2011-10-12 – Seminar: Bruce Hobbs
12 October, 2011, 5 Merrion Square, Dublin 2
Speaker: Bruce Hobbs, MTEM Ltd, Edinburgh, UK
Title: Risk and Reward: MTEM Story
During an EC research programme and further Ph.D studies, a new method was found to discriminate between water and hydrocarbons in potential reservoirs from surface electromagnetic measurements. How could this be transferred to industry? This seminar looks at decisions surrounding company formation and relationships with the parent University, lawyers and corporate financial advisors. Progression is illustrated from proof of concept through to the design and construction of industrial equipment for both land and marine operation. The company grew from 3 people to 67 in two and a half years and was then acquired by Petroleum Geo-Sciences and absorbed into their EM division. This is the story of MTEM – the largest university spin-out ever in Scotland and the second largest in the UK. It is hoped the lessons learnt may be of use to others contemplating university spin-out companies.