Lab to Market – Bootstrapped | Peter Collins
Peter Collins, Former CEO, Permasense
Podcast Episode Description:
In this episode of Lab to Market Leadership, Chris Reichhelm speaks with Peter Collins, former CEO of Permasense, an Imperial College spinout focused on IoT oil and gas solutions. Peter shares the journey of transforming a university project into a market leader in pipeline monitoring technology, culminating in its $50 million acquisition by Emerson.
Peter discusses how Permasense bootstrapped without external equity funding, secured BP as a key customer, and scaled globally with cutting-edge pipeline monitoring systems. He also provides insights into the importance of customer-centric development, leveraging corrosion monitoring systems, and transitioning from hardware to data-driven solutions.
Whether you're a founder, executive, or investor in industrial technology, this episode offers practical advice on aligning technical and commercial goals, building trust with early customers, and achieving global scale with IoT oil and gas innovations.
Key Topics from the Show:
How Permasense bootstrapped without external equity funding.
Winning BP as a keystone customer and scaling IoT oil and gas solutions.
Strategies for aligning technical development with commercial goals.
The role of credibility and trust in early customer relationships.
Building a global customer base with pipeline monitoring technology.
Turning data into actionable insights for industrial clients.
Leadership lessons from transitioning a startup to acquisition.
Podcast Chapter Notes
00:00 - Introduction to Peter Collins and his journey with Permasense.
01:00 - The founding of Permasense as an Imperial College spinout.
03:00 - BP’s initial involvement and the importance of keystone customers.
06:00 - Aligning technical development with real-world customer needs.
10:00 - Peter’s role in commercialising IoT oil and gas solutions.
15:00 - Challenges of early-stage sales cycles in industrial IoT.
20:00 - Building a global customer base with pipeline monitoring systems.
27:00 - Transitioning from technical validation to commercial scalability.
34:00 - Developing Permasense 365: Turning data into actionable insights.
40:00 - Leadership and team-building lessons for industrial tech startups.
50:00 - Key takeaways for founders on winning early customers and scaling.
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