In 2015, LAGCOE partnered with INNOV8 Acadiana to present the first ever Energy Innovators Pitch Challenge where innovators presented the latest and greatest energy industry innovations to a panel of judges and potential investors. The Energy Innovators Pitch Challenge continued in 2016 as part of the two-day LAGCOE Education & Innovation Summit. Six months after the event, LAGCOE checks in with Terry Frith, President of Gordon Technologies, the winner of the 2016 Energy Innovators Pitch Challenge, Gordon Technologies to hear of new success and milestones for the company.
Q: Tell us about Gordon Technologies.
A: Founded October 1, 2014, Gordon Technologies is an Engineering company that focuses on creating new downhole drilling technology for the shale play horizontal drilling market in North America. Gordon Technologies’ new products offer improved performance with MWD guidance systems that are used to drill horizontal wells, allowing oil companies to drill wells faster. Ultimately our engineering innovations have allowed oil companies to save money by saving time,” said Terry Frith, President of Gordon Technologies, LLC.
Q: How has Gordon Technologies grown since the 2016 Energy Innovators Pitch Challenge?
A: Since the Energy Innovators Pitch Challenge last October, Gordon Technologies’ staffing has increased from 16 to 45 employees, and the company’s gross monthly revenue has nearly tripled, with both figures continuing to climb.
Q: How has Gordon Technologies benefitted from the relationship with INNOV8 Acadiana, Acadiana Angels and LAGCOE?
A: Gordon Technologies has greatly benefitted from the exposure from the Energy Innovators Pitch Challenge, which is supported by LAGCOE and INNOV8 Acadiana, as well as from local investments for capital from the Acadiana Angel Investment group. We are grateful to LAGCOE and INNOV8 Acadiana for continually offering a network of contacts throughout the Louisiana region for helping create positive publicity for Gordon Technologies.
Q: What does the future look like for Gordon Technologies?
A: Very bright. We are currently on 15 rigs with our new MWD technology, and we are currently in discussions with other companies.
Q: What advice do you have for energy innovators looking to start or expand in the energy industry, especially considering the market climate today?
A: There is always the need for new technology, and a better way in the oil and gas industry. Time is money, and if you can build a better product that saves an oil company money, there will be a market for your product. Companies are always looking for new technology and better services. If you build it, they will find you.
LAGCOE and INNOV8 Acadiana will host the 2017 Energy Innovators Pitch Challenge on Thursday, October 26, 2017 during LAGCOE 2017. Applications to showcase your company’s energy industry innovations will be available Summer 2017 at www.LAGCOE.com/expo/energy-pitch.