INnovators: Technology Targets EfficiencyPosted: Updated:
A Purdue University graduate student says his company's equipment-monitoring technology may be able to save high-volume manufacturers and energy companies millions of dollars. Bearing Analytics plans to initially target the wind turbine industry, which Anurag Garg says spends hundreds of millions of dollars each year on turbine maintenance. The concept was the focus of the latest INnovators With Dr. K segment on Inside INdiana Business Television. Garg says the technology can strengthen the operations of manufacturers by monitoring equipment condition and predicting potential failures. He believes the product can save the wind turbine industry alone more than 65 percent on bearing-related gearbox failures and replacements.
Bearing Analytics is located in the Purdue Research Park of West Lafayette.
Indiana University Johnson Center for Entrepreneurship Director Don Kuratko advised Garg to concentrate on "Three Ts."
1. Technology: Convince investors the concept is a business, not just technology
2. Transition: Have a plan to take the technology from the lab to actual users
3. Team: Build a team that includes someone with industry experience
Source: Bearing Analytics, Inside INdiana Business