In honor of National Entrepreneurship Month, let's look at the impact of small businesses and tips on recruiting. Photo by krakenimages on Unsplash

As November marks National Entrepreneurship Month and Small Business Saturday awaits Nov. 25, it is the perfect time to acknowledge and celebrate the contributions of small businesses to the U.S. economy.

According to the U.S. Small Business Administration, small businesses with 500 or fewer employees have accounted for two thirds of employment growth in the past quarter century. Further research from the Small Business Administration shows Texas alone is home to 3.1 million small businesses, making up 99.8 percent of Texas businesses overall and 44.5 percent of Texas employees.

The numbers are particularly impressive considering the unique business challenges entrepreneurs and small businesses have faced. In a tight labor market, competition for talent remains fierce, and small businesses and startups especially must rely on recruiting strong candidates to generate results. Yet entrepreneurs are often passionately focused on their product or service, which can obscure the finer details of their people management strategy.

Fortunately, there is a way for entrepreneurs to succeed both as business and people leaders. By providing learning and development opportunities, competitive compensation plans and an exceptional workplace culture, they can create an engaged workforce that shares their vision that can be competitive and even win the fight for top talent.

Learning and development opportunities

Especially for a small business, ongoing professional learning and development (L&D) is essential for teams to stay competitive. A robust L&D program also expands the talent pool by creating the possibility of hiring promising candidates who need to acquire additional skills for the role. L&D opportunities can also improve retention. According to 2022 research from McKinsey, lack of career development and advancement opportunities is one of the biggest factors driving employee attrition.

Leaders should assess the needs of their teams to determine the most important areas for L&D. These areas should help employees to develop core competencies necessary for business success, such as teamwork, problem solving and leadership. Offering a variety of options is best practice so employees can develop a wide range of skills, as is leveraging learning opportunities that exist through the normal course of work, like job shadowing and cross training. Tapping into existing experience and knowledge via in-house talent is another resource that can help promote learning and development through mentoring and collaboration.

Compensation and benefits

Working at a small business or startup offers many benefits to professionals in search of a fast-paced environment. However, compensation remains a critical piece of the puzzle for entrepreneurs who want to recruit and retain top talent. A 2022 survey from LinkedIn revealed 89 percent of employees said salary range was the most helpful element in a job description when deciding whether to apply.

While businesses need not disclose their salary bands in a job application, except as required by law, competitive compensation is an important factor for successful recruitment. Small businesses should research the market rate for each position in their organization and conduct a pay audit to understand whether current employees are being compensated fairly. Organizations with positive results should consider mentioning “competitive compensation and benefits package” in job ads or on their website.

For leaders who discover their pay is noncompetitive in their industry, it may be time to reevaluate budgets and create a plan to align salaries with the market averages. Salary growth does not need to happen overnight but can be a part of the bigger picture of recruiting and retaining talent. Leaders can also communicate the total compensation when factoring in the overall value of employer contributions provided in addition to salary, including things like bonuses, paid benefits and 401k contributions, wellness perks, etc.

Organizational culture

Company culture is a foundational element to recruiting and retaining top-tier talent. Research from Gallup found employees who feel connected to their organization's culture are 55 percent less likely to watch for job openings or actively seek out a new role.

As many founders know well, tight-knit teams can work with greater agility than larger organizations. However, on a cultural level, small business and startups face unique culture challenges due to their size. Small organizations’ culture is heavily influenced by the behaviors of leaders, who are highly visible to their employees. When conflicts arise between two employees, the entire team may be drawn in. Employees can also feel under scrutiny if micromanagement is experienced in their workplace.

To build a strong culture, leaders need to have open conversations and gather feedback, including through anonymous survey data. On a small team, the anonymity of company culture surveys becomes even more critical. Employees may feel concerned that management will easily recognize their voice, so survey results should be handled with the utmost discretion and accessible only to essential personnel. When sharing results publicly, leaders should withhold any specific comments or responses in favor of broader statistics about the entire group or identified patterns in the feedback. It is important for leaders to focus on the learnings and awareness the feedback can offer, as opposed to spending time wondering or trying to identify who said what. Even well intended interest around the source of feedback can lead to feelings of breached trust or, in extreme cases, instances of retaliation.

Trust is an essential component, and these steps will help employees in a small business feel comfortable sharing their honest thoughts. Provided management provides open communication and acts on employee survey feedback, employees will also feel heard and that their employer truly cares for their wellbeing.

This month, entrepreneurs across the country should take a moment from their busy schedules to celebrate their successes. National Entrepreneurship Month is an opportunity to recognize the importance of small businesses to the economy. It is also a chance to strengthen small businesses and bolster their ability to compete for talent through building a robust culture and supporting employees.

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Karen Leal is performance specialist with Houston-based Insperity, a provider of human resources offering a suite of scalable HR solutions available in the marketplace.

A new program launched by two UH-based organizations will help early-stage startups commercialize, apply for grants, and more. Photo via UH.edu

University of Houston launches new collaborative program for startups in Houston, Gulf Coast Region

ready to grow

Two University of Houston organizations have partnered up to further support early-stage startups in the Gulf Coast Region.

The university announced this month that its UH Technology Bridge and the UH Texas Gulf Coast Small Business Development Center are now accepting applications for a new, collaborative program that will help innovators and entrepreneurs develop a pitch or commercialization plan. The program will also guide participants in applying for Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants and other investments.

Applications are open to those with the university and across the region.

"We are excited to partner with the University of Houston Technology Bridge to provide this valuable support to early-tech startups in the Texas Gulf Coast region," Steven Lawrence, director of the UH Texas Gulf Coast SBDC Network, says in a statement. "Our program is designed to help innovators take their ideas to the next level and prepare for success in the marketplace."

"Our goal is to help innovators turn their ideas into successful businesses, and this partnership will help us achieve that goal," Tanu Chatterji, Associate Director of Startup Development at UH, echoes in the news release.

The UH Texas Gulf Coast SBDC Network is one of 14 SBDCs in the Texas Gulf Coast Region that's part of UH's C.T. Bauer College of Business and funded in part by the U.S. Small Business Administration. The centers provide no-cost and affordable business training and advising.

The UH Tech Bridge focuses on providing research and development space to UH-affiliated startups and entrepreneurs. The 15-building complex and its 31,000 square feet of incubator space houses more than 20 small companies and startups that provide internship and learning opportunities for UH students, along with several federally funded research centers and institutes.

Earlier this year, the Tech Bridge received a $2.875 million grant from the U.S. Department of Housing and Urban Development. The grant is slated to benefit the UH Industry & International Innovation Hub and will establish The Deck Innovation & Coworking Center.

Ramanan Krishnamoorti, the vice president of energy and innovation at the University of Houston who oversees the UH Technology Bridge, spoke with the Houston Innovators Podcast earlier this summer about UH's plans to build a central campus hub for innovation and the need to encourage more innovation and entrepreneurship.
Check out these conferences, pitch competitions, networking, and more in the month of September. Photo via Getty Images

10+ can't-miss Houston business and innovation events for September

Where to be

As temperatures begin to cool — hopefully, the city's business community is heating up with another month of networking and conference events. Here's a rundown of what all to throw on your calendar for September when it comes to innovation-related events.

This article will be updated as more business and tech events are announced.

September 10 — Enventure BaseCamp - Special Edition Life Science Innovation Bootcamp

We invite all those interested in life science innovation to our monthly BaseCamp! Our community-driven series returns for a special edition Bootcamp! We are breaking down key concepts, start-up case studies, and more! Join us for a morning of learning, networking, and all things science and business.

The event is Saturday, Sept. 10, 10 am to 1 pm, online. Click here to register.

September 12 — Venture Houston

Venture Houston is illuminating the power of venture capital by bringing together venture capitalists across the nation along with Houston’s most innovative corporates and high-growth startups.

The event is Monday, Sept. 12, 7:30 am to 6:30 pm, at the Ion. Click here to register.

September 14 — Access to Success Pitch Event

Underrepresented founders in climatetech face unique and growing challenges to accessing investors and fundraising in order to scale their companies and push forward the energy transition. How can startups bridge this gap, and where can investors who want to begin diversifying their portfolios find guidance?

The event is Wednesday, Sept. 14, 10 am to 2 pm, at Greentown Houston. Click here to register.

September 15 —19th annual Energy Tech Venture Forum

In its 19th year, the Energy Tech Venture Forum, hosted by The Rice Alliance for Technology and Entrepreneurship, is the premier energy tech venture capital conference to connect energy innovators, investors, corporates, and the energy ecosystem. This year’s in-person forum will showcase promising energy tech companies that are boldly creating the future of energy, as well as a keynote and panel from industry leaders. You can also expect to see pitches from the inaugural class of the Rice Alliance Clean Energy Accelerator.

The event is Thursday, Sept. 15, 8 am to 5 pm, at Rice University, McNair Hall. Click here to register.

September 15 — Hispanic Business Summit

Join the U.S. Small Business Administration, Houston Baptist University, Baker Ripley, and Impact Hub for the annual Hispanic Business Summit. The event will include networking, information about the impact of Latino entrepreneurship in Houston, small business success stories, and a panel of lenders for tips on accessing business capital. Attendees will also have an opportunity to network with other business owners and local business resources.

The event is Thursday, Sept. 15, 9 am to noon, at the Ion. Click here to register.

September 15 — Meet Knightsgate Ventures

UH Technology bridge will be virtually hosting Durg Kumar, co-founder and partner at Knightsgate Ventures investment fund.

The event is Thursday, Sept. 15, noon to 1 pm, online. Click here to register.

September 16-18 — Houston Hackathon 2022

To celebrate the National Civic Day of Hacking, we invite all people who want to make a difference in our region to join us at the annual Houston Hackathon! This is a “civic” hackathon, focused on ideating, designing, and developing both policy-based and tech solutions to some of Houston’s greatest challenges. Project stakeholders will be there from the city, local organizations, and Houston's impact community.

The event is Friday, Sept. 16, to Sunday, Sept. 18, at Impact Hub Houston. Click here to register.

September 20 — State of the Texas Medical Center

Home to the largest medical complex in the world and the brightest minds in medicine, the Texas Medical Center is a leading life sciences destination taking on the greatest medical challenges of our generation. Learn more about the exciting developments planned for the TMC campus and discover how innovation and industry partnerships are helping us accelerate the pace of discovery, ensuring we will continue to be the global leader in patient care.

The event is Tuesday, Sept. 20, 10:30 am to 1:30 pm, at the Hilton Americas. Click here to register.

September 20 — LatinTech Pitch 2022

LatinTech Pitch 2022 is presented in celebration of Hispanic Heritage Month by the Consulate General of Israel to the Southwest along with the Ion, Latinx Startup Alliance, and Texas Business Association.

The event is Tuesday, Sept. 20, 6 to 8 pm, at the Ion. Click here to register.

September 21 — Here For It Live in Houston

Palette, a female-focused coworking space and community created to support women in careers and life, will host its popular video series live on the road at partner spaces from coast to coast. Palette founder and Here for It LIVE host, Catherine Hover, will interview the founding partner of Curate Capital, Carrie Colbert, at Sesh Coworking.

The event is Wednesday, Sept. 21, 6 to 8 pm, at Sesh Coworking. Click here to register.

September 28 — Halliburton Labs Finalists Pitch Day

This hybrid event allows for attendees to attend in person at The Ion Houston or virtually online for a full program of innovative ideas, discussion, and inspiration — all centered on the startup finalists who are advancing the future of clean energy. The event will include a lively keynote discussion with Jack Brouwer, director of the National Fuel Cell Research Center, University of California, Irvine, hosted by Walter Isaacson, Halliburton Labs Advisory Board Member and Leonard Lauder Professor of American History and Values at Tulane.

The event is Wednesday, Sept. 28, 9 am to 12:30 pm, at the Ion or online. Click here to register.

September 29 — The Inaugural State of Infrastructure

Join the Greater Houston Partnership for the inaugural State of Infrastructure where a panel of experts from varying industries will discuss the investments needed to build equitable, resilient communities.

The event is Thursday, Sept. 29, 10:30 am to 1:30 pm, at the Omni Houston. Click here to register.

September 29 — Fort Bend County Innovation Council Launch

Houston Exponential is excited to be expanding into Greater Houston innovator communities and invite you to join us for the official launch of the Fort Bend Innovation Council. In partnership with the Fort Bend EDC, The Cannon, Born Global, and Code Launch, we'd love to invite all ingenious innovators, enterprising educators, collaborative corporates, inquisitive investors, exhausted entrepreneurs, and all friends and family to help kick things off.

The event is Thursday, Sept. 29, 5 to 7 pm, at the HCSS Development Building. Click here to register.

September 29 — Low-Carbon Hydrogen Accelerator Final Showcase

Join Greentown Labs Houston to celebrate the culmination of the Low-Carbon Hydrogen Accelerator—the 2022 program in the Greentown Go Energize track—a-first-of-its-kind startup-corporate partnerships accelerator focused on advancing innovations that are key to enabling a low-carbon hydrogen economy in partnership with EPRI, Shell, the City of Houston, and the Urban Future Lab at the NYU Tandon School of Engineering.

The event is Thursday, Sept. 29, 5 to 8 pm, online. Click here to register.

September 29 — Sesh Coworking Ribbon Cutting

Sesh Coworking began as an organization in 2017 and introduced a brick and mortar space in 2019. In 2022, the organization expanded and moved to its new location!. Join the event to check out the space and celebrate Sesh Coworking.

The event is Thursday, Sept. 29, 6 to 8 pm, at Sesh Coworking. Click here to register.

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Rice leads Texas colleges on LinkedIn's first-ever career success ranking

honor roll

Houston’s Rice University leads the Texas schools in LinkedIn’s first-ever ranking of the 50 best U.S. colleges for long-term career success.

Rice appears at No. 31 in the ranking. Southern Methodist University, located in the Dallas suburb of University Park, lands at No. 37 and the University of Texas at Austin shows up at No. 46.

LinkedIn, a career networking site, says the ranking is based on exclusive data about alumni, such as job placement rates, advancement into senior-level jobs, post-graduate formation of startups, and pre-graduation internships.

“A four-year bachelor’s degree is a significant investment of time and money, especially as tuition costs rise and the job market shifts,” the LinkedIn report says. “For millions of Americans, the return on investment is worth it. Those who earn the degree can see an enduring impact on their earning potential and overall career trajectory.”

Where someone earns a degree can have an even bigger impact, according to LinkedIn, as graduates of top programs often land jobs more rapidly, build strong professional networks, and rise to leadership roles more quickly.

“Long-term success isn’t just about landing a great first job; it’s about sustained career growth and opportunity years after graduation,” Andrew Seaman, senior editor-at-large for jobs and career development at LinkedIn News, told Fortune. “For this list, that means looking at how well a school sets alumni up for the long haul.”

Here’s a breakdown of some of the data about the three Texas schools on the LinkedIn list:

Rice University

  • Top industries of graduates: Technology, business consulting, higher education
  • Top post-graduation destinations: Houston, San Francisco Bay Area, New York City
  • Notable skills: MATLAB programming language, engineering design, data science

Southern Methodist University

  • Top industries of graduates: Financial services, business consulting
  • Top post-graduation destinations: Dallas, New York City, Los Angeles
  • Most notable skills: AMPL programming language, Avid iNews content creation system, data science

University of Texas at Austin

  • Top industries of graduates: Technology, medical practices, advertising
  • Top post-graduation destinations: Austin, Dallas, Houston
  • Most notable skills: SOLIDWORKS computer-aided design software, architecture, Avid Media Composer video editing software

TMC lands $3M grant to launch cancer device accelerator

cancer funding

A new business accelerator at Houston’s Texas Medical Center has received a nearly $3 million grant from the Cancer Prevention and Research Institute of Texas.

The CPRIT grant, awarded to the Texas Medical Center Foundation, will help launch the Accelerator for Cancer Medical Devices. The accelerator will support emerging innovators in developing prototypes for cancer-related medical devices and advancing them from prototype to clinical trials.

“The translation of new cancer-focused precision medical devices, often the width of a human hair, creates the opportunity to develop novel treatments for cancer patients,” the accelerator posted on the CPRIT website.

Scientist, consultant, and entrepreneur Jason Sakamoto, associate director of the TMC Center for Device Innovation, will oversee the accelerator. TMC officials say the accelerator builds on the success of TMC Innovation’s Accelerator for Cancer Therapeutics.

Each participant in the Accelerator for Cancer Medical Devices program will graduate with a device prototype, a business plan, and a “solid foundation” in preclinical and clinical strategies, TMC says. Participants will benefit from “robust support” provided by the TMC ecosystem, according to the medical center, and “will foster innovation into impactful and life-changing cancer patient solutions in Texas and beyond.”

In all, CPRIT recently awarded $27 million in grants for cancer research. That includes $18 million to attract top cancer researchers to Texas. Houston institutions received $4 million for recruitment:

  • $2 million to the University of Texas MD Anderson Cancer Center to recruit Rodrigo Romero from Memorial Sloan Kettering Cancer Center in New York City
  • $2 million to MD Anderson to recruit Eric Gardner from Weill Cornell Medicine in New York City

A $1 million grant also went to Baylor College of Medicine researcher Dr. Akiva Diamond. He is an assistant professor at the medical college and is affiliated with Baylor’s Dan L. Duncan Comprehensive Cancer Center.