The Oil & Gas Technology Centre in the UK has begun its start-up accelerator programme TechX Pioneer with ten technology start-ups in the first cohort.
Intended to address challenges in the oil and gas sector, the programme will offer funding, business support and market access to help unlock the complete potential of the UK Continental Shelf.
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The ten start-ups, selected from a total of 125 entrepreneurs from 24 countries, will initially receive a seed funding of £25,000 each to support business development and technology enhancements.
The firms are also eligible for an additional £75,000 during the 16-week programme.
TechX director David Millar 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 programme is here to buck that trend and bring a new wave of success for tech start-ups entering the UK oil and gas industry.”
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By GlobalDataThe tailored programme will include various activities such as personal sessions with specialists from certain North Sea operators, product development, prototyping, presentation of solutions at North Sea headquarters of BP and Nexen and KPMG expert sessions.
After the completion of the programme, ‘graduating’ start-ups will be able to join a 12-month incubator called TechX+, of which two with the most potential may receive another £100,000 from BP.
