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

 
 

This week's roundup of Houston innovators includes Madison Long of Clutch, Ty Audronis of Tempest Droneworx, and Juliana Garaizar of Greentown Labs. Photos courtesy

Editor's note: In this week's roundup of Houston innovators to know, I'm introducing you to three local innovators across industries — from drones to energy tech— recently making headlines in Houston innovation.


Madison Long, co-founder and CEO of Clutch

Madison Long joins the Houston Innovators Podcast to discuss Clutch's recent national launch and the role Houston played in the company's success. Photo courtesy of Clutch

Houston-based creator economy platform Clutch — founded by CEO Madison Long and CTO Simone May — celebrated its nationwide launch earlier this month. The platform connects brands to its network of creators for reliable and authentic work — everything from social media management, video creation, video editing, content creation, graphic design projects, and more.

When the company first launched its beta in Houston, the platform (then called Campus Concierge) rolled out at three Houston-area universities: Texas Southern University, Rice University, and Prairie View A&M. The marketplace connected any students with a side hustle to anyone on campus who needed their services.

Long shares on this week's Houston Innovators Podcast that since that initial pilot, they learned they could be doing more for users.

"We recognized a bigger gap in the market," Long says. "Instead of just working with college-age students and finding them side hustles with one another, we pivoted last January to be able to help these young people get part-time, freelance, or remote work in the creator economy for businesses and emerging brands that are looking for these young minds to help with their digital marketing presence." Read more and listen to the episode.

Ty Audronis, co-founder of Tempest Droneworks

Dana Abramowitz and Ty Audronis co-founded Tempest Droneworks. Photo courtesy of Tempest Droneworx

Ty Audronis, fueled by wanting to move the needle on wildfire prevention, wanted to upgrade existing processes with real-time, three-dimensional, multi-spectral mapping, which exactly where his company, Tempest Droneworx, comes in.

That software is called Harbinger. Audronis explains that the real-time management and visualization solution is viewable on practically any device, including mobile or augmented reality. The system uses a video game engine for viewing, but as Audronis puts it, “the magic happens” on the back end.

The company was just the two founders until five weeks ago, when Tempest’s size doubled, including a full-time developer. Once Tempest receives its SIBR check, the team will grow again to include more developers. They are currently looking for offices in the city. As Audronis says, Tempest Droneworx is “100-percent made in Houston.” Read more.

Juliana Garaizar, chief development and investment officer and head of Houston incubator of Greentown Labs

Juliana Garaizar is now the chief development and investment officer at Greentown Labs, as well as continuing to be head of the Houston incubator. Image courtesy of Greentown

Greentown Labs named a new member to its C-suite. Juliana Garaizar, who originally joined Greentown as launch director ahead of the Houston opening in 2021, has been promoted from vice president of innovation to chief development and investment officer.

"I'm refocusing on the Greentown Labs level in a development role, which means fundraising for both locations and potentially new ones," Garaizar tells InnovationMap. "My role is not only development, but also investment. That's something I'm very glad to be pursuing with my investment hat. Access to capital is key for all our members, and I'm going to be in charge of refining and upgrading our investment program."

While she will also maintain her role as head of the Houston incubator, Greentown Houston is also hiring a general manager position to oversee day-to-day and internal operations of the hub. Garaizar says this role will take some of the internal-facing responsibilities off of her plate. Read more.

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