James Cash (J.C.) Penney once said that growth is never by mere chance, but rather is the result of forces working together. And the forces behind the MetroConnect Prize (the San Diego Mayor’s office, World Trade Center, Economic Development Center, and JP Morgan Chase) have the international growth of businesses in the San Diego area as the goal of their program, which is dedicated to helping San Diego firms to expand the local business community’s global reach. Last week it was announced by San Diego Mayor Kevin Faulconer and World Trade Center that GroundMetrics and 14 other San Diego based companies have been selected for this year’s MetroConnect grant.
This is not our first award – in 2012 GroundMetrics was chosen out of 100 companies as one of San Diego’s most innovative and investment-worthy companies in San Diego Venture Group’s 13th Annual PitchFest Business Plan Competition and as one of the most promising technologies (Gold Award) by investors and licensing scouts at the WBT Innovation Marketplace. In 2015, we were named both one of the 10 Most Promising Energy & Clean Technology Companies by Rice Alliance for Technology and as a finalist for Most Innovative Portfolio Company by Angel Capital Association. The competition was very fierce, especially for the PitchFest completion, which awarded a cash prize. But every award is a huge honor and we are grateful to the organizations that allowed us to compete and win, and also to our US investors and customers for the continued support of GroundMetrics technology that enabled our achievements.
The MetroConnect grant and cash prize (initially $10k with eligibility to compete for another $35k later in the year) acknowledges the fact that GroundMetrics is poised for substantial international expansion after establishing a base market in the US. After all, it’s not only US oil producers who need to operate more efficiently in today’s low price environment; operators around the world are facing the same pressure.
All oil and gas operations in the current production environment face the same challenges:
- They need viable enhanced oil recovery process monitoring solutions to optimize production
- Costs of steam and CO2 are rising, creating a need for subsurface imaging solutions to minimize expenditures by enabling more efficient, targeted utilization.
GroundMetrics is making inroads into the US market, but there is also a strong pull into top international markets, which represent business opportunities in the billions of dollars.
The head of the International Energy Agency recently said in a presentation that energy demand is projected to increase by one-third by 2040, with the bulk of that increase coming in developing regions. Those regions are likely to face a more challenging environment in petroleum production, as rising demand and significant capital investment will increase the pressure to leverage new and innovative technologies. GroundMetrics is perfectly positioned to help.
At GroundMetrics we believe bringing minds together to solve challenges results in more efficient and effective solutions. We are therefore especially honored to be part of the MetroConnect Program, which brings together resources and coordinated intelligence to help businesses kick-start their international expansion efforts. Our team has entered new markets before in partnership with the US Department of Commerce and we plan to utilize US Import Export Bank services, because we know that more support is always better. It’s harder and less effective to go it alone. And with the combined forces of GroundMetrics and MetroConnect driving our international expansion, borders won’t limit our growth.