Overheard: What Houston corporates are looking for from startups

eavesdropping at the ion

At its annual Activation Festival, the Ion hosted a conversation about the relationship between corporates and startups. Photo courtesy of Shannon O'Hara/the Ion

Hundreds of innovators from Houston and beyond flocked to the Ion's annual Activation Festival, and one of the topics discussed at the series of programming was the relationship between corporates and startups.

One of Houston's points of pride is having the third most Fortune 500 companies headquartered here, but how can the city's innovation ecosystem take advantage of that market? And, on the other side of it, how can corporates make the most of Houston innovators?

At a panel on May 17 entitled "Corporate-Startup Partnerships: How to Build Them, Sustain Them, and How They’re Key to Fast-Tracking Innovation and Growth," three corporate leaders explained how they navigate relationships with startups and how cultivating these opportunities is key to the future of business.

Here are a few of the discussion's highlights.

“Investing in the startup community generally, you’re never going to have a line of sight of where that value is going to come back. You can expect it — I’m not saying it’s altruism, it just comes back in forms that you might not appreciate.”

— Scott Gale, executive director of Halliburton Labs says, explaining that corporate contribution doesn't just have to be financial.

“Ask for advice, don’t ask for money. Show up. Be curious. If you think a corporate is the right potential customer for you, spend the time to try to understand what the people are, who the champions are, what motivates them, and what they need to do to be successful.” 

— Tom Luby, director of TMC Innovation says, noting that it's tried-and-true advice, but still important to remember.

“The person who takes the most risk is the lead adopter — the lead user. That person puts their assets and their name on the line.”

— Nazeer Bhore, global manager, tech scouting, innovation and ventures at ExxonMobil Technology and Engineering, says. “What we bring to the table for startups is all the resources we have — technical resources, assets, use cases, testing facilities, and, of course, funding. Irrespective of what stage you’re in, or how many adjacencies you are, we’re always happy to engage with you," he explains. "The key is for us is to be a lead user.”

“The opportunity for us is to be generalists across a lot of different spaces and then work with our specialists to take a deeper dive. We listen to the market and try to find things our corporate partners or entrepreneurs are interested in and then surround them with the type of things they need to be successful. In many case, talent and expertise are top of that list.”

— Luby says, explaining the nature of the TMC's various programs, from creating startup tech directly and supporting them through their accelerators and even seeding them through the TMC Venture Fund.

“What startups bring is a lot of different ideas — but startups are temporary organizations that’s looking for a scalable and repeatable business model. And we’re not just interested in just the technology, but the business model.”

— Bhore says about what ExxonMobil looks for.

“The flywheel is spinning here in the city of Houston. The next five years are going to be incredibly exciting.”

— Gale says, explaining how much has changed in the past few years in Houston's innovation ecosystem.

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The Ion named three corporate partners ahead of its annual innovation-focused festival. Photo courtesy of the Ion

Houston innovation hub adds Oxy, United, and Woodside as partners

onboarding

Houston’s Ion innovation hub has recruited three heavyweight corporate partners, the hub announced earlier this week.

The new partners are:

  • Houston-based energy company Occidental (known as Oxy).
  • United Airlines Ventures, the sustainability-focused VC arm of Chicago-based United Airlines. United operates a major hub in Houston.
  • Australia-based Woodside Energy, which maintains an office in Houston.

Oxy, United Airlines Ventures, and Woodside will share their expertise in support of Ion’s mission to transform Houston into a global innovation ecosystem, according to an Ion news release. In addition, they will participate in Ion programming and network with Ion affiliates. Executives from all three of the new partners will serve on the Ion Leadership Advisory Roundtable.

“Welcoming our newest partners into Ion’s ecosystem is a further testament to our momentum in the aerospace and energy transition,” says Jan Odegard, who became executive director of the Ion in 2021 after a year of holding the interim position. “Each organization brings their own culture of innovation that aligns with what we are doing at the Ion.”

Michael Leskinen, president of United Airlines Ventures, says the VC firm believes “the Ion will be the epicenter for Houston’s rapidly growing innovation community — a one-stop shop to share ideas, foster startups, and to develop relationships with Houston’s brightest companies and academia.”

Oxy, United Airlines Ventures, and Woodside join Ion corporate partners such as:

  • Aramco Americas
  • Baker Botts
  • BP
  • Chevron
  • ExxonMobil
  • Global Custom Commerce
  • Intel
  • Microsoft
  • Transocean

The Ion announced the new corporate partners in advance of the second annual Ion Activation Festival, set for May 17-19. The Ion and Rice Management Co. host the festival, which shines a spotlight on entrepreneurship and innovation in Houston.

Activities will take place primarily at the Ion’s 16-acre campus. To register for the festival, visit the Ion’s website.

The inaugural festival, held in 2022, drew more than 2,500 attendees.

Paul Cherukuri, vice president of innovation at Rice University, joins the Houston Innovators Podcast. Photo via Rice.edu

This Houston innovator is set on bringing more innovation off campus and into the world

houston innovators podcast episode 180

Rice University was founded on a mission of an "unfettered pursuit of knowledge," says Paul Cherukuri, the inaugural vice president for innovation at Rice University. And that goal is specifically designed to be "for the greater good of society," — especially in Houston.

"Rice is right in the middle of one of the greatest cities in the world," Cherukuri says on this week's episode of the Houston Innovators Podcast. "Houston is special on so many levels that it's ridiculous that no one outside of Houston seems to get that. ... We have a moral responsibility as Rice to do more for this city and the country."

Among the top action items on this overarching mission Rice is on is ensuring that the Rice University's inventions and research that have the potential to make the world a better place are able to commercialize to deliver on that impact.

For decades, university research that made it out into the world did so in two ways: papers and patents. While those two avenues are reliable and on going, they take a while. And, as Cherukuri says, the world needs innovative solutions quicker than ever. Cherukuri is focused on expanding those pathways so that more of this innovation — which he describes as invention and commercialization — to come to fruition.

One of the ways Cherukuri is hoping Rice innovators get "beyond the hedges" of the university, as he describes it, is through the Rice Nexus, a hub within the Ion that Cherukuri announced last month. He says Rice is leasing space in the hub, which is owned and operated by Rice Management Company.

"It's a two-way street," Cherukuri says. "We're going to solve problems out in the real world and get those solutions to scale, and we'll be able to find new problems in the real world and bring them inside of Rice and create that new tech. We want to be able to make solutions."

The idea is to create a bridge between the university and the Ion so that more innovation and research can be shared between the campus and Houston's innovation ecosystem.

"We've got so much technology in our labs that we've never shared with the world," Cherukuri says. "We're going to demonstrate that in the Ion."

Also important to Cherukuri is that other universities have a seat at the table, too.

"The Ion represents this catalyst — it's an aggregator and concentrator of excellence for around the city," Cherukuri says. "We're designing the place so that we can connect to the world better."

Hear more of Cherukuri's thought leadership on Houston, Rice University, and the challenges of advancing research and technology to address society's greatest needs on the podcast. Listen to the interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.


David Cordúa, right, leads The Lymbar. Photo by Dylan McEwan

Houston restaurant royalty reveals details of at new Ion eatery

coming soon

A veteran Houston chef’s new Midtown bar and restaurant is taking shape. When it opens later this fall, The Lymbar will mark chef David Cordúa’s return to Houston's dining scene.

Cordúa's name is well known to Houston diners. The chef worked with his father, legendary Houston restaurateur Michael Cordúa, at Cordúa Restaurants — the hospitality group behind Churrascos, Americas, and Amazon Grill — before the duo parted ways with the company in 2018. They're teaming up again on this new project.

Located inside The Ion, Rice University’s innovation district in the former Sears in Midtown, The Lymbar describes itself as an all-day neighborhood craft cocktail bar and restaurant. Named for the street in Meyerland where Cordúa grew up, the restaurant will serve an eclectic menu of Latin and Mediterranean-inspired dishes in a space designed by local firm Gin Design Group (Eunice, Daily Gather).

“The Ion already has an exciting buzz of ‘greenergy’ with great minds, start-ups and entrepreneurs coming together. The Lymbar will be their living room,” Cordúa said in a statement. “The vibe is ‘Golden Girls Chic’ with inspiration from childhood nostalgia like ‘Where the Wild Things Are’ and Shel Silverstein.”

Cordúa provided CultureMap with a preview of some of the menu items he plans to serve at The Lymbar. Those looking for a bar snack may order the 'Rosespud', oversized potato and plantain chips served with dips such as onion dip, chimichurri, and red curry romesco or items such as foie gras doughnut holes, Monte Cristo empanadas with raspberry dill vinaigrette, and sweet corn flan with Cracker Jacks. The truffle twinkie that won him the top prize at the first Truffle Masters competition will also be available.

Meals will begin with seasonal small plates such as fresh corn gnocchi with smoked tomato sauce, labneh and basil as well as rotating flatbreads like caramelized onions with new potatoes. Entree options include a stuffed chicken ballotine with sherry cream sauce and morels that draws upon the chef’s French training or go South American with a dish like arroz tumbado with oven-roasted branzino.

Expect to see The Lymbar’s build-your-own-taco boards on Instagram. They’ll combine proteins such as chicken shawarma, achiote pork belly, and sesame-seasoned tri-tip with basmati rice and house sourdough pita.

The chef has recruited an experienced group to help him open the restaurant. They include: executive chef Adolfo Lopez, Jr. (Brenner’s on the Bayou, Churrascos); general manager Jaime Rangel (Cordúa Restaurants); manager Travis Wingate (Churrascos, La Griglia); and bar manager Sean Stapleton (The Refuge in the Woodlands).

“We’re the lobby bar of The Ion,” Cordúa added. “We’ll be a place that celebrates the creativity and innovative spirit that makes Houston one of the best cities in the world.”

Already home to a location of Common Bond On-The-Go and Second Draught, a craft beer bar, The Ion will also soon welcome Late August, a Afro-Asian restaurant from Houston chef and Top Chef finalist Dawn Burrell.

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This article originally ran on CultureMap.

The Ion has announced its latest corporate partner — and more Houston innovation news. Photo courtesy of the Ion

Ion names latest partner, Houston startup raises more funding, and more local innovation news

short stories

As Houston ramps up for fall, the city's innovation news has followed suit, and there might be some headlines you may have missed.

In this roundup of short stories within Houston startups and tech, Houston investors announce new deals in sports and energy tech, veterans can apply for new grant program, and more.

The Ion announces latest partner

The Ion has named its latest partner. Image courtesy of the Ion

The Ion Houston announced that Switzerland Transocean has joined on as an affiliate partner. The oil and gas company joins other corporate partners — including Chevron, Baker Botts, Microsoft, and more — in providing programming and resources for the Ion community and taking a seat at the Ion’s Roundtable.

Transocean's Houston office is in the Energy Corridor.

Houston-based Codenotary has expanded its series B fundraising round

Codenotary's software enables tools for notarization and verification of the software development life cycle. Photo via Getty Images

A Houston software startup that raised $12.5 million earlier this year has announced additional funding of $6 million. Codenotary, whose technology helps secure software supply chains, closed its series B round in January. The fresh funding brings the company's total investment raised to $24 million — thanks to investors Bluwat and Elaia.leaders and following a series A round that was announced in 2020.

Codenotary, formerly known as vChain, was founded in 2018 by CEO Moshe Bar and CTO Dennis Zimmer. The additional capital, which will go towards scaling up sales in the U.S. and Europe as well as entering the Asian market, was raised as an extension of the series B round.

“Software supply chains are under constant attack and so every enterprise is looking for effective ways to protect their valuable software assets,” says Bar in a news release. “The additional capital will help us expand faster – increasing our ability to roll out additional features and build out our worldwide sales efforts that includes our partner network. Not every startup company is able to do that right now but we’re fortunate to have good growth and the right investors behind us.”

Houston-based energy investor announces latest portfolio company

Here's Energy Transition Ventures' latest investment. Image via Getty Images

Energy Transition Ventures, a Houston-based investment firm, has announced its latest investment. ETV led Rutgers University-spinout RenewCO2's $2 million seed round.The startup has created a "novel catalyst technology to convert carbon from hard-to-abate sectors and transform it into a feedstock for carbon-negative, plastic monomers at a fraction of the cost of plastics derived from fossil sources," per a news release.

Including this latest seed round, the New Jersey-based cleantech company has raised $10 million in grants and investment. RenewCO2 hops to start supplying its eCUT electrolysis systems to customers by 2025.

"Converting CO2 directly into negative carbon products is a game changer for the climate. With low-cost renewable power, combined falling costs and advancements in electrolysis, the RenewCO2 has the opportunity to be world-changing," says Neal Dikeman, co-founder and partner of Energy Transition Ventures. "They are completely rewriting how we make plastic and chemical products and how these industries will handle carbon emissions, regardless of the price of carbon or credits. We are excited about power to chemicals and working to use renewable energy to make CO2 the low-cost chemicals feedstock of the future, not the present pollutant."

Grants open for veterans

Veteran-owned businesses can apply for this grant. ​Photo via Getty Images​

National nonprofit Founders First CDC, which exists to empower expansion in diverse founder-led, revenue-generating businesses, has announced that applications are open online for qualified individuals to apply to its 2022 Stephen L. Tadlock Fund – a grant program to support U.S. veteran small business owners. Twenty-five veterans will receive a $1,000 grant.

To be eligible, the company’s founder must be a U.S. military veteran, have an active U.S.-based business, and employ between 2 and 50 employees, per a news release. Applications are open through October 18, and recipients will be announced on Veterans Day, November 11, 2022.

“Given the current state of our economy, small business owners are feeling the brunt of the rising cost of living, inflation and the challenges to provide goods and services for their customers,” says Shaylon Scott, executive director of Founders First, in the news release. “As our founder, Kim Folsom has strong ties to the military through her brother’s service in the U.S. Navy, this particular grant is incredibly special to Founders First, as we’re able to help veteran business owners by investing in their businesses during uncertain economic times. Grants such as these, no matter how large or small of an investment, are a vital and impactful way to help sustain businesses and provide growth opportunities, and we are incredibly proud to support veterans throughout the country during this critical time.”

The judging committee for the Stephen L. Tadlock Grant includes a panel of distinguished veterans, representing multiple branches of service.

Local investment group focuses next fund on sports tech

UCN is focused on sports tech. Image via UCN

The Urban Capital Network — a Houston-based organization focused on democratizing startup investment — has focused its most recent fund on sports tech. The fund, which will raise $500,000 to $1 million, will focus on sports tech businesses, including the first two investments in National Cycling League and Screen Skinz. The National Cycling League is innovating cycling with real and virtual interaction. Screen Skinz has created a new kind of screen protector and has been licensed by several sports entities. UCN investors can be a part of the fund for as little as $5,000.

The new Dream Lab from Teach For America Houston will take 25 ninth graders to the Ion for a mini-innovation accelerator. Image courtesy of TFA

National nonprofit launches Houston innovation lab for kids

dreaming up innovation

Teach For America's Houston chapter has announced a new initiative for children to check out educational opportunities within innovation.

TFA Houston's Network Learning and Innovation Hub is opening a new space, called The Dream Lab. The lab is a set of immersive spaces where students leverage their imagination and creativity to innovate and solve problems affecting their communities.

“The Dream Lab is one of the novel ways we’re re-imagining the ways we meet the needs of Houston’s most vulnerable students and communities,” says Sarah Essama, founder of The Dream Lab and director of social innovation at Teach For America Houston, in a news release. “It introduces a non-traditional approach to learning so that students are better equipped to handle the complexities of an ever-changing world.”

This Friday, the new concept is rolling out to high school students in partnership with DivInc Houston, a nonprofit focused on social and economic equity in entrepreneurship, and 25 ninth graders will get to spend the day at the Ion for a mini-innovation accelerator. The students will be tasked to creatively solve problems in their own communities.

“If there is anything we have learned over the last two and a half years, it’s the need to be innovative, and it’s a skill we must teach our younger generations so they can be adequately prepared for the future,” says Tiffany Cuellar Needham, executive director of Teach For America Houston, in the release. “We look forward to growing The Dream Lab initiative as we continue exploring ways to re-invent and re-imagine what schools can look like for students.”

TFA, which has operated out of Houston for over 30 years, has hosted two other Dream Labs for fourth graders in Houston. Those students were tasked with using technology to design their innovative dream space, and TFA Houston receved positive feedback from participants.

The Dream Lab is right in line with Teach For America Houston’s quest to create educational equity for all students regardless of their socioeconomic and cultural backgrounds.

“All students should have access to education that prepares them to become leaders and change-makers of tomorrow. While we have made great progress on this front, we know we have a lot more work ahead of us. Programs like Dream Lab will help us realize our mission of ensuring that one day all children in our country will have the opportunity to attain an excellent education,” says Essama.

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9 can't-miss Houston business and innovation events for April

where to be

Two new conferences will launch while another longtime business competition celebrates its 25th anniversary this month in Houston. Plus, there are networking opportunities, family tech events and more.

Here are the Houston business and innovation events you can't miss in April and how to register. Please note: this article might be updated to add more events.

​Ion Block Party: Art Crawl

Network and socialize with other tech enthusiasts and business-minded individuals while taking in the new gallery at Community Artists’ Collective and experiencing the immersive dome at Omnispace360. See work by Joel Zika, who will showcase his digital sculptures through augmented reality screens, and other public art around the Ion while also enjoying food and drink.

This event is Thursday, April 3, from 4-7 p.m. at the Ion. Click here to register.

​CLA Presents: Raising Capital over Happy Hour

Gain a better understanding of the capital-raising process and various funding opportunities at this educational happy hour. Keith Davidson, the market leader for CLA in Dallas and former CFO of ICS, will present.

This event is Thursday, April 10, from 4-6 p.m. at The Cannon. Click here to register.

Rice Business Plan Competition 

The Rice Alliance for Technology and Entrepreneurship will host the 25th annual Rice Business Plan Competition this month. Forty-two student-led teams from around the world, including one team from Rice, will present their plans before more than 300 angel, venture capital, and corporate investors to compete for more than $1 million in prizes.

This event is April 10-12. Stream the Elevator Pitch Competition and Final Round here.

RSVF Annual Conference

The Rice Student Venture Fund will host its first-ever Annual Conference to celebrate the university's entrepreneurial spirit and the rising generation of student-led innovation. The conference will include live startup demos, an RSVF fund update, a keynote fireside chat, a builder-investor panel and networking. RSVF welcomes students, alumni, investors, faculty and staff, and innovators and community members of the broader tech scene.

This event is Monday, April 14, from 4-8 p.m. at the Ion. Click here to register.

​TEX-E Conference

TEX-E will host its inaugural conference this month under the theme "Energy & Entrepreneurship: Navigating the Future of Climate Tech." The half-day conference will feature a keynote from Artemis Energy Partners CEO Bobby Tudor as well as panels with other energy and tech leaders from NRG, Microsoft, GE Vernova and TEB Tech.

This event is Tuesday, April 15, from 1-4:30 p.m. at the Ion. Click here to register.

Houston Methodist Leadership Speaker Series 

Hear from Dr. Jonathan Rogg, Chief Quality Officer and Vice President of Operations at Houston Methodist Hospital and a a practicing emergency medicine physician, at the latest Houston Methodist Leadership Speaker Series. Rogg will present "Leadership from the Bedside to the Boardroom."

This event is on Wednesday, April 23, from 4:45-6 p.m. at the Ion. Click here to register.

Ion Family STEAM Day– Let's Build a Tripwire Alarm

STEAM on Demand will host a hands-on, family-friendly engineering lesson for young ones on the Ion Forum Stairs. Kids will learn to create and test their own working alarm system. The event is geared toward those ages 7 to 14.

This event is Sunday, April 26, from 10 a.m. to noon at the Ion. Click here to register.

 Greentown Houston Fourth Anniversary Transition On Tap

Climatetech incubator Greentown Labs will celebrate its fourth anniversary with a special edition of its signature networking event, Transition On Tap. Entrepreneurs, investors, students, and friends of climatetech are invited to attend.

This event is Tuesday, April 29, from 5:30-7:30 p.m. at Greentown Labs. Click here to register.

Integrate Space Technology Into Your Small Biz

The SBA Houston District Office and the UH Technology Bridge will host a collaborative event designed to help small businesses leverage space technology for prototype development. Attendees will also hear from industry experts on resources and gain access free technical engineering assistance to help accelerate their businesses.

This event is Wednesday, April 30, from 9:30-11:30 a.m. at UH Technology Bridge Innovation Center. Click here to reserve your spot.

Texas university's innovative 'WaterHub' will dramatically reduce usage by 40%

Sustainable Move

A major advancement in sustainability is coming to one Texas university. A new UT WaterHub at the University of Texas at Austin will be the largest facility of its kind in the U.S. and will transform how the university manages its water resources.

It's designed to work with natural processes instead of against them for water savings of an estimated 40 percent. It's slated for completion in late 2027.

The university has had an active water recovery program since the 1980s. Still, water is becoming an increasing concern in Austin. According to Texas Living Waters, a coalition of conservation groups, Texas loses enough water annually to fill Lady Bird Lake roughly 89 times over.

As Austin continues to expand and face water shortages, the region's water supply faces increased pressure. The UT WaterHub plans to address this challenge by recycling water for campus energy operations, helping preserve water resources for both the university and local communities.

The 9,600-square-foot water treatment facility will use an innovative filtration approach. To reduce reliance on expensive machinery and chemicals, the system uses plants to naturally filter water and gravity to pull it in the direction it needs to go. Used water will be gathered from a new collection point near the Darrell K Royal Texas Memorial Stadium and transported to the WaterHub, located in the heart of the engineering district. The facility's design includes a greenhouse viewable to the public, serving as an interactive learning space.

Beyond water conservation, the facility is designed to protect the university against extreme weather events like winter storms. This new initiative will create a reliable backup water supply while decreasing university water usage, and will even reduce wastewater sent to the city by up to 70 percent.

H2O Innovation, UT’s collaborator in this project, specializes in water solutions, helping organizations manage their water efficiently.

"By combining cutting-edge technology with our innovative financing approach, we’re making it easier for organizations to adopt sustainable water practices that benefit both their bottom line and the environment, paving a step forward in water positivity,” said H2O Innovation president and CEO Frédéric Dugré in a press release.

The university expects significant cost savings with this project, since it won't have to spend as much on buying water from the city or paying fees to dispose of used water. Over the next several years, this could add up to millions of dollars.

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A version of this story originally appeared on our sister site, CultureMap Austin.

Texas female-founded companies raised more than $1 billion in 2024, VC data shows

by the numbers

Female-founded companies in Dallas-Fort Worth may rack up more funding deals and more money than those in Houston. However, Bayou City beats DFW in one key category — but just barely.

Data from PitchBook shows that in the past 16 years, female-founded companies in DFW collected $2.7 billion across 488 deals. By comparison, female-founded companies in the Houston area picked up $1.9 billion in VC through 343 deals.

Yet if you do a little math, you find that Houston ekes out an edge over DFW in per-deal values. During the period covered by the PitchBook data, the value of each of the DFW deals averaged $5.53 million. But at $5,54 million, Houston was just $6,572 ahead of DFW for average deal value.

Not surprisingly, the Austin area clobbered Houston and DFW.

During the period covered by the PitchBook data, female-founded companies in the Austin area hauled in $7.5 billion across 1,114 deals. The average value of an Austin deal: more than $6.7 million.

Historically, funding for female-established companies has lagged behind funding for male-established companies. In 2024, female-founded companies accounted for about one-fourth of all VC deals in the U.S., according to PitchBook.

PitchBook noted that in 2024, female-founded companies raised $38.8 billion, up 27 percent from the previous year, but deal count dropped 13.1 percent, meaning more VC for fewer startups. In Texas, female-founded companies brought in $1.3 billion last year via 151 deals. The total raised is the same as 2023, when Texas female founders got $1.3 billion in capital across 190 deals.

“The VC industry is still trying to find solid footing after its peak in 2021. While some progress was made for female founders in 2024, particularly in exit activity, female founders and investors still face an uphill climb,” says Annemarie Donegan, senior research analyst at PitchBook.

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