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5 most popular innovation stories in Houston this week

An article about a new tech solution to navigating after life matters is among this week's top stories. Photo courtesy of The Postage

Editor's note:Another week has come and gone, and it's time to round up the top headlines from the past few days. Trending Houston tech and startup news on InnovationMap included female innovators to know, a new accelerator program, life science companies to know, and more.


3 female Houston innovators to know this week

This week's innovators to know roundup includes Fiona Mack of JLABS, Grace Rodriguez of Impact Hub Houston, and Emily Cisek of The Postage. Photos courtesy

In today's Monday roundup of Houston innovators, I'm introducing you to three female innovators across industries — from life science to impact innovation. Continue reading.

Houston organization names 10 most promising life sciences startups

Here's which life science companies — in Houston and beyond — are ones to watch. Photo by Dwight C. Andrews/Greater Houston Convention and Visitors Bureau

Last week, the Rice Alliance for Technology and Entrepreneurship gathered over 1,000 life science experts and attendees virtually for thought leadership as well as 40 company presentations.

The three-day 2020 Virtual Texas Life Science Forum was made possible through a partnership with BioHouston and support from Texas Medical Center and Insperity. At the close of the summit, several companies were recognized with awards. Continue reading.

5 things this Houston-born entrepreneur learned from launching a biz during a pandemic

Annabel Fowler Gatto launched her women's workwear company ahead of the pandemic. Here's how it went. Photo via Pexels

I realized a huge problem professional women were facing, and I launched a company to address it. But then, a pandemic hit.

Eight out of 10 women say they're frustrated and unsupported by traditional workwear brands and their offerings. For many, quality women's workwear means hefty price tags for clothes than, often, have unflattering silhouettes and difficult-to-maintain pieces. It's not a great experience.

Enter Suitably, a professional womenswear brand that offers seasonless staples—all machine washable and under $100. We launched in February 2020 with sky-high momentum. Then, six weeks later, COVID-19 shut down offices worldwide. Overnight, we saw a dip in traffic and the launch momentum slow. But we kept going — reinventing, reimaging, and engineering new ways to serve our customers during a pandemic who were, suddenly, working and interviewing from home. And, now, we're coming out the other side, a stronger, more dynamic and more customer-centric brand than ever. Here's what I learned from launching a workwear brand in a pandemic. Continue reading.

Houston nonprofit introduces new startup incubator ahead of impact-focused innovation week

Grace Rodriguez, CEO and executive director of Impact Hub Houston, has a few weeks ahead of her. Courtesy of Grace Rodriguez

Impact Hub Houston — the local chapter of a nonprofit focused on supporting startups in the social impact space — has a lot on its plate this month.

Not only is next week The Houston Innovation Summit — the fourth annual week of entrepreneurship programming — as well as the second annual Climathon, but the organization has also just launched a new business incubator program.

Accelerate is a program that Impact Hub has offered across 17 international markets. Houston's new chapter already has a few Houston startups involved — including Potentia Workforce and McMac CX. Structured as an ongoing accelerator with mentorship, education, and support, the program is currently accepting new members. Continue reading.

New Houston tech startup launches to streamline afterlife planning

The Postage is a new company that uses technology to help ease the experience of afterlife responsibilities for family members. Photo courtesy of The Postage

Three years ago, Emily Cisek was struck with immense grief when she lost three family members back to back. She says she learned first-hand how arduous the process of wrapping up someone's life is and how it can take away from the grieving process.

"I saw the frustrations in my family," she explains, as she grappled with the passing of both her grandmothers and her cousin's young child.

Cisek says in that moment she thought, "Wow, there's got to be a better way so that people have a resource to get a plan and walk through the process so that when you do lose someone, there is a really easy way to manage that." Continue reading,

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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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