Over the past 30 years, we have witnessed the exponential acceleration of technology across both consumer and industrial markets, from our homes to the skies. Tape-driven computers covering vast areas have been shrunk to tiny chips in our phones. And likewise, so many other gadgets previously tethered by cables are now wireless for use on the move.
In all walks of life, we’re moving at a rapid pace from the familiarity of analogue and mechanical technology to the fourth industrial revolution where everything’s connected to everything.
It’s the stuff of science fiction at times – robotics, AI, virtual reality – but while many industries have exploited these exciting opportunities to create new products and new markets, the oil & gas sector has lagged strangely behind.
When I first came into this industry, the UK North Sea was recognised as a pioneer – shaping the industry across the world, leading on the development of technologies in areas such as directional drilling, 3D seismic and subsea engineering. But more recently, our industry as failed to exploit the potential of new technologies – and we are now playing catch-up.
We need to recapture the entrepreneurial spirit that created such a powerful legacy and use it to drive the next 50 years of activity in the North Sea energy industry. We need to identify innovative new technologies to help deliver long-term success. And we need to seek out innovations that we can adapt or adopt from other sectors to make the oil & gas industry fit for the 21st century.
This is what TechX is here to do. Our mission is to find new technology companies and help unlock the full potential of our industry. Our challenge is to reimagine the oil & gas industry by assisting the most ambitious technology developers to take their technologies to market – faster. By investing in more than 100 companies over the next 10 years, we will offer the next generation of entrepreneurs and innovators unrivalled support to reduce the time and cost of market entry for new technologies.
TechX offers both a technology accelerator and a follow-on incubator. At different stages of the innovation journey, we will provide access to experienced business mentors, co-working space, forward-thinking business partners, rapid prototyping, test facilities, large scale field trials, and showcase events to help commercialise new technologies.
Most importantly, we provide access to game-changing funding – with up to £100,000 available to Start Ups to help develop each new technology. What’s more, TechX and its partners require no equity or pay back and the developer retains all IP.
We’re also helping to accelerate market entry for non-oil & gas SMEs – with funding of up to £500,000 available to help smaller companies with new technology solutions to gain access to our industry.
With support like this now available, I believe the UK North Sea will once again soon be leading the oil & gas industry worldwide. We have everything to gain. We have stood still for too long. Now is the time to accelerate the future.
Visit www.theogtc.com/TechX to get involved.