Trey Bowles

Though the City of Houston has long been recognized as the Energy Capital of the World, its perception as a hub for innovation and entrepreneurship varies among locals. Can "The City with No Limits" become a leading entrepreneurship and innovation ecosystem here in the U.S.? Some would argue it already has. Southern Methodist University's George W. Bush Institute recently published a 225 page report titled "Engines of Opportunity: How Eds and Meds Institutions Can Become More Powerful Drivers of Prosperity in America's Cities." The report aims to answer the question: "Which U.S. cities are performing best in building effective innovation ecosystems and talent pipelines?" Here are five takeaways from the report I found particularly insightful: 1️⃣ University of Houston and Rice University rank in the top 10 amongst mid-sized universities for "Innovation Impact Productivity" (Page 45). 2️⃣ Greater Houston ranks in the top 5 for "Metro-Area Innovation Impact" alongside Boston, New York, Los Angeles, and Philadelphia (Page 48). 3️⃣ Houston joins Boston, Phoenix, and Raleigh as the only U.S. cities to have multiple innovation districts selected for the study's 36 innovation district dataset (Page 67). 4️⃣ The University of Texas System and Texas A&M University System are the only institutions in the State of Texas to rank in the top 50 for "Overall Innovation Impact" (Page 156). 5️⃣ Greater Houston and Greater Austin are the only metro areas in the State of Texas to rank in the top 50 for "Innovation Impact per Capita" (Page 167). What's your perception of Houston's innovation and entrepreneurship ecosystem? Do these takeaways jibe with your perspective? If so, why? If not, why not?

20

3 Comments

Drop In Venture Funding To Black-Founded Startups Greatly Outpaces Market Decline Chris MetinkoGené Teare February 27, 2024 Venture funding to Black-founded U.S. startups last year totaled only $705 million — marking the first time since 2016 that the figure failed to even reach $1 billion, Crunchbase data shows. The decline in capital to Black-founded companies greatly outpaces the overall decline in startup funding. While total venture dollars in the U.S. fell 37% last year, funding to Black-founded startups dropped a staggering 71%, according to Crunchbase data. Last year’s total investment in Black-founded startups in the U.S. marks the lowest amount since such startups raised only $582 million in 2016. The drop in total dollars also meant Black-founded startups received their lowest share in the venture market since at least 2016, per Crunchbase. Black-founded startups received less than 0.5% of the $140.4 billion in venture funding all U.S.-based startups received last year. In 2021, Black-founded startups received 1.4% of all U.S. venture funding. In 2022, it was 1.1%.

1

1 Comment

My amazing cousin, Cleven Ticeson (https://lnkd.in/gWis4xX6) , a 14 time Emmy award winning producer for KCTS9 in Seattle, is a hero of mine. I grew up watching the educational shows like Bill Nye and the performing arts they would showcase. He was following the work I have been doing de-siloing the Black professional class working in venture scale entrepreneurship in the Pacific Northwest and composed a news reel covering Dreamward Group that moved me not only because he is my hyper-talented and dear cousin but because it voiced and gave me the perspective of the decades that what we’re building has been missing from the mass culture and my culture. Lewis Rudd once told me that the hardest target to hit is an invisible one and my dear cousin hit me right in the heart by speaking in his video about the unseen, but nonetheless felt, absence of inclusive capitalization of startups. Felt by the generation of Black people that watched the tech industry grow not only painting Black technologists and Black founders out of the heroic saga of tech, but Black funders as well. I am so glad that Dreamward Group is able to paint the target and make it visible through our work. Venture Capital, the financial backing of the tech industry, just like tech itself, had an evolution with foundational moments in the 70s on Sand Hill Road in Silicon Valley yet it’s mechanics, drama, and operation are largely unknown to the public that isn’t working in tech entrepreneurship. It’s trajectory and heights of accomplishment with Andreessen Horowitz and Madrona Ventures are parallel and analogous to Google and Amazon…But only the later two brands are household names to people outside of the industry. The world knows the story of Black people being excluded from Tech, It knows the story of Black people being excluded from executive leadership. It experienced the Obama administration and the depravity of the Trump backlash and had to ask itself why it had actively or passively participated in writing off Black professionals. Some of the world hears of Black founders getting less than 2% of invested capital, but even on hearing that, they don’t know the story of Black people being excluded from the role of deciding which startups get funded using a yet third party’s (often their own government’s) money…That is the story of Venture Capital today, and that’s what Dreamward is changing for the future.

12

2 Comments

🧬 This week's Austin Bio + Health Roundup highlights significant data trends, my stance on covering funding announcements, new partnerships, and action across the Texas Bio Triangle. 🧬 💰 Funding: The Way I Plan to Cover Funding Announcements You may have seen reports of a local Bio & Health startup’s funding round through an SEC report filing. While some outlets have covered this, my position is not to. I prefer to support our builders directly rather than trolling the filings for scoops. There is plenty of real investigative journalism that our city would be well served by if that is where they focused. Remember I am not a journalist and I am not the media. When the company is ready to announce their round officially, I’ll gladly shout it to the rooftops. 📊 Data Peter Walker at Carta reports that in 2017, Biopharma and Medical Devices captured just under 10% of all VC dollars. By 2023, this figure rose to 17.7%, and in Q1 2024, it reached 24%. The overarching tailwinds favor our sector and region with trends towards Bio & Health and the physical & digital intersection. Energy and hardware, two other sector blossoming in Central Texas, also saw similar share gains. 🤝 M&A and Partnerships Sensi.AI, a 24/7 senior care intelligence agent, is partnering with Caring Senior Service to deploy SensiAI’s platform in Caring’s 50 locations across the US. This partnership allows seniors a better opportunity to age gracefully in their homes. 🚩 Texas Bio Triangle BioMedSA is hosting an event called Women in Bioscience, Thursday June 20th. It’s designed to connect and empower women in the bioscience industry across Central Texas, and features Randi Brosterman Hutchens discussing "Building your Personal Board." Find the link to the event in the comments. Houston-based Lokum, a staffing solution to connect clinicians and clinical staff to health care facilities, has raised a $700K pre-seed round. Congrats Ayoade (Joy) Ademuyewo on the raise. What’s Next? #AustinNext #LifeSciences #Healthcare #Biotechnology

16

7 Comments

I sat down with Rebecca Lynn, Co-Founder of Canvas Ventures, an early-stage VC fund with almost $900 Million AUM. She's a 25-year fintech veteran and 5x Forbes Midas list honoree. In this Fintech Leaders episode, we discuss: - Data-driven marketing and go-to-market strategies - How startups should think about preparing for M&A opportunities   - What great entrepreneurs have in common - The areas of fintech where AI is making an actual difference   - Challenges of building a VC fund from scratch … and a lot more!

73

2 Comments

While not always true, but mostly true. Capital formation at scale can drive major shifts in industry. We are seeing it with VC and AI. We have seen it with PE and AEC. What I am starting to see is capital formation to truly disrupt the AEC. Why? Massive Market Slow adoption/digital transformation. Outdated business practices that may or may not align with the clients goals. It is a bit of a perfect storm. You can bet against capital allocators. But the forcing function of large amounts of capital entering any market will have a resounding effect. Stay tuned…

16

2 Comments

Exciting news from Monica Chopra, Jeffrey De Flavio, MD, Samantha Adelberg, and the rest of the Auxa Health team as they officially announce their $5.2M Seed round. The team's deep industry expertise and drive for change have led them to solve critical infrastructural friction to providing quality healthcare and adoption of value-based care. Auxa's AI benefit navigation platform is simplifying the complexities of healthcare by streamlining all of the fragmented and siloed data and information to make it actionable in real-time for healthcare organizations. For the 70% of Americans who aren't getting access to the health and social care benefits they deserve, Auxa's solution will be pivotal in enabling equitable care. We're thrilled to partner with co-investors Zeal Capital Partners, AlleyCorp, Laconia, and Chaac Ventures on this journey and look to share many more milestones ahead. Cc K50 Ventures, Ryan Bloomer, Daniel Vásquez, Nick Talwar, Stefanie Ng https://lnkd.in/dPDY7-Db

44

4 Comments

🚀 Calling all adopters of #proptech and #construction tech: real estate developers, builders, and owner-operators, and more! 🌟 Big News! I’m thrilled to announce our partnership with Wells Fargo Innovation Incubator (IN2), co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory, to accelerate cleantech adoption. This is a first-of-its-kind initiative bringing public and private industry together to drive the digitization and decarbonization of the built environment with a focus on the adoption of startup technologies by end customers. I couldn’t be more excited to collaborate closely with IN² and NREL’s incredible teams to build the industry’s first Adoption Playbook, and the impact this program will have to catalyze more sustainable innovation implementation to our built world. Led by Program Manager Sarah Derdowski, NREL's team is backed by world-class research and a history of running successful incubators. 💡 If you're a forward-thinking organization that is seeking to innovate your real estate footprint, apply today. Adopters can receive up to $250,000 in grant funding to pilot cutting-edge technologies, while startups have the chance to scale and engage with major corporations. This groundbreaking program offers incredible opportunities for both adopters and startups to drive sustainability and innovation—and we're kicking it off this month! 🌍 With our team at Overlay Build, we will design the curriculum in partnership with IN² for corporate adopters through their Adoption Playbook. The playbook will prioritize pain points, identify innovation areas, and form peer groups for implementation strategies. Overlay will also develop due diligence criteria, help to determine the top startups for potential pilots, and form internal innovation working committees that will drive change. Additionally, Overlay will build a change management strategy to ensure practical evaluation and implementation of pilot projects, helping companies with significant real estate ownership reduce construction inefficiencies, costs, and carbon footprints. 🔍This initiative addresses the "missing middle" in technology adoption of built environment solutions—let's bridge that gap together. For more information or to discuss how you can get involved, feel free to reach out to me directly. 👉 Join us in shaping the future of the built environment! Adopters, apply here today: https://lnkd.in/eCRHCXfm #Sustainability #Cleantech #Innovation #BuiltEnvironment #IN2 #OverlayCapital #DigitalTransformation #Decarbonization #ESG #NetZero

69

11 Comments

Key takeaway from Texas Venture Gala & Forum this past weekend? "Heck if I know" 😂 A wonderfully fun photo with the incredible Christine G. of VU Venture Partners made me put a bit more thought to the early morning panel I moderated with Austin Technology Incubator's Rebecca (Becky) Taylor, Muriel Foster of gener8tor's gBeta, Angelos Angelou from the International Accelerator, and Martín Martinez of Founder Institute. That, if I were sum up the most paramount of lessons to #entrepreneurs and venture capital investors, it's that we don't know. The very definition of #startup means that we're trying something distinct, and hopefully evolutionary. Anyone claiming to have the answers is lying to themselves and misleading you. Founders, TRY it, TEST it, and PIVOT Investors, if you're looking for a sure bet, please go back into banking and stay out of startups. The consensus among the panelists exploring how Venture Capitalists can help incubators and accelerators was the same: participate. Show up, mentor, help, and be involved. The ONLY way to capably serve innovation is through collaboration. Help founders avoid mistakes by advising and answering what we *do know* so that they can focus on solving the problems not yet explored and resolved. How? Where? Everyone, get Incubators in place for the pre-seed and support Accelerators as startups are (actually) ready to scale. Join me here for more on that perspective and some wonderful ongoing discussion: https://lnkd.in/gixAeSm8

100

13 Comments

I really enjoyed recording this episode of The Digital Industrial Podcast with Ty Findley. We talked about common misconceptions for deep tech, the "Why Now" for the category, and differences between investor diligence for deep tech and traditional tech. https://lnkd.in/eKtwjauu

19

4 Comments

🚀 New Episode Alert: Investor Connect with Gary Forni, Chairman of CTAN 🚀 Join host Hall T. Martin for an insightful conversation with Gary Forni, the visionary Chairman of the Central Texas Angel Network (CTAN). With a storied career in technology and venture capital, Gary has been instrumental in shaping the startup ecosystem in Central Texas. 📅 Listen now: https://ow.ly/Po6Q50RBUJt 🔹 What to Expect: Gary's journey from Intel Corp to leading one of the most active angel groups in the U.S. An inside look at CTAN's investment strategy and how they're nurturing the next wave of disruptive tech startups. Expert advice on overcoming challenges in angel investing and adapting to economic changes. 📈 Under Gary's leadership, CTAN has invested over $129 million in 215 companies, driving innovation and economic growth. Learn how this network supports entrepreneurs with capital, mentoring, and more. 🎧 Tune in to "Investor Connect" for more expert insights into the investment landscape. Don’t miss it! #InvestorConnect #AngelInvesting #Startups #Innovation

12

1 Comment

His career started when someone said to him, “well, have you thought about venture capital? We don’t think that you’d be any good at it.” The rest is history. Today’s Alt Goes Mainstream episode features one of the legends of the venture capital industry. Peter Barris joined New Enterprise Associates (NEA) in 1992 after a storied operating career as President and COO at Legent Corporation and an executive at GE Information Services. He served as Managing General Partner and Chairman of NEA from 1999 to March 2024. Under Peter's leadership, NEA saw tremendous success, growing into one of the world's largest venture capital firms and raising the largest-ever venture capital fund a number of times. Today, NEA's AUM stands over $25B. Peter was responsible for investing in a number of foundational and industry-transforming technology companies, including Salesforce, UUNET, Groupon, WebMD, Workday, CareerBuilder, Tempus AI, and more. We had a fascinating discussion about the early days of venture capital and how the industry has evolved. We covered: * The inside story of how almost every other Partner said no but Peter's investment turned out to be a 75x return. * What's the “best characteristic and the death characteristic” of an entrepreneur? * In today's hypercompetitive market do VCs have enough time to make good decisions? * Why the world of venture capital is about influence. * What does it mean to earn an entrepreneur’s trust as a VC? * Why VCs with operating backgrounds can bring unique value to startups. * How NEA came up with the term "Venture Growth Equity." * How can a VC tell that a founder is good at experimentation and that they have the good judgment? * Why specialization and domain expertise are prerequisites in today’s venture industry. Thanks to Ultimus Fund Solutions for sponsoring this episode of the Alt Goes Mainstream podcast. Thanks Peter for coming on the show. It was an honor and a pleasure to hear your views on the evolution of an industry and for you to share your wisdom and experiences. https://lnkd.in/eEJGEFWe

16

🧬 This week's Austin Bio & Health Roundup features key insights from other regions, exciting funding news, major research advancements, and significant developments across the Texas Bio Triangle. 🧬 💡Insights from Other Regions & My 2 Cents Patrick Sisson in Bisnow reported on the Research and Development District in downtown San Diego, a 1.7M sqft multi-use life sciences project. Costing $915M, it has 0 signed tenants just months before opening. Don’t forget that the San Diego region is one of the world’s top Bio & Health clusters. The critical issue: "To this day, much of the life sciences real estate in San Diego tends to be more office park or campus-style sites that aren’t in walkable urban neighborhoods." So, what does this have to do with Austin? You need alignment between location, infrastructure, & sector. I am not convinced that 80%+ of Bio & Health companies work downtown. Keep this in mind when people pitch a downtown Austin Life Science Innovation district. 💰 Funding Workweek, a publishing platform for business professionals, closed a $12.5M Series A.  This is in the Roundup because their vertical, run by Blake Madden, focuses on healthcare. It’s also another case of Austin funding Austin as the round was led by Next Coast Ventures. Congrats Adam Ryan! Koda Health, a digital care coordination company for advance planning, raised its oversubscribed Seed+ round led by Austin’s own Ecliptic Capital. Super pumped for you Tatiana Fofanova, Ph.D.! 🔬 Research & Medical Advancements Eliah Overbey, Professor of BioAstronautics (what a cool era we live in) at Austin’s newest university, the University of Austin, published a series of studies in Nature on what space flight does to humans. Professor Overbey led a multi-institutional research team that obtained 3,000 samples from the SpaceX 2021 Inspiration 4 flight, resulting in a “10-fold increase in publicly available human space cell health data." 🏆 Recognition Christian Keil & Ryan M.’s BuildList, a viral database of critical tech companies, features numerous Austin companies including Paradromics Inc. & Harmonic Bionics, Inc. in Bio & Health. Way to go Matt Angle and Mark Hunter! 🚀 Launches, Expansions, and Milestones Wheel launched Horizon, their new AI virtual care platform with predictive care pathways and configurable, patient-centered care programs. Amazing work Michelle Davey! Keyspan is bringing their affordable biomarker testing and personalized coaching to Austin Simply Fit to enhance their fitness programs. Kudos Nate Taylor! 🏙️ Community Join the BrainCheck-Alzheimer’s Association brain health panel on June 20th, featuring Briaincheck CEO Kim Rodriguez. Link to the event in the comments. I’ll be attending & hope to see you there! 🚩 Texas Bio Triangle Solugen, a synthetic biology unicorn, secured a $214 million loan from the Energy Department to build a Bioforge, marking a significant step for Houston’s industrial bio sector. What’s Next?

32

12 Comments

🧬 This week's Austin Bio + Health Roundup has acquisitions, funding, leader’s insights on national healthcare news, critical new infrastructure, and developments from across the Texas Bio Triangle. 🧬 🤝 M&A and Partnerships Subjectwell, a patient access marketplace connecting patients to clinical trials and treatments, was acquired by Windrose Health Investors.  This acquisition will also provide Subjectwell with additional capital for its next growth phase. 💰 Funding Thoughtful Automation, an AI company specializing in revenue-cycle management tools for healthcare providers, has announced its move to Austin and has secured $12.5M in funding. Congrats and welcome to Central Texas! 💡 Insights from Local Builders and Innovators Michelle Davey, Founder and CEO of Wheel, provided her commentary to FierceHealthcare on the recent exits from the virtual care market by major players Walmart and Optum. Michelle said, “It's not just about being big—it's about the platform that drives the care delivery itself - and how it's purpose-built to scale to mass adoption and repeat utilization." 🏗️ Infrastructure Dell Med is launching a Center for Rare Diseases, focusing on cutting-edge research and therapies. This initiative will support advances in diagnostics and boost awareness, providing critical assistance for patients and families dealing with rare conditions. 🚀 Launches, Expansions, and Milestones The co-founder of artist collaborative Meow Wolf is leaving to launch a new $15M wellness and spa experience in Austin. They are branding it as the “world’s first neuroscience-enabled spa,” bringing a new element to the Austin’s strength at the convergence of bio, health, and tech. 🚩 Texas Bio Triangle First Bight Ventures’ industrial biology accelerator, BioWell, is now seeking its first cohort of 10 companies, with applications due by May 15. The STRONG STAR Consortium has secured $17 million in DoD funding to address brain injuries, PTSD, and related conditions, which will launch 8 programs spanning detection, prevention, and treatment. As always, the news is as varied and dynamic as our region, let’s keep it up! What’s Next? #AustinNext #LifeSciences #Healthcare #Biotechnology

12

1 Comment

Will autonomous vehicles pick up speed off-road? Overland AI and Potential are pursuing, military, mining, and other off-road applications. These use cases are more compelling because they represent large markets, they are not as regulated as passenger transport roads, and they can address labor shortages. As Alexei Andreev of Autotech Ventures added, "And if you remove people, you immediately get a reduction in your insurance premiums." I would expect to more autonomous investments like these. #logistics #supplychain #autonomous #investments https://lnkd.in/ePERXSea

15

1 Comment

An interesting article below, that demonstrates out how San Diego is punching above its weight.  And how Connect's strategy and execution over time, contintues to be central to that success. The article describes the current state of the market in Seattle.  (And i love Seattle.) It's a market that we tend to track with relative to venture fundings.  They used to kick our butts, we outraised them each of the last three years.  This despite the fact they have 3x as many funds there, and 9x the amount of resident capital there. (per pitchbook) Some key takeaways:  * They continue to compare themselves to SIlicon Valley. Instead, we leverage our proximity. *They whine there's not enough local investors (see note above - they have more than us). We bring over 200 VCs to SD annually! * They say founders are not connected with one another. We bring CEOs together regularly, in a variety of ways - private dinners and through our Springboard program. * They say they need to elevate their image on a national & international stage. Why we created and continue to build Five.Ten.Thirty (aka Inno Day).  * And the last paragraph - they need to concentrate on making their region a great place to live. Our mantra: "It's about Better, not Bigger." (See XEO, TL Fund). THANK YOU FOR ALL OF YOUR SUPPORT. WE ARE ON A MISSION TOGETHER!!!  (Comments, whining, suggestions on SD always welcome.) https://lnkd.in/g6Rq_f2Y

109

10 Comments

Climate tech funding is going industrial... Blackhorn Ventures closes $150M industrial impact fund Focus is seed and Series A stage investments into capital-efficient software solutions, vertical SaaS companies, and AI applications that address the urgent need for industrial resource efficiency and decarbonization at scale. Portfolio companies are targeting the $1.7 trillion industrial resource efficiency market and leveraging the $4.5 trillion needed for the global energy transition by 2030. The fund has new limited partnerships with Mitsubishi Electric, Westlake Corporation, Goldbeck GmbH and Mercuria Energy. 8090 Industries raised $100M+ for its 2nd fund to invest in industrial companies Focuses on decarbonization, synthetic biology, aerospace, artificial intelligence, energy, and infrastructure to transform the industrial complex with breakthrough, zero-carbon technologies and significant economic advantages. Partnered with over 20 global conglomerates. Ironspring Ventures raised $100M to invest in the industrial revolution Industry focus: manufacturing, construction, transportation and energy. Additional capital allows the firm to write bigger checks this time around, $2 million to $4 million, which will help them stay competitive as seed rounds have gotten larger. The firm’s LP base is comprised of operators in the industries they work in that own construction companies and manufacturing plants and can not only give guidance and advice to companies but also serve as potential customers too. Raised a $50M fourth Refactor Capital fund Investing in the areas of biotech, climate and hard tech startups. This new fund will continue to lead pre-seed and seed investments into startups working in areas including novel battery technologies, cancer therapies, IVF advancements and chemicals. Check sizes are typically $1 million to $2 million, and will be split between 20 and 25 companies over the next three years. More and more capital going to the less sexy parts of the ecosystem, where there is huge decarbonization and economic potential. Sources in comment as usual. #deeptech #climatetech #greentech #sustainability #venturecapital #startups

38

6 Comments

🚀DEMO DAY is coming soon! Want to come see what our founders are working on?🎉 Cohort 10 of the What If Fellowship is coming to an end May 17th! We will be showcasing 21 #digitalhealth startups at the earliest stages during demo day! We would love for you to attend. If you'd like to receive an invite, just fill out the typeform below. Who should attend❓ 1) Investors - those looking to invest in healthcare startups 2) Strategic partners / advisors - those who want to advise, help, or partner with digital health startups Demo Day will take place on May 17th at Noon ET remotely via Zoom webinar. We have limited spots, so please sign-up soon if you want to see what our #founders have been working on for the last 2 months! Attendees will see 21 healthcare #startups pitch for 3 minutes each and answer a few investor questions live in front of our audience. This is a great chance to find investment opportunities, and learn more about what the earliest of companies in our space are working on. This is about more than money - some of our founders need advice, advisors, Board members, co-founders and more. So come look for your opportunity to get plugged into the mental health hashtag #startup ecosystem with one of these early stage companies. One thing to point out - we highly encourage investors to attend, and pursue investing directly in these companies. We will NOT stand in the way nor require anyone to invest through What If Ventures to get access to any of these companies. So, please don't feel like we're trying to recruit you to give us money! Sign-up to attend demo day: https://lnkd.in/gEFt5YrY

59

5 Comments

One of our main goals at Novel is to help tech founders access the capital they need to scale their businesses sustainably.    That’s why we’re excited to be teaming up with Husch Blackwell to co-host Venture Connect, an exclusive part of Startland News’s Startup Crawl that brings together VC investors and founders for a night of networking, connections, and drinks on the house!    It’ll all be going down right here in Kansas City on June 14, so RVSP today.    Just click the link in the comments below. Can’t wait!   #VentureConnect #StartupCrawl #Startland #StartlandStartupCrawl #TechFounders #VC #VentureCapital #networking #startups #entrepreneurship #tech #KCTech #KansasCity 

49

2 Comments