International Geoscience Services
International Geoscience Services Ltd (IGS), specialists in geothematic surveys in developing countries. IGS is a spin-out company from the British Geological Survey (BGS), a component body of the Natural Environment Research Council (NERC) - a world-leading geoscience centre for survey and monitoring; modelling and research; data and knowledge. In 2010, BGS decided to spin out its international geosciences services to meet growing demand for minerals and energy in undiscovered reserves in developing countries and IGS was born.
NERC had previously worked with Oxford Innovation on developing its internal processes for commercialising research. It also knew that Oxford Innovation manages three highly successful angel investment networks OION, TVIN and OEI* and has in-depth understanding of working with start-up companies. BGS NERC appointed Oxford Innovation to work with the spin-out team at IGS to develop a robust business plan and to help them prepare a compelling pitch for investors in order to secure necessary start-up funding.
Through structured coaching and business planning sessions Oxford Innovation’s consultants, Leo Dunne and Jane Galsworthy, have helped the management team to focus on sharpening and focusing their business plan. In order to assist IGS in achieving its identified goal of securing start-up funding, Oxford Innovation has supported the management team in developing a rigorous financial plan capable of supporting investment and has coached them on how to deliver a persuasive pitch to investors. Each business working with Oxford Innovation’s investment networks undertakes a “dry run” of their presentation material and style before a selected expert panel. Entrepreneurs recognise the value that these sessions add in enabling them to hone their pitch and IGS also appreciated being able to undergo the same process.
Based on this initial investment, IGS is already very close to securing a contract in Botswana and hopes to grow rapidly over the coming months as it wins new work in Tanzania and Nigeria. It will open its offices on the BGS site in May and recruit additional staff later in 2011.
Coach / Mentor: Leo Dunne
Entrepreneur: David Ovadia