Texas has landed in the No. 8 spot for the best states for Black entrepreneurs. Photo by Christina Morillo/Pexels

The Lone Star State has again ranked among the top states for Black entrepreneurs, but Texas didn't rank as highly as it did in 2022.

According to Merchant Maverick’s latest annual report on the state of Black businesses, Texas has landed in the No. 8 spot for the best states for Black entrepreneurs. While the state maintains a position in the top 10, Texas has dropped from its No. 3 spot last year.

Guided by metrics including Black-owned businesses per million residents, percentage of the state’s workforce employed by Black-owned businesses, average annual payroll of Black-owned businesses, average annual income of Black business owners, regional price parity, a cost of living indicator, unemployment rate, and Top state income tax bracket rates, the report also noted the following key takeaways:

The Lone Star State is:

  • No. 9 for highest average annual income.
  • Home to 360 Black-owned businesses per capita.
  • No. 15 highest in the nation for percentage of the workforce working for Black businesses.

Black businesses continue to see success all over the state.

The largest Black tech conference in the country, the 2023 AfroTech Conference, recently returned to Austin for the second straight year at the Austin Convention Center. The five-day conference united over 300 companies – including Amazon, Meta, and Google – to expand the representation of Black Americans in STEM fields.

In 2022, a ranking by Black employees at Apartment List put Houston at No. 4 among the best cities for Black professionals. The Apartment List employees judged 82 cities in four categories: Business environment for Black professionals. Houston ranks third. Black community and representation. Houston ranks fourth. Economic opportunities for Black professionals. Houston ranks seventh. Housing opportunities for Black professionals. Houston ranks No. 20.

Growth also was reflected post-pandemic for Black-owned startups in Houston according to study by economists at Rice University, Boston University, Columbia University, and the Massachusetts Institute of Technology (MIT). The study found that from 2019 to 2020, the startup rate rose 32 percent in four largely Black areas of Houston: Kashmere Gardens, Missouri City, South Acres, and Sunnyside. The statewide startup rate during that period was 10 just at percent.

Texas recently landed on another Merchant Maverick report, also dropping a few spots in Merchant Maverick’s annual ranking of the top 10 states for women-led startups. The Lone Star State landed at No. 5 for women-led startups in 2023, down from No. 2 in 2022. Last year, Texas ranked second, up from its No. 6 showing in 2021.
Texas takes a stumble on an annual list that identifies the top states for female founders. Photo via Getty Images

Texas ranks as a top state for female entrepreneurs

women in business

Texas dropped three spots in Merchant Maverick’s annual ranking of the top 10 states for women-led startups.

The Lone Star State landed at No. 5 thanks in part to its robust venture capital environment for women entrepreneurs. Last year, Texas ranked second, up from its No. 6 showing in 2021.

Merchant Maverick, a product comparison site for small businesses, says Texas “boasts the strongest venture capital scene” for women entrepreneurs outside California and the Northeast. The state ranked fourth in that category, with $6.5 billion invested in the past five years.

Other factors favoring Texas include:

  • Women solely lead 22 percent of all employees working for a business in Texas (No. 4).
  • Texas lacks a state income tax (tied for No. 1).

However, Texas didn’t fare well in terms of the unemployment rate (No. 36) and the rate of business ownership by women (No. 29). Other Texas data includes:

  • Average income for women business owners, $52,059 (No. 19).
  • Early startup survival rate, 81.9 percent (No. 18).

Appearing ahead of Texas in the 2023 ranking are No. 1 Colorado, No. 2 Washington, No. 3 California, and No. 4 Arizona.

Another recent ranking, this one from NorthOne, an online bank catering to small businesses, puts Texas at No. 7 among the 10 best states for women entrepreneurs.

NorthOne says Texas provides “a ton of opportunities” for woman entrepreneurs. For instance, it notches one of the highest numbers of women-owned businesses in the country at 1.4 million, 2.1 percent of which have at least 500 employees.

In this study, Texas is preceded by Colorado at No. 1, Nevada at No. 2, Virginia at No. 3, Maryland at No. 4, Florida at No. 5, and New Mexico at No. 6. The rankings are based on eight metrics, including the percentage of woman-owned businesses and the percentage of women-owned businesses with at least 500 employees.

Contributing to Texas’ better showing on this year's ranking is an increase in female-focused VC investments. Photo via Getty Images

Texas named No. 2 state for women-led startups thanks to increased VC investment

who runs the world?

A more than 120 percent surge in female-focused venture capital investments helped push up Texas’ ranking in an annual study of the best states for women-led startups.

In Merchant Maverick’s 2021 report on the best states for women-led startups, Texas lands at No. 2, up from No. 6 the previous year. Colorado retains its No. 1 ranking from last year. Merchant Maverick judged each state based on several gender-specific metrics, such as VC funding.

Contributing to Texas’ better showing this year is the increase in female-focused VC investments. Merchant Maverick says the state’s five-year total for female-focused VC investments grew from the $365 million reflected in the 2020 report to $814 million in this year’s report. That’s a jump of 123 percent.

The $814 million total puts Texas in fourth place among the states in terms of female-focused VC investments over a five-year span. California leads this category ($6.7 billion), followed by New York ($4.7 billion), and Massachusetts ($1 billion).

The Lone Star State “has cultivated a business-friendly reputation that appears to be attracting a high volume of women-led organizations and startups,” says Merchant Maverick, a product comparison website for small businesses.

The state doesn’t do as well when it comes to average income, according to Merchant Maverick, but with no state income tax, women business owners can expect an average $62,945 yearly income to go further in Texas than it would in most other states.

Across the country, Merchant Maverick says that thanks to rising startup hubs like Houston, Miami, Phoenix, and Boulder, Colorado, “more funding opportunities are available to female entrepreneurs than ever before.”

Here are some of the Texas statistics cited in this year’s report:

  • 27 percent of businesses with employees are led by women, putting Texas at No. 13 among the states.
  • At 1.55 percent, Texas sits at No. 22 for the share of women business owners.
  • Texas ranks 19th for the average yearly income of women business owners ($62,945).
A new report finds that the Lone Star State is ideal for female entrepreneurs. Photo via Getty Images

Texas named a top state for women-led startups

this one's for the ladies

Who runs the world? According to Merchant Maverick's inaugural Best States for "Women-Led Startups'' study, Texas is a great place for women to be in charge.

The Lone Star state cracked the top 10 on the list, earning a No. 6 spot according to the small business reviews and financial services company, which based the study on eight key statistics about this growing segment of the economy. Colorado (at No. 1), Washington, Virginia, Florida, and Montana were the only states to beat out Texas on the rankings—leading the Merchant Maverick team to conclude that "the part of the country that lies west of the Mississippi is great for startups led by women entrepreneurs."

Women-led startups in Texas received $365 billion in VC funding in the last five years, the report found. This is the seventh largest total among U.S. states. Too, about 20 percent of Texans are employed at woman-led firms, which is the fifth highest percentage among states. Roughly 35 percent of employers in Texas are led by women.

A few other key findings that work in female founders' favor: The startup survival rate in Texas is nearly 80 percent. And a lack of state income tax "doesn't hurt either," the report says.

Still there are shortcomings. On a per capita basis, only 1.27 percent of Texas women run their own business. The average income for self-employed women is also relatively low ranking among states, coming in around $55,907 and landing at 31st among others.

This is not the first time Texas has been lauded as a land of opportunity for women entrepreneurs. A 2019 study named it the best state for business opportunities for women. Houston too has proven to support success for the demographic. The Bayou City was named in separate studies a best city for female entrepreneurs to start a business and to see it grow.

Still, as many findings have concluded, the realities of the pandemic loom for all startups and small business owners. The Merchant Maverick study was careful to add: "The pandemic has changed the economic landscape over the past year, and often for the worse.

"This means that not every metric may be able to accurately gauge how a state might fare amidst the pandemic," the report continues. "To help factor in COVID's impact, we included some metrics that take 2020 into account, but it will be a while until we get a full picture of the pandemic's devastation.""

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America's first Ismaili Center set to open in Houston in December

Sneak Preview

The long-awaited Ismaili Center, Houston is set to open to the public next month. The 11-acre site has been painstakingly designed and constructed to offer indoor and outdoor public spaces for Houstonians to enjoy, connect, and engage. As the only Ismaili Center in the United States — and seventh in the world — it joins its international communities in London, Vancouver, Lisbon, Dubai, Dushanbe, and Toronto.

Nearly 20 years in the making, the Ismaili Center, Houston features a prayer hall, rotating art installations, a black box theater, a cafe, numerous social halls for weddings and other events, and nine acres of outdoor space and landscaped botanical gardens. Involved parties hope that the community will see the space as an extension of the neighboring parks along the bayou, and have included a garden entrance to the north lawn and gardens at the corner of Montrose Boulevard and Allen Parkway.

While Houston is known for its many community engagement centers, the architects and designers believe that the seamless integration of indoor and outdoor spaces sets the Ismaili Center, Houston apart from all others.

“What we know is the connections between buildings, environment, quality of life, and landscape — this is nothing new,” structural and facade engineer Hanif Kara says. “But, certainly, it’s hard to see that in other developments, particularly when they are done by developers. It’s quite difficult to find community spaces, and to see how quality of life is improved for everyone. I think we’ve all experienced that kind of hope that it will play out something like this.”

Designed by Farshid Moussavi Architecture and Nelson Byrd Woltz Landscape Architects, the remarkable 11-acre site is designed both to receive LEED Gold certification and to withstand the tests of Houston’s sometimes extreme weather conditions.

Principal architect Farshid Moussavi looks forward to seeing the Houston community utilize the space she’s worked so hard to deliver: “We’ve given the hardware to the community, now the software needs to come in. So I hope that there will be music recitals, or lectures, or book fairs, or other kinds of markets that can happen—even simultaneously. This is not an experiment, it’s the seventh in the world.”

Community welcome events are scheduled for December 12 and 13, but, until then, here are 10 features and things to know about the Ismaili Center, Houston.

What is the Ismaili Center, Houston?

“The use of the building is really meant for, or our hope, is that we are able to—on an enhanced view of what the community does today—have engagement on service projects, arts and culture, interfaith dialogue, and even just in bringing people together,” Omar Samji, Ismaili Council for the United States of America, says. “The notion of bringing people together in a place where it is easy to create connections because it’s an open space, and because it’s specifically designed to be a place where people interact and where people find commonality. Because whether you’re out in the gardens, or on the environs, or in the atrium, this enables connection.”

Who is His Highness the Aga Khan?

His Highness Prince Rahim Aga Khan V is the 50th hereditary Imam (spiritual leader) of the Shia Ismaili Muslims and a direct descendant of the Prophet Muhammad. He was educated at Philipps Academy in Andover and Brown University (Class of 1995). He became Imam in February 2025 upon the passing of his father, His Highness Prince Karim Aga Khan IV.

The Aga Khan promotes an understanding of Islam rooted in values of generosity, tolerance, pluralism, environmental stewardship, and the shared unity of humanity. He also chairs the Aga Khan Development Network (AKDN), one of the world’s largest private development agencies, which works across more than 30 countries to improve quality of life for marginalized communities regardless of faith or background.

The scale

The center stretches across an 11-acre site along Montrose Boulevard, from West Dallas to Allen Parkway. The physical building is 150,000 square feet, leaving nine acres for garden spaces on both the north and south sides of the building. The south side of the property is more formal, with gardens and community spaces that flank an 80-foot reflection pool and other water features. The gardens on the north side of the building are more informal, but densely planted and vast.

Photo by Iwan Baan

The creation

The development of the Ismaili Center was led by the Ismaili Council. It was initiated by His Highness Prince Karim Aga Khan IV (1936-2025), and completed under the leadership of his eldest son, Prince Rahim Aga Khan V.

The project was designed and constructed by a team of both local and international firms. Farshid Moussavi Architecture joined forces with structural and facade engineer Hanif Kara, co-founder and creative director of AKT II. DLR Group is the architect and engineer of record, while contractor McCarthy Building Companies built the project. Thomas Woltz, senior principal and owner of landscape architecture firm Nelson Byrd Woltz, along with principal Jeff Aten taking lead on the nine acres of garden space. The project is targeting LEED Gold certification.

The focus on native Texas plants and trees

The center will be recognized as a leading cultural asset for the City of Houston, complementing nearby institutions such as The Menil Collection, Rothko Chapel, Asia Society Texas, and the Museum of Fine Arts, Houston. While the surrounding gardens will add to the other notable Nelson Byrd Woltz projects within close proximity at Memorial Park, Rothko Chapel, and Rice University.

“We’ve been building massive projects in Houston for 12 years,” Woltz says. “We know the horticultural community in the region, and we did a deep, deep dive in ecological research to understand ‘What are the native plants of whatever region?’ It’s just baked into our process. Right when we are starting any project in Houston—right to the river. Look at the soils, ‘What are the plants appropriate to that place?’ Its solar aspect, its humidity, it’s moisture in soils, the shadow of the building.

But then, this idea of taking a section across the state of Texas, so that each of those distinct ecological regions is represented by one of the terraced gardens — so it’s very clear. It’s a diagram of the state of Texas and all of its native plants. This is functioning like a botanic garden and a repository for biodiversity — this is work in service.”

The eco-friendly exterior

The exterior of the building is clad in stone, a durable material with low embodied carbon. The stone cladding is a rainscreen over in-situ ‘fair-faced’ concrete walls, exposed on the interior to minimize additional material use. The concrete mix used has replaced 35-62 percent of Portland cement with fly ash and slag, reducing CO2 emissions by roughly 30 percent compared to standard mixes. The exterior stone rainscreen uses smaller tiles to increase the stone yield, utilizing 20-25 percent more of the irregular blocks they are cut from. This reduction in waste has also lent itself to crafting the cladding in a unique way.

The tessellation of the stone pieces changes across the building's surfaces to create different patterns on different sides of the buildings and at the corners. Relief stone tiles are used to add texture to the facades.

The space for outdoor events

The north-facing botanical gardens that will accommodate the 200-year flood plain offer a 27 foot gradient toward the building. This allowed for various levels of seating and gathering areas that culminate at an elevated terrace that will act as a stage for various events such as plays and concerts. Attendees can stretch out and enjoy the shows from an extensive lawn area that is surrounded by dense gardens of native trees and plants.

The black box theater

A 2,600-square-foot black box multipurpose space which seats 125 people is found on the second floor of the building’s west wing. It can host public events, such as exhibitions, film screenings, theatrical performances, music recitals, and other artistic programs throughout the year. It will also serve as a flexible space for teaching and learning. With acoustic isolation to surrounding spaces and the mechanical mezzanine above, it is designed to operate simultaneously without disrupting other events in the building. Design includes an upper-level control room, pipe grid, and flexible drapery and seating configurations to allow for a wide variety of programming.

The cafe

The center’s café is a 1,600-square-foot, double-height space located in the west wing (Montrose side) that opens onto an enormous terrace, offering visitors the option to enjoy their coffee or food outdoors. The terrace near the cafe is lined by an exterior wall and long, trough-style fountains that aid in noise reduction from Montrose Boulevard. The second-floor wall overlooking the Café is fully glazed, creating visual connection with the levels above.

The prayer hall

The prayer hall is 12,240 square feet, featuring a unique structural system of seven interlocking squares, formed from steel beams spanning the 115-by-115-foot open space. These beams are clad in concrete to enhance durability, beneath which lies a two-layer perforated aluminum ceiling with integrated diffused lighting. Its intricate pattern recalls the traditional jālī screens of Islamic architecture creating a soft, seemingly infinite ceiling effect, adding to the serenity of the prayer hall.

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A version of this article first appeared on CultureMap.com

Intuitive Machines to buy satellite maker Lanteris for $800 million

space deal

Houston-based aerospace company Intuitive Machines has agreed to buy satellite manufacturer Lanteris Space Systems for $800 million from private equity firm Advent International.

Intuitive Machines co-founder, president and CEO Steve Altemus said the combined revenue of his company and Palo Alto, California-based Lanteris exceeded $850 million as of Sept. 30, and their backlog of orders totaled $920 million.

Until recently, Lanteris operated as Maxar Space Systems. Its origins date back to 1957.

The deal—comprising $450 million in cash and $350 million in Class A shares of Intuitive Machines stock—is expected to close in the first quarter of 2026.

The acquisition “marks the moment Intuitive Machines transitions from a lunar company to a multi-domain space [company], setting the pace for how the industry’s next generation will operate,” Altemus said.

Altemus said the acquisition would enable Intuitive Machines to better compete for Earth orbit, lunar, Mars and deep space projects. Among the opportunities that would open up thanks to the Lanteris deal are the proposed Golden Dome missile defense system and a large lunar lander capable of carrying astronauts, he said.

“The new Intuitive Machines will combine rapid innovation and precision spacecraft production to meet the growing demand for responsive, high-reliability space infrastructure and services,” Altemus said.

Intuitive Machines, founded in 2013, develops lunar landers and provides aerospace services. In 2024, it became the first U.S. company to land a spacecraft on the moon in half a century.

Altemus said Intuitive Machines is already building three satellites for NASA’s near-space network, and it might upsize two more satellites now that it plans to buy Lanteris.

Aside from satellites, Lanteris is developing the power and propulsion element for NASA’s Gateway, a lunar orbiting command module that will support Artemis missions and deep space exploration.


Lanteris was a division of Maxar Technologies, which Advent and minority investor British Columbia Investment Management took private in a 2023 deal valued at $6.4 billion

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Meet 6 mentors who are helping the Houston startup scene flourish

meet the finalists

Few founders launch successful startups alone — experienced and insightful mentors often play an integral role in helping the business and its founders thrive.

The Houston startup community is home to many mentors who are willing to lend an ear and share advice to help entrepreneurs meet their goals.

The Mentor of the Year category in our 2025 Houston Innovation Awards will honor an individual like this, who dedicates their time and expertise to guide and support budding entrepreneurs. The award is presented by Houston City College Northwest.

Below, meet the six finalists for the 2025 award. They support promising startups in the medical tech, digital health, clean energy and hardware sectors.

Then, join us at the Houston Innovation Awards this Thursday, Nov. 13 at Greentown Labs, when the winner will be unveiled. The event is just days away, so secure your seats now.

Anil Shetty, InformAI

Anil Shetty serves as president and chief medical officer for biotech company Ferronova and chief innovation officer for InformAI. He's mentored numerous medical device and digital health companies at seed or Series A, including Pathex, Neurostasis, Vivifi Medical and many others. He mentors through organizations like Capital Factory, TMC Biodesign, UT Venture Mentoring, UTMB Innovation and Rice's Global Medical Innovation program.

"Being a mentor means empowering early-stage innovators to shape, test, and refine their ideas with clarity and purpose," Shetty says. "I’m driven by the opportunity to help them think strategically and pivot early before resources are wasted. At this critical stage, most founders lack the financial means to bring on seasoned experts and often haven’t yet gained real-world exposure. Mentorship allows me to fill that gap, offering guidance that accelerates their learning curve and increases the chances of meaningful, sustainable impact."

Jason Ethier, EnergyTech Nexus

Jason Ethier is the founding partner of EnergyTech Nexus, through which he has mentored numerous startups and Innovation Awards finalists, including Geokiln, Energy AI Solutions, Capwell Services and Corrolytics. He founded Dynamo Micropower in 2011 and served as its president and CEO. He later co-founded Greentown Labs in Massachusetts and helped bring the accelerator to Houston.

"Being a mentor means using my experience to help founders see a clearer path to success. I’ve spent years navigating the ups and downs of building companies, struggling with cash flow, and making all the mistakes; mentoring gives me the chance to share those lessons and show entrepreneurs the shortcuts I wish I’d known earlier," Ethier says. "At Energytech Nexus, that role goes beyond just helping individual founders — it’s about creating a flywheel effect for Houston’s entire innovation ecosystem."

Jeremy Pitts, Activate Houston

Jeremy Pitts serves as managing director of Activate Houston, which launched in Houston last year. He was one of the founders of Greentown Labs in the Boston area and served in a leadership role for the organization between 2011 and 2015. Through Activate, he has mentored numerous impactful startups and Innovation Awards finalists, including Solidec, Coflux Purification, Bairitone Health, Newfound Materials, Deep Anchor Solutions and others.

"Being a mentor to me is very much about supporting the person in whatever they need. Oftentimes that means supporting the business—providing guidance and advice, feedback, introductions, etc," But just as important is recognizing the person and helping them with whatever challenges they are going through ... Sometimes they need a hype man to tell them how awesome they are and that they can go do whatever hard thing they need to do. Sometimes they just need an empathetic listener who can relate to how hard these things are. Being there for the person and supporting them on their journey is key to my mentorship style."

Joe Alapat, Liongard

Joe Alapat founded and serves as chief strategy officer at Houston software company Liongard and chief information officer at Empact IT, which he also owns. He mentors through Founder Fridays Houston Group, Software Day by Mercury Fund, SUPERGirls SHINE Foundation, Cup of Joey and at the Ion. He's worked with founders of FlowCare, STEAM OnDemand, Lokum and many other early stage startups.

"Being a mentor to me means unleashing an individual’s 10x—their purpose, their ikigai (a Japanese concept that speaks to a person’s reason for being)," Alapat says. "Mentoring founders in the Houston community of early stage, high-growth startups is an honor for me. I get to live vicariously through a founder’s vision of the future. Once they show me that compelling vision, I’m drawn to bring the future forward with them so the vision becomes reality with a sense of urgency."

Neal Dikeman, Energy Transition Ventures

Neal Dikeman serves as partner at early stage venture fund Energy Transition Ventures, executive in residence at Greentown Labs, and offices in and supports Rice Nexus at the Ion. He mentors startups, like Geokiln, personally. He also mentored Helix Earth through Greentown Labs. The company went on to win in the Smart Cities, Transportation & Sustainability contest at SXSW earlier this year. Dikeman has helped launch several successful startups himself, most recently serving on the board of directors for Resilient Power Systems, which was acquired by Eaton Corp for $150 million.

"Founders have to find their own path, and most founders need a safe space where they can discuss hard truths outside of being 'on' in sales mode with their team or board or investors, to let them be able to work on their business, not just in it," Dikeman says.

Nisha Desai, Intention

Nisha Desai serves as CEO of investment firm Intention and mentors through Greentown Labs, TEX-E, Open Minds, the Rice Alliance Clean Energy Accelerator, Avatar Innovations and The Greenhouse. She currently works with founders from Solidec, Deep Anchor Solutions, CLS Wind and several other local startups, several of which have been nominated for Innovation Awards this year. She's served a board member for Greentown Labs since 2021.

"When I first started mentoring, I viewed my role as someone who was supposed to prevent the founder from making bad decisions. Now, I see my role as a mentor as enabling the founder to develop their own decision-making capability," Desai says. "Sometimes that means giving them the space to make decisions that might be good, that might be bad, but that they can be accountable for. At the end of the day, being a mentor is like being granted a place on the founder's leadership development journey, and it's a privilege I'm grateful for."

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The Houston Innovation Awards program is sponsored by Houston City College Northwest, Houston Powder Coaters, FLIGHT by Yuengling, and more to be announced soon. For sponsorship opportunities, please contact sales@innovationmap.com.