Houston-based iownit.us secured $4.5 million to grow its platform. Getty Images

A Houston-based digital investor infrastructure platform closed an investment round of its own. Iownit Capital and Markets Inc. announced that it has closed a $4.5 million Seed round of funding.

The round was lead by a group of private investors who were not identified in the June 26 release. While iownit.us CEO Rashad Kurbanov has been working on the platform for two years, he still awaits regulatory approval.

"This funding shows the demand for a platform like this in the marketplace, and will be crucial in making sure our platform meets regulatory requirements," Kurbanov says in the release. "We're doing everything we can to get this correct from the very start — unlike many firms who say, 'better to ask for forgiveness than permission,' we ask permission first because we don't want to ever be in a position where we're asking for forgiveness."

The primary function of the funds will go to wrapping up this approval process to insure the company has all of its required licenses. After that's all squared away, the remaining funds will go toward business development and marketing initiatives and technological advancements.

Iownit.us uses private blockchain and ledger technology to transact traditional investment deals securely on its digital platform.

"We realized there's a big section of the overall capital market that has not necessarily been touched by technology, and that's the space of private securities," Kurbanov tells InnovationMap in a previous interview.

Kurbanov says the convoluted process of private securities investment has meant that startup companies are much more likely to focus on receiving funding venture firms, because they want to have a one-stop-shopping experience.

When entrepreneurs add in multiple investors, they end up juggling too much of the logistics side of things, rather than running their company. Iownit's platform, enabled by the JOBS Act, plans to simplify this process, which then allows for a diversity of investments in the ecosystem that's in the past been dominated by huge VCs.

"What we do, and where technology helps us, is we can take the entire process of receiving interest from investors, signing the transactions, issuing the subscription agreements, and processing the payments and put that all online," says Kurbanov.

The stock market has been using tech for years — why shouldn't the private sector have the same convenience? Getty Images

Private securities investment company plans to use tech to simplify the process

Digital upgrade

When private companies are trying to raise capital, it's a pretty antiquated process. You take meeting after meeting, exchange dozens of emails, and then, when it's actually time to make an investment, there's a lot of paperwork to do. Seeing this over complicated way of handling things, Rashad Kurbanov thought introducing technology into the process could help simplify the investing for both sides of the equation.

"What we do, and where technology helps us, is we can take the entire process of receiving interest from investors, signing the transactions, issuing the subscription agreements, and processing the payments and put that all online," says Kurbanov, CEO and co-founder of Houston-based iownit.us.

Iownit has been in the works for about 18 months now, and has major growth plans, which includes hiring over a dozen new employees focused on tech and support.

The company is still seeking regulatory approval, but once that happens, the technology and platform will be ready to launch. The platform is a digital site that connects investors to companies seeking money. The investors can review the companies and contribute all online while being encrypted and protected by blockchain.

Diversifying the investment ecosystem
Kurbanov says the convoluted process of private securities investment has meant that startup companies are much more likely to focus on receiving funding venture firms, because they want to have a one-stop-shopping experience. When entrepreneurs add in multiple investors, they end up juggling too much of the logistics side of things, rather than running their company. Iownit's platform simplifies this process, which then allows for a diversity of investments in the ecosystem that's in the past been dominated by huge VCs.

Another way to look at it is that when it comes to investments, public investments has operated in a digital way for years — think of the stock market, for instance. But the private market has been limited to a small amount of accredited investors. The Jobs Act put into effect by Congress in 2012 changed the game a little bit, but the tech hasn't played a role yet.

"We realized there's a big section of the overall capital market that has not necessarily been touched by technology, and that's the space of private securities," Kurbanov says.

Reaching out to underserved communities
Kurbanov is based in New York, but he chose to start his company in Houston because, being focused on diversifying investments, he saw a huge opportunity when you move away from either coast. Houston has a strong corporate environment, access to capital, and great universities, says Kurbanov, but when it comes to the startup companies, it's not as proportional as it is on the East and West Coasts.

"Our goal is to put our technology and platform in use to support the capital formation in the entrepreneurial ecosystems that today don't have easy access to capital."

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Houston universities rack up rankings in reports on top schools for entrepreneurship

5 years running

Rice University and the University of Houston have once again scooped up accolades for their entrepreneurship programs.

For the fifth consecutive year, Rice’s Jones Graduate School of Business has been ranked the No. 1 graduate entrepreneurship program by The Princeton Review, a provider of education services, and Entrepreneur magazine.

“Our close ties to Houston as well as national startup ecosystems give our students unique opportunities to pitch to and connect with angel investors, venture capitalists and corporations,” Brad Burke, managing director of the Rice Alliance, says in a news release. “These connections allow for mentorship, as well as launch points for new ideas, not only for our students but also for the city and surrounding communities.”

The list identifies 50 undergraduate and 50 graduate programs that boast the best entrepreneurship offerings based on factors such as coursework, experiential learning opportunities, and career outcomes. The ranking measures more than 40 data points about the schools’ entrepreneurship programs, faculties, students, and alumni.

Also for the fifth consecutive year, the University of Houston’s Cyvia and Melvyn Wolff Center for Entrepreneurship in the C.T. Bauer College of Business has been named the No. 1 undergraduate entrepreneurship program by The Princeton Review and Entrepreneur magazine.

“We believe in entrepreneurship, we believe in free enterprise, and we’re in the number one city for entrepreneurship,” Dave Cook, executive director of the Wolff Center, says in a news release.

“When we put students into this entrepreneurial mix,” he adds, “and we introduce and reinforce free enterprise values, our intent is to change students’ lives and to create the next generation of business leaders with the highest integrity who are going to go out and create their own cultures, their own companies and their own futures.”

The University of Texas at Austin is the only other school in the state to make the top 10 of either the graduate ranking or undergraduate ranking. UT captures the No. 6 spot on the graduate list and No. 2 spot on the undergraduate list.

Aside from The Princeton Review and Entrepreneur honor, Rice climbed four spots in Poets&Quants’ annual ranking of the world’s best MBA programs for entrepreneurship.

Last year, Rice’s graduate school for business landed at No. 7 on the list. This year, it rose to No. 3, behind the first-ranked Olin School of Business at Washington University in St. Louis and second-ranked ESTM Berlin.

This is the fifth annual ranking of MBA programs for entrepreneurship from Poets&Quants, a website that focuses on graduate-level business education.

“MBA programs are increasingly sought after in today’s environment, and our focus on entrepreneurship sets us apart,” Peter Rodriguez, business dean at Rice, says in a news release. “The entrepreneurship classes emphasize a combination of mindset and skill set and focus on multiple stages of the entrepreneurial process, preparing our students for any industry and climate.”

Poets&Quants relies on 16 data points collected through an annual survey to come up with its ranking. Among those data points are:

  • Average percentage of MBA students launching businesses during their program or within three months of graduation between 2018 and 2022.
  • Percentage of MBA elective courses with all of the curriculum focused on entrepreneurship or innovation during the 2022-23 academic year.
  • Percentage of MBA students active in the business school’s main student-run entrepreneurship club during the 2022-23 academic year.
  • Square footage of incubator or accelerator space available to MBA students during the 2022-23 academic year.

America's labor shortage crisis: Local Houston company’s solution for a thriving future

A Brighter Future

The labor shortage crisis gripping America is not isolated to a particular region; it's a challenge that reverberates from coast to coast.

CNN Business projects that this issue could cost the nation a staggering $1 trillion, while the Manufacturing Institute predicts that 2.1 million jobs will go unfilled. To address this pressing concern, a local Houston company called Innovapptive and its connected workforce platform stands as a beacon of hope to improve productivity and capacity, while also upskilling the digital native worker.

Innovapptive is a provider of a “mobile first '' AI-connected workforce SaaS solution to help companies manage labor shortage by empowering front-line workers with digital tools to boost productivity.

The platform’s integrated suite of apps for both the front-line workers and back-office staff closes the loop between people and assets to eliminate inefficiencies. By connecting the front-line workers and back-office with critical information in real time, and harnessing the potential of generative AI and cutting-edge AI/ML technology trends, Innovapptive is enhancing productivity and upskilling workers for some of the world’s largest brands.

Solving the labor shortage by focusing on productivity

The labor shortage crisis has left industries scrambling for solutions. Rather than simply trying to fill the void with more labor, the focus should be on optimizing the existing workforce.

By enhancing the productivity of front-line workers, companies can not only meet the demands of the market but also reduce the need for additional labor. A connected workforce platform can improve the productivity of the front-line workers by 10% to 20% to help companies do more with less.

Empowering front-line workers with real-time connectivity

Innovapptive's connected workforce platform brings front-line workers, back-office, and assets together by providing them with the right information at the right time.

Operators can simply execute their inspections, rounds, and raise issues. These issues automatically convert into an ERP notification and get pushed to a maintenance technician to close out the open compliance issue, while keeping the operator in the loop in real-time. At the same time, the warehouse is alerted in real-time on the work order priorities and criticality to ensure spare part kits are ready for the technician’s pick up.

This effective communication and collaboration between operators, maintenance, and warehouses is a game-changer for asset intensive companies nationwide. Workers can access essential data and insights instantly, leading to smarter decision-making, quicker problem-solving, and improved operational efficiency.

Recently, Sabert, a sustainable packaging company, launched Innovapptive’s solution and is seeing dramatic improvement in productivity. Click here to watch the video.

Harnessing generative AI and cutting-edge AI/ML technology trends to upskill workers

To achieve dramatic productivity improvements upwards of 20%, companies need to leverage the power of generative AI and AI/ML technology trends.

Innovapptive's platform has launched a beta version of its generative AI capabilities, automating the creation of paper-based inspections, SOPs, and work instructions. Furthermore, the company recently launched a computer vision-based AI/ML inspection solution in partnership with Deloitte.

The solution allows an operator or an inspector to simply take an inspection image and the image is instantly analyzed to predict the condition of the equipment, criticality, and use generative AI to describe the problem to their maintenance teams. By converging technology trends such as cloud, mobile, generative AI, and AI/ML, Innovapptive is streamlining processes and eliminating bottlenecks, resulting in substantial productivity gains.

Furthermore, Innovapptive is expected to launch a video AI/ML technology in FY-24 to rapidly upskill workers. This trend allows employees to access on-demand training materials and instructional videos, reducing the learning curve and increasing proficiency. By facilitating continuous learning and development, companies can adapt to changing demands more effectively.

A brighter future for asset-intensive industries

The labor shortage is a nationwide concern that requires a unified approach. Rather than relying solely on more labor, companies can take advantage of Innovapptive's connected workforce platform to empower front-line workers, connect them in real time, capture critical information efficiently, and harness the power of generative AI and cutting-edge AI/ML technology trends.

This holistic approach not only dramatically improves productivity by 10% to 20% but also reduces the need for additional labor. By embracing video AI/ML technology, businesses can rapidly upskill their workers, ensuring they remain agile and adaptable in the face of evolving challenges. Together, we can build a brighter future for American industries and address the labor shortage crisis more effectively.

Some of the world's largest brands rely on Innovapptive's technology, platforms and software, including:

  • Shell Oil
  • Hess
  • Chevron Phillips Chemical
  • Dominion Energy
  • Jemena
  • Loudoun Water
  • Newmont Mining
  • AkzoNobel
  • Pluspetrol
  • EDF Renewables
  • Sabert
  • LiftOne
  • Par Pacific

Innovapptive is headquartered in Houston with offices across the globe in India, Europe, and Asia-Pacific. To learn more and see what Innovapptive can do for your company, visit here.

Houston park opens new facility amid major transformation project

next step

The latest project from a Houston park that's got an ongoing transformation project underway has revealed its latest new feature.

Memorial Park, Houston’s most popular destination for runners and one of the best trails in Texas, has unveiled its new, state-of-art running complex on November 4. The new facility was first announced in 2019 as a part of the park's master plan redevelopment project, which includes the innovative Land Bridge that opened earlier this year.

Encompassing years in planning and constructing, this new complex features the 400-meter Roy H. Cullen Timing Track, a viewing decks, an event plaza, several gathering spaces, trails, and more. More than a simple running track, the complex is designed to be a central gathering spot for all Memorial Park visitors, notes Memorial Park Conservancy executive director Shellye Arnold. The complex will also serve as new gateway to the park’s Bayou Wilds trails.

This new complex is meant to bring more park visitors to multiple areas of the park, Arnold notes, as well as improve track conditions for the thousands who use it, including Houston Astros and Texans players and Olympians. (Olympic legend Carl Lewis is a frequent user.)

“The old timing track in the park is just worn down and not really that accurate, and it has strange turns and corners,” Arnold tells CultureMap. “The running complex is very fitting for the park and for Houston.”

Credit goes to the game-changing Ten-Year Plan, which turned the Memorial Park Master Plan marathon into a sprint with an accelerated set of projects via catalyst gift from the Kinder Foundation and various donors. Partners include the Houston Parks and Recreation Department, Uptown Development Authority, and Kinder Foundation, and the City of Houston Mayor’s Office.

That mean a new experience not just for runners, joggers, and walkers, but all visitors.

“It’s a microcosm of the park, a place where a lot of people go and train at four or five in the morning,” adds Arnold. “But it’s a gathering place in the woods. If you think about Memorial Park, part of the whole experience is being immersed in nature. And so this particular timing track is really much more nature immersive than the old timing track.”

Community access is also a priority, for adults and kids.

“There are a lot of schools in Houston that don’t have access to a high quality track — or a track at all,” Arnold says. “And so now, their runners can come out and use the track. It won’t be used for meets, because we won’t close it off to the public very often at all. But it’s all about accessibility. Any school in Houston that wants to use it will be able to bring their students out and enjoy it.”

So while running may be the draw, really, it’s the complex is yet another chance to enjoy Memorial Park’s 1,500 acres and 25 miles worth of trails.

“There are places to hang out,” says Arnold. “There will be a cafe that will open up nearby in the first half of 2024 and an event plaza that’s also opening that will be a place to gather or just hang out with a group. Those are some of the many of the reasons that we did this. All the things that we do is to build community and foster a sense of connectedness — and this track will do that.”

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This article originally ran on CultureMap.