3 Houston innovators to know this week

Who's who

Meet a Houston native who scored $300,000 on TV, an entrepreneur with big plans for Houston, and a health care innovator looking to shake things up. Courtesy photos

From swimming away with $300,000 on Shark Tank to announcing new programming for Houston's innovation ecosystem, this week's Houston innovators to know have things to be excited about. Here's who to know this week in innovaiton.

Grace Rodriguez, CEO and executive director of Impact Hub Houston

Grace Rodriguez

Courtesy of Grace Rodriguez

It's a busy month for Grace Rodriguez. The leader of Houston's Impact Hub chapter, along with her team, is planning the third annual Houston Innovation Summit — a week long of programming for innovators, investors, entrepreneurs, and more scattered around the city.

Rodriguez took a break from the planning to discuss the events, her passion for driving equitable innovation resources, and more on the Houston Innovators Podcast.

"Houston is so diverse, and there are so many entrepreneurs that weren't getting access to the same resources," she says on this week's episode of the Houston Innovators Podcast. Click here to read more.

Patrick Coddou, CEO and co-founder of Supply

Patrick Coddou

Courtesy of Supply

Patrick Coddou, a native Houstonian and CEO of Supply, pitched their product to the panel of five investors on ABC's Shark Tank and hooked one of them, tech millionaire Robert Herjavec. In exchange for his $300,000 investment, Herjavec received a 15 percent stake in the four-year-old company.

"It was a surreal experience for us just making an appearance on the show, but we couldn't have been more pleased with the outcome," Patrick Coddou, CEO of Supply and a Houston native, says in a release. "I knew we had shaped a brand that sets itself apart, not only because of the innovative razor design but also the kind of standard we hold ourselves to, and I'm glad that resonated with Robert and the rest of the Sharks."

Herjavec battled against fellow Shark Kevin O'Leary to invest in Supply, but the Coddous wound up accepting Herjavec's offer. Click here to read more.

Emily Reiser, innovation strategist at the TMC Innovation Institute

As if working with her team to plan and execute the Texas Medical Center's accelerator's ninth cohort last week, Emily Reiser, innovation strategist at TMC, also had to plan for and execute the important announcement that TMCx has been redesigned for 2020. The program will be more heavily involving the TMC network of organizations for the program.

"Our focus going forward is on our member institutions — the clinics, the hospitals, and our partners who really bring forward these technologies into the future," says Reiser.

The 2020 cohort will be specifically focused on solving these member institutions' problems. Click here to read more.

Supply's CEO, Patrick Coddou, is originally from Houston but now runs his startup from North Texas. Photo courtesy of Shark Tank

Native Houston entrepreneur snags investment on Shark Tank

Razor sharp

The owners of a North Texas startup that supplies an inventive men's razor dove into the Shark Tank on November 3 and swam away with a $300,000 investment.

Husband-and-wife team Patrick and Jennifer Coddou, owners of Supply, pitched their product to the panel of five investors on ABC's Shark Tank and hooked one of them, tech millionaire Robert Herjavec. In exchange for his $300,000 investment, Herjavec received a 15 percent stake in the four-year-old company.

"It was a surreal experience for us just making an appearance on the show, but we couldn't have been more pleased with the outcome," Patrick Coddou, CEO of Supply and a Houston native, says in a release. "I knew we had shaped a brand that sets itself apart, not only because of the innovative razor design but also the kind of standard we hold ourselves to, and I'm glad that resonated with Robert and the rest of the Sharks."

Herjavec battled against fellow Shark Kevin O'Leary to invest in Supply, but the Coddous wound up accepting Herjavec's offer.

Patrick Coddou, an engineer-turned-entrepreneur, launched Supply in 2015 from his home in Fort Worth.

The single-blade Supply razor cuts hairs at the skin level, compared with multiblade razors that cut hairs under the skin level, which causes irritation. The startup's other offerings include men's skincare products, travel cases, Dopp kits, marble shaving bowls, shaving cream, and shaving brushes.

Supply ranks as the most popular single-edge razor ever sold through fundraising platform Kickstarter, collecting more than $250,000 in 45 days. Today, Supply delivers single-edge razors to customers in 43 countries.

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Houston biopharma company launches equity crowdfunding campaign

money moves

A clinical-stage company headquartered in Houston has opened an online funding campaign.

FibroBiologics, which is developing fibroblast cell-based therapeutics for chronic diseases, launched a campaign with equity crowdfunding platform StartEngine. The platform lets anyone — regardless of their net worth or income level — to invest in securities issued by startups.

The funding, according to a press release, will be used to support ongoing operations of Fibrobiologics and advance its clinical programs in multiple sclerosis, degenerative disc disease, wound care, extension of life, and cancer.

"We're excited to partner with StartEngine on this campaign. StartEngine has over 600,000 investors as part of their community and has raised over half a billion dollars for its clients," says FibroBiologics' Founder and CEO Pete O'Heeron, in the release.

"This is an exciting time at FibroBiologics as we continue progressing our clinical pipeline and developing innovative therapies to treat chronic diseases," he continues. "This new funding will fuel our growth in the lab and bring us one step closer to commercialization."

The campaign, launched this week, already has over 100 investors, at the time of publication, and has raised nearly $2 million, according to the page. The minimum investment is set at around $500, and the company's indicated valuation is $252.57 million.

In 2021, FibroBiologics announced its intention of going public. Last year, O'Heeron told InnovationMap on the Houston Innovators Podcast of the company's growth plans as well as the specifics of the technology.

Only two types of cells — stem cells and fibroblasts — can be used in cell therapy for a regenerative treatment, which is when specialists take healthy cells from a patient and inject them into a part of the body that needs it the most. As O'Heeron explains in the podcast, fibroblasts can do it more effectively and cheaper than stem cells.

"(Fibroblasts) can essentially do everything a stem cell can do, only they can do it better," says O'Heeron. "We've done tests in the lab and we've seen them outperform stem cells by a low of 50 percent to a high of about 220 percent on different disease paths."


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.