2022 in review

Here are Houston's top health tech innovation stories of the year

A TMC construction update, a Q&A with UH's med school donor, and other top health tech stories of 2022. Image courtesy of Elkus Manfredi Architects

Editor's note: As 2022 comes to a close, InnovationMap is looking back at the year's top stories in Houston innovation. In Houston, home to the world's largest medical center, health tech and innovation news is abound — from startups being named among the most promising by investors to new details on the Texas Medical Center's expansion. Here are five Houston health tech-focused articles that stood out to readers this year — be sure to click through to read the full story.


Houston organizations announce 10 most promising life science startups

Houston's medical innovation community congregated to discuss breakthrough innovations in health care. Photo via Getty Images

What startups are creating the future of health care? A Houston conference this week gathered to discuss.

The 10th annual Texas Life Science Forum hosted by BioHouston and the Rice Alliance for Technology and Entrepreneurship engaged thought leadership within the life science community with panels, discussions, and more. Additionally, 49 companies pitched their solutions across medical device, therapeutics, pharmaceuticals, and more to the crowd.

The event also named the 10 most promising life science companies selected by investors and presented by the Greater Houston Partnership. Read more.

Houston hospital system to open new innovative location

Houston Methodist broke ground on a 400-bed hospital in Cypress. Rendering courtesy of Houston Methodist

Houston Methodist will soon break ground on a “smart” hospital in Cypress that is poised to be the smartest of its nine hospitals.

The $650 million Cypress hospital will be modeled after Houston Methodist West and Houston Methodist The Woodlands hospitals. However, the Cypress location is on track to outdo them in terms of smart technology.

“Our commitment to innovation is one more way we set ourselves apart from other hospital systems, and we are committed to making this new hospital the most technologically advanced and innovative hospital ever,” Dr. Marc Boom, president and CEO of Houston Methodist, says in a note to employees. Read more.

Following $50M gift,Tilman Fertitta reveals goals for eponymous medical school at University of Houston

Fertitta and his family have gifted $50 million to UH's medical school. Photo courtesy

As Houston’s most high-profile billionaire and owner of the posh 5-star Post Oak Hotel and Houston Rockets, Tilman J. Fertitta has become synonymous with over-the-top opulence and big-time entertainment.

But the CEO of the massive Feritta Entertainment empire’s latest move has nothing to do with penthouses or point guards, but rather a legacy, game-changing appropriation meant to aid his home state’s health.

The longtime UH board member and former chairman and his family have just pledged $50 million to the University of Houston College of Medicine. In turn, the new medical school has been christened the Tilman J. Fertitta Family College of Medicine. Read more.

TMC unveils details of new bioport, Helix Park at annual Greater Houston Partnership event

TMC gave an update on TMC3 — now called TMC Helix Park — and introduced a new bioport project. Courtesy of Elkus Manfredi Architects

Within the next five to 10 years, the Texas Medical Center you know today will be double the size. That's what Bill McKeon, president and CEO of the TMC, said at yesterday's State of the Texas Medical Center event hosted by the Greater Houston Partnership.

The biggest project contributing to the TMC's growth is TMC3, a campus expansion that will bring 37 acres and 5 million square feet of space to the TMC, is now known as Helix Park. The name is a nod to the shape of the park and walkway design at the center of the campus. The TMC3 Collaborative Building — the first multi-institutional research facility in TMC’s history — will be the first of the project to deliver and is currently under construction and slated for completion in 2023.

However, the big news of the event was the TMC BioPort, the organization's upcoming biomanufacturing and medical supplies distribution engine. This new campus will span several hundred acres just down the road from TMC and will drive the much-needed repatriation of critical medical supplies and new cell and gene therapies, per a news release. Read more.

Overheard: Houston experts discuss women in med tech, insight from investors, and more

Health care innovators joined Houston Methodist and Texas A&M University's ENMED program to discuss women in health care innovation and venture capital investment. Photo courtesy of Houston Methodist

Houston's health innovation community is making strides every day toward greater quality of care and technology adoption — but what challenges is the industry facing these days?

Through a partnership between Houston Methodist and Texas A&M University's ENMED program at Houston Tech Rodeo, health innovators weighed in on topics surrounding the industry, including biases and investment opportunities.

Missed the conversation? Here are seven key moments from the panels that took place at A&M's new ENMED building in the Texas Medical Center on Thursday, March 3. Read more.

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Building Houston

 
 

Last weekend was a tumultuous one for founders and funders in Houston and beyond. Here's what lessons were learned. Photo via Getty Images

Last week, Houston founder Emily Cisek was in between meetings with customers and potential investors in Austin while she was in town for SXSW. She was aware of the uncertainty with Silicon Valley Bank, but the significance of what was happening didn't hit her until she got into an Uber on Friday only to find that her payment was declined.

“Being positive in nature as I am, and with the close relationship that I have with SVB and how they’ve truly been a partner, I just thought, ‘OK, they’re going to figure it out. I trust in them,'” Cisek says.

Like many startup founders, Cisek, the CEO of The Postage, a Houston-based tech platform that enables digital legacy planning tools, is a Silicon Valley Bank customer. Within a few hours, she rallied her board and team to figure out what they needed to do, including making plans for payroll. She juggled all this while attending her meetings and SXSW events — which, coincidentally, were mostly related to the banking and fintech industries.

Sandy Guitar had a similar weekend of uncertainty. As managing director of HX Venture Fund, a fund of funds that deploys capital to venture capital firms around the country and connects them to the Houston innovation ecosystem, her first concern was to evaluate the effect on HXVF's network. In this case, that meant the fund's limited partners, its portfolio of venture firms, and, by extension, the firms' portfolios of startup companies.

“We ultimately had no financial impact on venture fund 1 or 2 or on any of our portfolio funds or our underlying companies,” Guitar tells InnovationMap. “But that is thanks to the Sunday night decision to ensure all deposits.”

On Sunday afternoon, the Federal Deposit Insurance Corp. took control of SVB and announced that all accounts would be fully insured, not just up to the $250,000 cap. Customers like Cisek had access to their accounts on Monday.

“In the shorter term, the great news is SVB entity seems to be largely up and functioning in a business as usual manner,” Guitar says. “And they have a new leadership team, but their existing systems and predominantly the existing employee base is working well. And what we're hearing is that business as usual is taking place.”

Time to diversify

In light of the ordeal, Guitar says Houston founders and funders can take away a key lesson learned: The importance of bank diversification.

“We didn't think we needed one last week, but this week we know we need a resilience plan," she says, explaining that bank diversification is going to be added to "the operational due diligence playbook."

"We need to encourage our portfolio funds to maintain at least two banking relationships and make sure they're diversifying their cash exposure," she says.

A valued entity

Guitar says SVB is an integral part of the innovation ecosystem, and she believes it will continue on to be, but factoring in the importance of resilience and diversification.

"Silicon Valley Bank and the function that they have historically provided is is vital to the venture ecosystem," she says. "We do have confidence that either SVB, as it is currently structured or in a new structure to come, will continue to provide this kind of function for founders."

Cisek, who hasn't moved any of her company's money out of SVB, has similar sentiments about the importance of the bank for startups. She says she's grateful to the local Houston and Austin teams for opening doors, making connections, and taking chances for her that other banks don't do.

"I credit them to really being partners with startups — down to the relationships they connect you with," she says. "Some of my best friends who are founders came from introductions from SVB. I've seen them take risks that other banks won't do."

With plans to raise funding this yea, Cisek says she's already started her research on how to diversify her banking situation and is looking into programs that will help her do that.

Staying aware

Guitar's last piece of advice is to remain confident in the system, while staying tuned into what's happening across the spectrum.

“This situation that is central to the venture ecosystem is an evolving one," she says. "We all need to keep calm and confident in business as usual in the short term while keeping an eye to the medium term so that we know what happens next with this important bank and with other associated banks in the in our industry."

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