes after the vaccine received authorization from the Indonesian Food and Drug Authority for emergency use in adults.

With more than 275 million residents, Indonesia is the world’s fourth most populous country.

IndoVac was created by the Texas Children’s Hospital Center for Vaccine Development and Baylor College of Medicine. Drs. Peter Hotez and Maria Elena Bottazzi lead the vaccine project. Bio Farma is licensing IndoVac from BCM Ventures, the commercial group at the Baylor College of Medicine.

“Access to vaccines in the developing world is critical to the eradication of this virus,” Hotez, co-director of the Texas Children’s Hospital Center for Vaccine Development and dean of the National School of Tropical Medicine at Baylor College of Medicine, says in a news release.

Aside from distributing the vaccine in Indonesia, Bio Farma plans to introduce it to various international markets.

“The need for a safe, effective, low-cost vaccine for middle- to low-income countries is central to the world’s fight against the COVID-19 pandemic,” says Bottazzi, co-director of the Texas Children’s Hospital Center for Vaccine Development and associate dean of the National School of Tropical Medicine at Baylor.

“Without widespread inoculation of populations in the developing world, which must include safe, effective booster doses, additional [COVID-19] variants will develop, hindering the progress achieved by currently available vaccines in the United States and other Western countries.”

Bio Farma says it has completed Phase 1 and Phase 2 clinical trials for IndoVac and is wrapping up a Phase 3 trial.

IndoVac is a version of the patent-free, low-cost Corbevax vaccine, developed in Houston and dubbed “The World’s COVID-19 Vaccine.” The vaccine formula can be licensed by a vaccine producer in any low- or middle-income country, which then can take ownership of it, produce it, name it, and work with government officials to distribute it, Hotez told The Texas Tribune in February.

Among donors that have pitched in money for development of the vaccine are the Houston-based MD Anderson and John S. Dunn foundations, the San Antonio-based Kleberg Foundation, and Austin-based Tito’s Vodka.

“During 2022, we hope to partner with the World Health Organization and other United Nations agencies to vaccinate the world. We believe that global vaccine equity is finally at hand and that it is the only thing that can bring the COVID pandemic to an end,” Hotez and Bottazzi wrote in a December 2021 article for Scientific American.

Houston research: How best to deliver unexpected news as a company

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According to Forbes, the volume of mergers and acquisitions in 2021 was the highest on record, and 2022 has already seen a number of major consolidation attempts. Microsoft’s acquisition of video game company Activision Blizzard was the biggest gaming industry deal in history, according to Reuters. JetBlue recently won the bid over Frontier Airlines to merge with Spirit Airlines. And, perhaps most notably, Elon Musk recently backed out of an attempt to acquire Twitter.

It can be hard to predict how markets will react to such high-profile deals (and, in Elon Musk and Twitter’s case, whether or not the deal will even pan out). But Rice Business Professor Haiyang Li and Professor Emeritus Robert Hoskisson, along with Jing Jin of the University of International Business and Economics in Beijing, have found that companies can take advantage of these deals to buffer the effects of other news.

The researchers looked at 7,575 mergers and acquisitions from 2001 to 2015, with a roughly half-and-half split between positive and negative stock market reactions. They found that when there’s a negative reaction to a deal, companies have two strategies for dealing with it. If it’s a small negative reaction, companies will release positive news announcements in an attempt to soften the blow. But when the reaction is really bad, companies actually tend to announce more negative news afterward. Specifically, companies released 18% less positive news and 52% more negative news after a bad market reaction.

This may seem counterintuitive, but there’s a method to the madness, and it all has to do with managing expectations. If people are lukewarm on a company due to a merger or acquisition, it’s possible to sway public opinion with unrelated good news. When the backlash is severe, though, a little bit of good PR won’t be enough to change people’s minds. In this case, companies release more bad news because it’s one of their best chances to do so without making waves in the future. If people already think poorly of a company due to a recent deal, more bad news isn’t great, but it doesn’t come as a surprise, either. Therefore, it’s easier to ignore.

It might make more sense to just keep quiet if the market reaction to a deal is bad, and this study found that most companies do. However, this only applies when releasing more news would make a mildly bad situation worse. If things are already bad enough that the company can’t recover with good news, it can still make the best out of a bad situation by offloading more bad news when the damage will be minimal. Companies are legally obligated to disclose business-related news or information with shareholders and with the public. If it’s bad news, they like to share it when the public is already upset about a deal, instead of releasing the negative news when there are no other distractions. In this case the additional negative news is likely to get more play in the media when disclosed by itself.

But what happens when people get excited about a merger or acquisition? In these cases, it also depends on how strong the sentiment is. If the public’s reaction is only minimally positive, companies may opt to release more good news in hopes of making the reaction stronger. When the market is already enthusiastic about the deal, though, companies won’t release more positive news. The researchers found that after an especially positive market reaction to a deal, companies indeed released 12% less positive news but 56% more negative news. Also, one could argue that the contrasting negative news makes the good news on the acquisition look even better. This may be important especially if the acquisition is a significant strategic move.

There are several reasons why a company wouldn’t continue to release positive news after a good press day and strong market reaction. First of all, they want to make sure that a rise in market price is attributed to the deal alone, and not any irrelevant news. A positive reaction to a deal also gives companies another opportunity to disclose bad news at a time when it will get less attention. If the bad news does get attention, the chances are better that stakeholders will go easy on them — a little bit of bad press is forgivable when the good news outshines it.

Companies may choose to release no news after a positive reaction to a merger or acquisition, the same way they might opt to stay quiet after backlash. They’re less likely to release positive news when stakeholders are already happy, preferring to save that news for the next time they need it, either to offset a negative reaction or strengthen a weak positive reaction.

Mergers and acquisitions can produce unpredictable market reactions, so it’s important for companies to be prepared for a variety of outcomes. In fact, Jin, Li and Hoskisson found that the steps taken by companies before deals were announced didn’t have much effect on the public’s reaction. They found that it’s more important for companies to make the best out of that reaction, whatever it turns out to be.

The researchers also found that, regardless of whether the market reaction was positive or negative, as long as the reaction was strong, companies could use the opportunity to hide smaller pieces of bad news in the shadow of a headline-making deal. Overall, the magnitude of the reaction mattered more than the type of reaction. People tend to have stronger reactions to unexpected news, though, so companies prefer to release negative news when market expectations are already low.

These findings are relevant beyond merger announcements, of course; they also point to strategies that could be useful in everyday communications. A key takeaway is that negative information is less upsetting when people already expect bad things — or when it comes after much bigger, and much better, news. Bad news is always hard to deliver, but this research gives us a few ways to soften the blow.

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This article originally ran on Rice Business Wisdom and was based on research from Jing Jin, Haiyang Li and Robert Hoskisson.