At least 210 major Internet companies tanked nationwide in 2000, in the midst of the “dot-bomb” debacle, according to a report by economics professors at Brooklyn College in New York.
Local software company LiquidFrameworks did the opposite. When their information-technology employer went belly-up, Travis Parigi and five fellow employees set up shop with a customer and continued to provide software support.
They also began building a product that would automate information for field providers in industrial services, including oil and natural gas.
“I wasn’t sure what product to write until 2005,” Parigi said. “But I knew that major oil field service providers were spending a whole bunch of money to essentially write from scratch this product – and billions of dollars to maintain it – and I knew we could do it for a lot less.”
Investing heavilyThe result was LiquidFrameworks, a cloud-based software company that automates information for field-service providers, such as services and products offered, off which they can then invoice their clients.
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“We spent essentially three years and millions of dollars writing the product to where we could get it to market and make it commercially viable,” Parigi said. “From that point, we still continued to plow money into it.”
LiquidFrameworks gives oil field and industrial service providers a tool to write up field tickets at well sites without a network connection.
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“The biggest key to the development of the product is that other people think they can come up with similar software, but if you’re not thinking of what the field guy’s experience will be, then you’re not going to be successful,” said Kevin Harbuck, director of sales and marketing. “We couldn’t exist without soliciting the input of the guys in the field.”
Capital to expandThe company converted to a cloud-based platform in 2010.
“That’s when we started adding customers; our compounded annual growth rate has been 23 percent over the past several years,” Parigi said.
In April 2011, LiquidFrameworks went to local software accelerator firm RedHouse Associates for an extra infusion of capital.
Source: http://fuelfix.com
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