Overheard: 2024 Houston Innovation Awards finalists share top advice for fellow founders

weighing in

Clockwise from top: Lori-Lee Elliot, Anwar Sadek, Mimi Healy, Ram Prasad, Tatiana Fofanova, Prabhdeep Sekhon, Raisha Smith, and Mitra Miller.

There's a great deal of advice swirling around the world today about how to find success business. Why not take it from mentors and founders with a proven track record, like the finalists for this year's Houston Innovation Awards?

From how to grow your customer base to tips on combating funding gaps and making room for yourself at the table, they shared priceless tokens of advice in their applications for the 2024 awards.

Here's what some of the leading founders and supporters in Houston's Innovation community had to say.

"Just because you don't look like everyone else in there room, or aren't offered a seat at the table, doesn't mean you don't deserve to be there. If anything, it means the world needs you there more."

–Lori-Lee Elliott, Co-Founder and CEO of Dauntless XR, female-founded business finalist

"Don’t shy away from seeking non-traditional forms of funding like grants and non-dilutive capital, especially if VC funding seems out of reach. Surround yourself with mentors who understand your challenges, and be intentional about expanding your network to build strategic connections. Above all, stay confident in your vision, use every opportunity to learn, and never hesitate to give back by helping othersalong the way. Your success not only opens doors for you but for future generations of minority founders."

-Anwar Sadek, CORROLYTICS CEO and co-founder, minority-founded business finalist

"Being an entrepreneur is fun and hard and exhilarating and frustrating and simple and complicated and joyful and exhausting and worth it. Make a plan so you can change your plan because the market changed, because the competition grew, because your data showed something different than what you expected, because you hired or lost a team member, because you raised more money, because you didn't raise enough money. Take the time to make the plan and think about all the ways it could change, so that whenit does, it is not the first time you thought about what to do because it will be too late."

–Mimi Healy, CEO of StimulusBio, mentor of the Year finalist

"My go-to advice for entrepreneurs is to prioritize their health while building their business. It’s easy to get caught up in the hustle, but long-term success comes from sustaining your physical and mental well-being. Entrepreneurs need to be at their best to make good decisions, lead effectively, and navigate challenges, so focusing on health isn’t just a luxury—it’s essential.Another key habit I always recommend is setting aside at least one hour a day to actively find new customers. Customer acquisition is the lifeblood of any business, and dedicating this time daily can help you build momentum, create relationships, and discover new opportunities that may have been overlooked."

–Ram Prasad, CEO of Delence, minority-owned business finalist

"Learn to sit on the other side of the table and think about things from the other person's perspective. When seeking funding, this means thinking about the investor's point of view. When selling, it means thinking about the customer's POV. How are you—the founder—helping them win?"

--Mitra Miller, Vice President of Houston Angel Network, mentor of the Year finalist

"Leverage the strength of your community. And as a founder, you are the secret sauce, not the imposter. Building a network of supportive peers and mentors who understand your unique challenges can be a game-changer. At EveryDopeGirl, we've seen how powerful it is when minority founders come together to share resources, insights, and encouragement. Don't hesitate to seek out and participate in events that foster these connections. Remember, your journey is not just about overcoming obstacles, but also about celebrating your successes and the unique perspectives you bring to the table."

-Raisha Smith, founder of EveryDopeGirl, female-founded business finalist

""Focus on your strengths rather than getting caught up in perceived gaps or doubts. Embrace the diversity in your team, just as we’ve done at Gold H2, where 50 percent of our team is female and 80 percent are visible minorities. Diversity brings strength ... Trust yourself, and don’t be afraid to shape your journey in both your career and personal life."

–Prabhdeep Sekhon, CEO of Gold H2, minority-owned business finalist

"Surround yourself with two types of people: the lovers and the fighters. First, surround yourself with people that love you and believe in your vision–they'll be the ones who pick you up when your spirit takes a beating and you feel like giving up. Second, surround yourself with those who you can categorically trust to fight to the bitter end-when life happens, they'll be the ones running the ship andkeeping the dream alive while you sort things out. These will almost never be the same people, so you have to find both."

-Tatiana Fofanova, CEO of Koda Health, female-founded business finalist

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Eli Lilly breaks ground on $6.5B pharmaceutical factory in Houston

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Leading pharmaceutical company Eli Lilly broke ground today, Sept. 21, on its $6.5 billion manufacturing site at Houston's Generation Park.

The 236-acre, state-of-the art factory is expected to come online in 2030 and will manufacture Foundayo, the company's first synthetic oral GLP-1 medication, as well as other advanced therapeutics.

"We are thrilled to break ground on our latest ‘medicines made in America’ site in the great state of Texas," David Ricks, Lilly chair and CEO, said in a prepared statement. "This $6.5 billion investment will help change the game for tens of millions of people suffering from overweight, obesity and its consequences like diabetes. We will make and ship Lilly’s latest products from Texas to people here at home and around the world.”

Houston was up against more than 300 locations in the U.S. for the factory, as part of Lilly’s $50 billion investment in domestic medicine production that has launched 10 manufacturing sites since 2020. Lilly first announced Houston had been selected for the site last September.

Photo via gov.texas.gov

As Abbott mentioned, the site is expected to create hundreds of jobs, and will hire engineers, scientists, operations personnel and lab technicians once up and running. It will create 4,000 construction jobs while being built.

In an effort to support workforce development, Lilly also announced a $12.5 million commitment to Houston's San Jacinto College in addition to a $2.5 million charitable donation to the San Jacinto College Foundation. The funding will go toward hands-on training, equipment and facilities to support future technicians, operators, maintenance professionals, and other manufacturing talent, according to Lilly. The charitable donation will fund scholarships for students.

"This relationship will build a strong, sustainable talent pipeline for Lilly while creating meaningful, high-demand career opportunities across our region,” Brenda Hellyer, chancellor of San Jacinto College, said in the release.

"When you invest in a place like Houston, you invest in its people first," Edgardo Hernandez, executive vice president and president of Lilly Manufacturing Operations, added. "This facility will run on the talent of this community, powered by our relationship with San Jacinto College. We're hiring across the greater Houston area to help residents build careers close to home."

Rendering courtesy Eli Lilly

Lilly previously said it chose Generation Park, a 4,300-acre, master-planned commercial district near Lake Houston, because of factors such as financial incentives, access to utilities and transportation and the region’s business-friendly environment. Generation Park is home to campuses for San Jacinto College and Lone Star College.

Since Lilly first announced plans for the site, another fellow pharma giant has made plans to move into Generation Park. Bristol Myers Squibb Co. announced last month that it would build a $2.3 billion factory in the district. The site is expected to manufacture small molecule, biologic and antibody-drug conjugates and will also come online around 2030. Read more here.

UH Health names leader of new digital health institute

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Recently launched UH Health has named the first-ever executive director of its new Institute for Digital Healthcare Transformation at the University of Houston.

Beto López has been tapped to lead the new initiative that aims to help develop and commercialize health care technologies centered around university research.

Launched in August, the Institute for Digital Healthcare Transformation leans on experts from UH’s engineering, medicine, business, law and other departments and will connect with industry partners. It will initially focus on mobile health applications, sensors, wearables and artificial intelligence, according to UH.

“Most digital health initiatives and commercialization efforts start with the technology and hope adoption follows. But the translation gap isn't a science problem — it’s a scaffolding problem between researchers, the community and the market,” López said in a news release. “I've spent the past 10 years building that scaffolding in places that weren’t wired for it, and I'm looking forward to building it here at UH to help ensure new health care technologies reach the people and communities that can benefit from them most.”

López previously spent 10 years at San Francisco-based innovation consultancy company IDEO, where he led over 100 projects for Fortune 500 companies and public agencies. He co-founded and served as managing director of the Design Institute for Health at UT Austin’s Dell Medical School; and also co-founded a social venture studio/venture capital fund focused on health care innovation. He worked alongside Houston’s Legacy Community Health during the COVID-19 pandemic.

“Beto understands that breakthrough technology alone doesn't transform health care — it has to be designed around the needs of patients, providers and communities and have a clear path into practice,” Jonathan McCullers, vice president for health affairs at UH, added in the news release. “His experience spanning academic health care and venture capital equips him to bring together researchers, health care organizations, entrepreneurs and investors. This makes him uniquely suited to lead this institute and help turn the university's innovation into solutions that improve people's lives.”

The University of Houston launched UH Health, its new cross-disciplinary academic venture, in July. It aims to bring together the university's health-related education, research and community impact under one umbrella.

ExxonMobil gets approval for $5B Texas Gulf Coast carbon capture project

CCS Expansion

Spring-based ExxonMobil has won approval from the Texas Railroad Commission for a $5 billion carbon capture and storage project in East Texas.

Dominic Genetti, senior vice president of CCS at ExxonMobil, told The Financial Times, which broke the news, that the Railroad Commission’s action is a “major milestone” that lets the company keep expanding along the Gulf Coast. In a 2-1 vote, commissioners authorized a carbon sequestration permit for the project.

“The Railroad Commission clearly recognizes the important role carbon capture and storage can play in meeting growing global demand for lower-carbon products while supporting new jobs and economic growth,” Genetti said.

The U.S. Environmental Protection Agency (EPA) approved ExxonMobil’s Rose CCS project last year.

The project will enable the company to inject about 53 metric tons of industrial customers’ carbon emissions into three underground wells it drilled in the Beaumont-Port Arthur area. Over a 13-year period, ExxonMobil plans to inject about 4 million metric tons per year into the Fleming and Upper Frio rock formations, according to Carbon Herald.

ExxonMobil says it owns the world’s first and largest CCS system, comprising 1,300 miles of CO2 pipeline and secure storage sites. Seventy percent of the pipelines are along the Gulf Coast.

The company ramped up its CCS business in 2023 with the $4.9 billion purchase of Denbury, which owned about 1,000 miles of CO2 pipelines.

“Our expertise, combined with Denbury’s talent and CO2 pipeline network, expands our low-carbon leadership and best positions us to meet the decarbonization needs of industrial customers while also reducing emissions in our own operations,” ExxonMobil Chairman and CEO Darren Woods said when the deal closed.

In January, Genetti wrote in a post on ExxonMobil’s website that the company is committed to CCS “for the long haul.”

“CCS is not new technology, but it’s flown relatively under the radar compared with the attention that production of hydrocarbons commands,” he wrote. “Now, as the world becomes more aware of the need to reduce emissions, CCS finally has a brighter spotlight and a broader runway to scale up.”

The company also announced this week that it has begun CCS operations at a direct reduced iron facility in Convent, Louisiana. The project will capture, transport and store up to 800,000 metric tons of CO2 per year, according to the company.

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This article first appeared on EnergyCapitalHTX.com.

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