Below is a list frequently asked questions on the TechX application process and programme.
When will I get access to seed funding?
Pioneers will receive their seed funding upon securing a UK business bank account, returning a signed agreement to The Oil & Gas Technology Centre and evidence of documentation of prior State Aid awards.
Where will I live whilst I’m in Aberdeen?
The Oil & Gas Technology Centre is based in Aberdeen city centre. There are several options for accommodation during your stay in Aberdeen. Our team will be happy to give you guidance on sourcing appropriate accommodation. Just get in touch.
What happens after the 16-week programme?
TechX Plus is the latest addition to the North East’s growing energy support eco-system for promising technology start-ups. TechX Plus is a collaboration from The Oil & Gas Technology Centre, Elevator and ONE, providing graduates of the TechX Pioneer Technology Accelerator continued business support and private office facilities for a further 24 months post the accelerator programme.
Is my company too far along to apply to TechX?
TechX is designed for start-up companies that want to develop game-changing technologies for the energy industry. We invite applications from companies irrespective of their technology development status.
Do I need to be in the Oil & Gas Technology Centre’s location for the 16-week period?
In order to benefit from the programme, we require all businesses to be on-site at The Oil & Gas Technology Centre. We will set up a number of knowledge transfer and business advisory sessions, as well as enabling you to engage with global players from the Oil & Gas Industry – all of whom are based in North East Scotland.
Can you help with visa and immigration issues?
The Oil & Gas Technology Centre’s TechX accelerator programme is endorsed by the UK Government’s Department for International Trade under the Startup and Innovator Visa scheme. As such, we can provide successful TechX applicants support in their visa application.
What else does TechX provide?
The Oil & Gas Technology Centre is a state-of-the-art facility driving innovation for the industry. Pioneers on the TechX Programme can expect access to free co-working space, meeting rooms, high speed Wi-Fi, as well as use of some clever tech in our Innovation Hub.
How can we get funded after the programme ends?
TechX have a vast network and one that is shared with all our Pioneers. This network includes Angel Investors and Investment Readiness is a key component of our programme. We hope that by the end of the 16 weeks you will have made the right contacts to raise further investment if this is required. The TechX Team spend a lot of time coaching the pioneers to prepare them as best we can for further funding. There is also the possibility of Pioneers gaining additional funding for their business and technology development through the Oil and Gas Technology Centre’s Solution Centres.
Do you take any equity?
No, we do not take any equity. TechX offers up to £100,000 of funding for no equity payback which is a pretty unique offering globally. Other accelerators will typically take equity share, sometimes up to 20%.
I’m a single founder, will I be accepted onto the programme?
We don’t discourage single founder applications; however, it can make the programme more difficult. The programme is full time for 16 weeks with lots of follow up work after some of our core delivery sessions. Combining this workload with running a business can be full on so be aware of this if you are applying as a single founder.
When will I hear back about my application?
Applications close on the 10th of January. Those selected to be a part of our finalist pitch day will be informed on the 29th of January 2020 with the finalist Pitch Day taking place on the 14th of February 2020.
When will applications close and when does Cohort 3 start?
Applications close on the 10th of January 2020. Cohort 2 begins on the 8th of June 2020 and runs for 16 weeks.
Should I be worried about my intellectual property? How am I protected?
Our programme is designed to help your business and technology grow therefore we do not put your IP at risk. Prior to being accepted onto the programme we do not expect you to give us all the details of your IP and it is up to you how much you share with us. Once accepted, our Pioneer Agreement has specific clauses around IP protection to ensure you get the most out of the programme. Our delivery partners and mentors also sign agreements with us to ensure you can make the most of these conversations with no concerns about IP protection. We also provide you with access to IP specialist support as part of the programme to help guide you around any patent issues or filing patents
Is there anything I can do to get kicked off the programme?
Yes, you can be kicked off the programme. We ask all our Pioneers to adhere to our Pioneer Charter and to comply with the Oil and Gas Technology Centre’s ethos and values. Violating any of the key components of this may result in your removal from the programme.