Money moves

University of Houston receives historic $13M gift for its entrepreneurship program

UH's business school just received its second largest gift ever. Photo courtesy of University of Houston

University of Houston's C.T. Bauer College of Business has received its second largest donation to benefit its entrepreneurship program.

The Cyvia and Melvyn Wolff Center for Entrepreneurship, which was recently ranked the top undergraduate entrepreneurship program in the country, received the $13 million gift from its namesake foundation — The Cyvia and Melvyn Wolff Family Foundation — and the state of Texas is expected to match an additional $2 million, bringing the total impact to $15 million.

"Our family is deeply committed to the ideals of entrepreneurship," says Cyvia Wolff in a news release. "Our business personified everything that it means to be an entrepreneur. The skills, the thinking, the mindset are fundamental to success for business leaders today and in the future. On behalf of my late husband, we are truly honored to ensure the entrepreneurial legacy not only endures but remains accessible for students. We are truly honored to be part of this program and university."

The money will be used to create three endowments for the program. The Dave Cook Leadership Endowment, named for the center's director, Dave Cook, will be created and funded with $7 million of the donation to support leadership within the organization. For $4 million, the center will create the Wolff Legacy Endowment, which aims to increase students involved in the center, as well as the companies coming out of the program. The last $2 million will be used to create the Cyvia and Melvyn Wolff Endowed Chair(s)/Professorship(s) in Entrepreneurship. This initiative will support research and community outreach.

"We are passionate about entrepreneurship and how it can forever change students' lives," says Bauer Dean Paul A. Pavlou in the release. "We seek to further promote entrepreneurship as a university-wide, even citywide effort, by collaborating within and across the university in a multitude of areas, such as technology, health care, arts and sports."

The program was created in the mid '90s and was later renamed after Cyvia and Melvyn Wolff in 2007, and has seen great success over the past decade. In that time, Wolff students have created 1,270 businesses, with identified funding of just over $268 million. According to the release, the program has been ranked in the top two spots of the Princeton Review's top undergraduate entrepreneurship programs for nine of the past 12 years.

"Entrepreneurship is crucial for the future of our country, as well as our city and state," says UH President Renu Khator in the release. "We are proud to be at the forefront of work around entrepreneurial training and research. The uniqueness of our program has and continues to make it the model program. This extraordinary gift ensures our leadership in this space will continue and will support the creation of businesses, change communities and impact our students' lives."

At UH, 2,500 students take at least one entrepreneurship course a year, and more than 700 students complete certificate programs.

"What we are doing is transformative in the lives of students, mentors and stakeholders in a way that elevates everyone towards excellence," Cook, who was named the director of the program in 2017, says in the release. "The impact of this gift allows us to remain the leader and to move forward with confidence, purpose and permanence."

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Building Houston

 
 

With fresh funding, this Houston and Canada-based company has made an acquisition. Courtesy of Validere

After raising $43 million in funding for its series B round, Validere, a commodity management platform for the energy industry, has acquired Clairifi, whose technology helps energy businesses comply with environmental and regulatory requirements. Financial terms weren’t disclosed.

The funding round was closed in March and was led by Mercuria Energy and select funds and accounts managed by BlackRock, with participation from Nova Fleet, Pioneer Fund and NGIF Cleantech Ventures, as well as existing investors, including Wing VC and Greylock Partners, according to a news release.

“Validere’s mission is to ensure human prosperity through energy that is plentiful, sustainable and efficiently delivered," says Nouman Ahmad, Validere co-founder and CEO. "We facilitate this through integrating our customers’ core business with new environmental initiatives. In order to manage the energy transition well, environmental attributes cannot be managed in a silo, they need to be integrated in the day-to-day operations and commercial decisions."

Validere is based in Calgary, Alberta, and has its United States presence based in Houston. Clairifi also is based in Calgary. According to the company, the purchase of Clairifi strengthens Validere’s ESG (environmental, social, and governance) offerings.

“Companies across the energy supply chain are often burdened by the arduous task of compliance reporting, a time-intensive process that is usually performed manually in Excel spreadsheets by costly environmental consultants,” Validere says in a news release announcing the Clairifi deal. “These issues are coupled with constantly changing environmental, social and governance (ESG) policies, as well as disorganized data, which can cause confusion over meeting reporting requirements.”

Validere says that thanks to the integration of Clairifi, businesses can easily comply with current and future regulations from the U.S. Securities and Exchange Commission (SEC), and can access a central platform to accurately measure, manage, and forecast emissions strategies.

“The implementation of costs on carbon and emission reduction requirements introduce new immediate and long-term consequences that cascade from the field to head office,” says Corey Wood, co-founder and CEO of Clairifi. “While regulatory compliance is often considered a burden on industry, requiring resources and continuous innovation, if we are well-prepared, these challenges may be used as catalysts to revive, refresh and improve.”

As part of the acquisition, Wood has joined Validere as vice president of emissions, regulatory, and carbon strategy.

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