When launching Paragon Inspection Solutions, Dave Phin Jnr and his father - Dave Snr - combined decades of experience in the oil and gas industry to progress their exciting new business venture.
They developed and patented a device for non-intrusive inspection, allowing technicians to safely identify potential faults in critical systems such as high-pressure tubing with reduced operational impact.
The potential benefits of their product were obvious to an industry where operational capacity and employee safety is paramount. However, they understood that to progress from the initial concept to a viable business model, they would need support and guidance from business experts and the wider entrepreneurial ecosystem. Commenting, Dave Jnr said:
“For us, it was really about building upon some of the business aspects of the start-up. We knew where we were with the technology, but things like its value proposition and Unique Selling Point (USP) needed some refinement. We had previously heard about Elevator through contacts in Aberdeen and were fortunate enough to be accepted onto its Flagship Accelerator Programme in Dundee.”
Participating in the programme allowed Dave Jnr to drill down into the finer details of the business plan. Weekly sessions with cross-sector experts helped him to gain fresh, unbiased perspective and, most importantly, he was able to share the experience with other dedicated Accelerator participants. Reflecting on his Accelerator experience, Dave Jnr was keen to highlight the value of collaboration and expressed his gratitude for being introduced to the Elevator support network. Reflecting on his experience, he said:
“Despite some previous experience with accelerators, we weren't too sure what to expect! We knew that every organisation brings its own unique flavour to the accelerator offering, and Elevator was no different. We went into things with an open mind and took onboard everything we could. It makes a huge difference to work with and around other founders, you always know there is a team there willing to help you out – along with the unparalleled expert advice and training, together with support from the dedicated team running the programme.”
It wasn’t long before the business idea started attracting interest from industry and the media. This encouraged Dave Jnr and his father to seek the investment required to take their product through research and development into production. After refining a three-minute pitch during the Accelerator, the duo successfully secured £125k of investment through Scottish EDGE’s Higgs EDGE Award. This investment kick-started Paragon’s growth and Dave Jnr is optimistic about what the future holds for the business:
“Being part of Elevator’s programme we all learned a lot; we still are, even now as Accelerator Alumni we're always dropping by and joining in. The lessons we've learned and experiences we've had definitely helped shape where we're taking the business.
“At the moment, Paragon Inspection is really focused on putting the finishing design touches together and getting trials ready, as well as engaging with potential investors. We’re in a good place and excited to see what the future holds.”
Elevator’s suite of Accelerators are delivered across Scotland and are perfect for those with scalable business ideas. Find out more and apply here.Back to all blogs