STATE COLLEGE, Pa.--(BUSINESS WIRE)--Amid a challenging business environment for the region’s oil and gas industry, the services offered by the Shale Gas Innovation & Commercialization Center (www.sgicc.org) have become even more critical. Using funds provided by the Pennsylvania Department of Community & Economic Development (PA DCED), SGICC commissioned a study on the evolving relationship between Pennsylvania-based entrepreneurs and the companies they serve in the industry. Go to http://www.sgicc.org/dced-grant-white-papers.html to access the report.
Given the historically low commodities prices, Pennsylvania-based companies are facing new challenges when introducing a new product or service into the upstream markets. This dynamic makes organizations with missions such as the SGICC even more critical, and challenges entrepreneurs to look for more diversified applications of their technologies – ideally resulting in stronger long-term viability. Bill Hall, SGICC Director commented, “This report has helped our future planning by validating the things we are doing well and highlighting the areas where we can continuously improve our services.”
The report identified things that innovating companies need to do:
- Clearly define their value proposition
- Devote the necessary resources and time to marketing and selling
- Diversify their customer base
- Stay current on customers and industry needs
The study’s author, Kathryn Klaber commented, “In the last decade, our region has experienced first-hand a rapid expansion and contraction of the natural gas industry. The supply chain companies that are built on a strong business model and have diversified their products and services are poised to benefit from the eventual rebound. Given the cyclical nature of the industry, SGICC is an ideal, stable partner for Pennsylvania innovators as they develop products and services that have strong value propositions that will serve their industry customers for decades to come.”
The Ben Franklin Shale Gas Innovation and Commercialization Center (www.sgicc.org), an initiative of Ben Franklin Technology Partners/CNP (http://www.cnp.benfranklin.org) is designed to harness innovation and new technologies as a means to maximize the economic return to Pennsylvania’s citizens from the various shale formations comprise part of the energy reserves of the Commonwealth. The Center also identifies, supports and helps commercialize technologies and early-stage businesses that enhance responsible stewardship of the environment while properly utilizing this transformative energy asset.