The Royal Society of Edinburgh’s (RSE) Unlocking Ambition Enterprise Fellowship scheme is supporting 20 established entrepreneurs to help accelerate the growth of their business and develop their potential as leaders. Over the next few weeks, we’re bringing you profiles of each of this year’s cohort.
Paragon Inspection Ltd
Twenty-five years delivering problem solving solutions to industry provides the foundation for Paragon Inspection Limited, established by David Phin in 2012.
Paragon is developing game-changing technology to resolve a longstanding industry problem that wastes energy, reduces efficiency and costs over $5 billion annually.
David Phin has created unique inspection technology to identify hydrocarbon leaks caused by problems with the connections on small bore tubing. Small bore tubing systems are used in the offshore oil and gas industry, as well as others, to carry fluids and gases. Around one fifth of hydrocarbon leaks are associated with small bore tubing connection problems.
Paragon’s digital inspection technology will help to reduce the incidence and risk of leaks and increase reliability of systems.
With support from the Royal Society of Edinburgh’s (RSE) Unlocking Ambition Enterprise Fellowship over the last year, Paragon has developed an initial concept into a product ready for market trial.
Phin said: “We have gathered in-depth industry feedback from over 30 companies and examined industry issues. From that, we gained a better understanding of the industry pains, which allowed us to devise a fully functional production that relieves those pains.”
He also learned more about the commercialisation process and is preparing to gain independent approval for the system, with the ultimate aim of becoming the go-to brand to manage small bore tubing systems, reduce risk and waste, and make the world a safer place.
Phin said: “Initially, the plan is to target the oil and gas sector, but the potential for scale up is huge. Around 130 million components are manufactured globally each year across sectors such as transportation, power generation, shipping and utilities, to name but a few, which will benefit from our solution.
“Over the next 12 months, our focus will be on deploying the system into industry, refining our strategy, building a team and seeking investment.
“The RSE Fellowship has been a fantastic experience, with much-needed financial support and industry advice and guidance. We now have a far bigger outlook on what our system can become on a global scale and realistic ambitions for the future.”
