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Chevron venture arm enters partnership with West Houston coworking space

Chevron Technology Venture will have an office in the new, 120,000-square-foot coworking space The Cannon is expecting to open this spring. Courtesy of The Cannon

As corporate venture grows as a presence in oil and gas, more and more startups have access to funding from large corporations. Aware of the corporate venturing trend, The Cannon, a West Houston coworking space, has formed a partnership with Chevron Technology Ventures, Chevron's venture arm that's currently based in Downtown Houston.

CTV will have an office and regular office hours in The Cannon's new, 30-acre campus that is expected to open this spring. (A previous version of this story included other details of the CTV office at The Cannon.)

"We are always trying to surround our members with as much support and as many resources as possible to help them succeed. Chevron's engagement with our community will help further these efforts in a really exciting way," says Lawson Gow, founder and CEO of The Cannon, in a release. Gow is the son of David Gow, owner of InnovationMap's parent company Gow Media.

Established in 1999, CTV aims to champion "the innovation, commercialization and integration of emerging technologies into Chevron," reads the Chevron website. The team seeks to identify and invest in technologies or processes that could enhance and optimize core aspects of Chevron's operations. The technologies of interest to CTV are, according to the website: Water management, production enhancement, emerging materials, power systems, information technology, and subsurface and base business.

The Cannon's commitment to helping startups find access to venture has been an ongoing goal since May of last year when The Cannon launched Cannon Ventures — a venture studio and investor network. Cannon Ventures then teamed up with a few other venture funds in December to create the Houston Investment Network Alliance.

Peek inside what the new Cannon space will look like

Courtesy of The Cannon

Houston-based Abel Design Group and Burton Construction are responsible for the designs and execution of the building.

On his failed investor attempt on Shark Tank, Brooks Powell couldn't secure a shark investment for $400,000. Now, he just closed on $2.1 million for his startup. Courtesy of Cheers

When Brooks Powell's Houston-based startup got passed over by the investors on Shark Tank last year, he didn't let it deter him. Instead, the Houston entrepreneur buckled down and started seeking investments off the screen.

It paid off, and Cheers (née Thrive+) recently closed a $2.1 million seed round. The round was lead by NextView Ventures, which has the likes of TaskRabbit, threadUP, and Letgo among its portfolio.

With the new investment, Brooks says the company is rebranding from Thrive, its original moniker, to Cheers.

"Thrive+ doesn't really say anything about what we did or who we are about," Powell says. "We knew we needed something fitting for the alcohol industry but at the same time has the connotation of fun, responsibility, and health."

The process has been daunting, but worth it, Powell says, citing companies like Ring, which changed its company name from Doorbot.

"It would be hard to imagine Amazon buying a company named Doorbot," Powell says.

It's worth noting that Doorbot rebranded also following a similar rejection on Shark Tank.

Once Cheers had its new name, Powell began the process of the transition — relabeling bottles, redoing marketing materials, etc. There's still a long road ahead for the rebranding, but Powell says he wasn't going to drag his feet, since the change would just become more expensive and more challenging. Ring, for instance, had to pay $1 million for its new domain name.

"We wanted to become Cheers as soon as possible, because it would only become harder as time went on," he says.

From student to CEO
Cheers' formula isn't new. The key ingredient, Dihydromyricetin, a natural extract — like caffeine to coffee, which made the FDA process smooth sailing. DHM started being identified as an anti-alcohol treatment in 2012 following experiments on the effects on rats.

Around that time, Powell was a sophomore at Princeton University, and he came across the science surrounding DHM and knew if he could harness the natural extract for commercial use, it'd change the game of hangover health.

"I started working with some of my professors and asking them if it was safe and would it be effective," Powell says.

At the time, there was very little amount of DHM in the United States, so the company became the first to import the ingredient on a large scale.

Powell graduated from Princeton in 2017 and moved his company to its workspace in The Cannon.

Serving up growth
Cheers has seen a tremendous amount of growth over the past year. The company's revenue increased 20 times year over year. A key determiner of success for the company, Powell says, has been strategic marketing and a working product.

"Primarily products such as this, historically, have never worked," he says. "And they've always been marketing toward binge drinkers and partiers."

Another strategy Powell has is giving the company a presence nationwide by having advisers and investors from both coasts.

"What we have tried to do is have our cake and eat it too. We set roots in Houston, but we have our hands in other markets."

In addition to rebranding, Cheers plans to continue its growth, as well as research and development of the product.