OGTC mentoring, funding technology start-ups
The UK’s Oil & Gas Technology Centre has selected 10 start-up organizations for funding under its TechX Pioneer accelerator program.
This is designed to develop companies and technologies that can help unlock the remaining hydrocarbon potential on the UK continental shelf.
David Millar, TechX Director, said: “Many start-ups have a great idea and truly believe their technology or solution can make a difference, but the reality is that 90% of them fail. That figure is potentially even higher in oil and gas, which has traditionally been a difficult sector to break into.
“The Pioneer program is here to buck that trend and bring a new wave of success for tech start-ups entering the UK oil and gas industry.”
Each ‘pioneer’ will be based at the Oil & Gas Technology Centre in Aberdeen for the 16-week program, receiving an initial £25,000 ($33,000) of funds to help develop its business and enhance the technology.
All will be matched with mentors from TechX’s network of entrepreneurs and offered one-to-one sessions with technical and business specialists from major North Sea operators to help them adapt their technology to industry requirements.
They will also be allowed to showcase their solutions at the North Sea headquarters of BP and Nexen.
Up to £75,000 ($100,000) in additional funding will be made available during the 16 weeks and upon graduation, pioneers can be transferred into a 12-month incubator called TechX+.
Two companies with the strongest potential could secure a further £100,000 ($133,000) funding from BP.