iah flies high

This Houston airport is the best in the U.S. according to the TSA

This is the second consecutive year the airport has won the award. Photo courtesy of Houston Airport System

While this has been a harrowing and surreal year for the airline industry due to the global pandemic, one local mainstay has soared. Houston's George Bush Intercontinental Airport has been named 2020 Airport of the Year by the Transportation Security Administration.

This is the second consecutive year that IAH has won the TSA's Airport of the Year title. The award recognizes the best of TSA with outstanding team achievements in key operations and mission support functions, according to a press release.

To be selected as top in the U.S., the airport must show measurable improvements, superior performance, notable innovation, and significant operational improvements in support of TSA's mission, per the TSA. Awardees, per the TSA, demonstrate "a clear commitment to improving workforce engagement and morale." (Something we all look for during airport screenings.)

"The TSA team in Houston consists of more than 1100 employees from frontline TSA officers to inspectors, canine handlers, explosives experts, managers, program analysts and a host of others who work together every single day of the year to ensure that we protect the traveling public to ensure freedom of movement for people and commerce," said Juan Sanchez, TSA's Federal Security Director for IAH, in a statement.

"Our team comprised of TSA officers and others demonstrate their commitment daily through their hard work, professionalism and commitment."

IAH boasts some 20,000 employees and more than 800 federal, state, and local stakeholder groups that work in conjunction with the airport and the Houston Police Department. The airport was also lauded for maintaining its "operational tempo" during COVID.

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This article originally ran on CultureMap.

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Building Houston

 
 

2020 brought over $700 million in venture funding deals into Houston, and startups saw larger deals in the first half of the year with a growing interest in angel activity. Image via Getty Images

Houston startup's venture capital deals continue to grow in 2020, according to a new report from Houston Exponential. Last year, VC dollars were up, while deal count was down, representing more mature deals coming into the ecosystem — but the second half of the year was defined by a growth in angel investment interest.

The report by Serafina Lalany, chief of staff for HX, found that the Bayou City brought saw $715 million across 117 VC deals, according to Pitch Book data. It's the fourth year Houston has seen VC growth, and last year the city reported over $563 million across 168 deals.

"Houston has put concerted efforts into building its innovation ecosystem," says Harvin Moore, president of HX, in a release, "and 2020's record-breaking results show we are seeing not only resilience in the tech sector, but a significant increase in the rate of formation and success of growth-stage companies, which have an outsized effect on our local economy in terms of high paying job potential and Houston's increasing attractiveness as a great place to work."

Last August, HX published a report on the first half of the year and that study found that Houston — facing the challenges of both the pandemic and the oil price drop — managed to see a 7 percent increase in funding compared to the national average of 2.5 percent. With the second half of the year, the city's VC increase from last year was over 25 percent and up 252 percent since 2014.

The other difference between the first and second halves of the year for Houston VC was the stages of the deals made. Most of Houston's larger deals took place in the first and second quarters — and even the beginning of Q3 — of 2020:

But the second half of the year seemed like Houston's earlier stage VC activity returned, and Blair Garrou, managing partner at Houston-based Mercury Fund, confirmed this to InnovationMap on the Houston Innovator's Podcast in December.

"Seed rounds have definitely bounced back. We're seeing a lot of seed activity, because there's been a lot of seed funds raised," Garrou said on the podcast, adding that he's observed an increase in angel investment interest. "People are realizing that money is in innovation and tech — especially in software."

In her report, Lalany found that in Houston, angel investments are out-pacing seed, creating a "competitive environment."

"The addition of multi-stage and nontraditional investment firms into the arena has created upward pressure in deal valuations and sizes. The average seed round in 2015 was $1 million, whereas today it's double that," the report reads. "With these firms turning inward to focus on protecting their current investments at the start of the pandemic, the propensity for smaller, more riskier investments have declined."

Stephanie Campbell, managing director of the Houston Angel Network, said she's seen a rise in new membership for the organization. Last August, she was on track to get to 150 members — up from just 60 in 2018.

"Despite COVID, we've continued to grow," Campbell told InnovationMap, adding that she's heard investors express that they have more time now to dive in. "People are very much still interested in learning about deploying their capital into early-stage venture. They're looking for a network of like-minded individuals."

In contrast to this early stage activity, the VC activity that was still occurring was defined by larger deals. With VC essentially halting in March and April — especially in cities like Houston, Garrou adds — it makes sense that investors wanted more "sure things" and would invest more funds into companies they already know, versus being able to source new deals in person.

"When you go to later stages, there are a lot fewer deals going on," Garrou continues on the podcast. "Now, there may be larger investments being made, but I think they are into fewer companies, and I think that's just due to the the pandemic and the ability just to not be able to do face-to-face."

As Houston moves through 2021, the city is poised well for more growth and a continued diversification from just oil and gas, as Moore says in the release.

"Houston Exponential was created four years ago by civic and business leaders to deal with an existential problem: our dependence on the energy and medical sector without a thriving startup culture to lead us towards a future that will look very different from the past," he says. "COVID and the de-carbonization movement have made that need much more urgent — it's both a huge challenge and an enormous opportunity."

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