TechX Accelerator Attracts Developers Worldwide
- Business & Finance
The Oil & Gas Technology Centre’s TechX technology accelerator and incubator has so far received 75 applications from 17 countries for its Pioneer and Market Entry accelerator programmes.
TechX launched in December 2017 to help smaller, ambitious technology developers take their solutions to the oil and gas market – faster.
The OGTC accelerator provides funding of up to £100,000 available to start-ups with new technology ideas. What’s more, TechX requires no equity or payback, and the developer retains all intellectual property.
The first pioneers will be selected following a review process, involving industry, academia and Technology Centre members, and will be based in Aberdeen for a 16-week period. An additional 12-month incubator and funding are available to pioneers once they complete the 16-week programme to help anchor their operations in the region and scale up.
Participants will benefit from the support of experienced business mentors, co-working space, forward-thinking business partners, rapid prototyping, test facilities, large-scale field trials, and showcase events.
In addition to the core funding and support from TechX, BP Ventures will offer a small, exclusive group of Pioneers a further £100,000 of funding each, as well as dedicated access to BP’s facilities and expertise.
Applications for the Pioneer accelerator programme close on February 7.
David Millar, TechX director, said: “We’ve had a great response so far with applications from Nigeria to Norway, Portugal to Pakistan and everywhere in between. There are only four weeks left to apply for the Pioneer programme and competition will be tough.
“We want to work with exciting tech companies from all industries, inside and outside oil and gas. We’re offering a new generation of entrepreneurs unrivaled funding and support to accelerate innovation and look forward to our first Pioneers starting in April.”