Calgary-based QCD Technology Inc. was founded in 2011 to develop, manufacture and service measurement-while-drilling (MWD) products for the oil and gas sector. They contacted BDC when they were ready to launch their new patent-pending Sonic Tool Adaptor.
The company wanted to make 10 units and needed working capital to help cover the significant manufacturing cost. BDC recognized the new product’s potential, while also zeroing in on areas for improvement to strengthen the business.
With two BDC working capital loans, QCD was able to purchase the inventory required to develop its new product. They also benefitted from a technology loan to purchase engineering software and hardware. With 3D and simulation software, the business improved efficiency by streamlining operations and cutting down on R&D time.
In addition, BDC consultants helped the company obtain COR Certification, an occupational health and safety requirement for bidding on certain projects. With this certification, QCD increased its market acceptance. They then began working toward ISO 9001:2015 certification with BDC.
With BDC’s support, QCD was able to launch its product, begin exporting and increase revenue. “We met the demand for the product and increased gross revenue by more than 12% with a major shift toward exports,” says QCD president Tony Russell. “Increased global product sales have strengthened QCD’s position internationally.”