The Business Factory Aero has consolidated itself nationally and internationally as an acceleration and consolidation programme for the aeronautical, aerospace and unmanned vehicles sector by attracting 110 projects in the sixth call. 57% of the proposals registered, whose period has just ended, correspond to entrepreneurs and companies with national and international origin, including countries such as the Netherlands and Great Britain. 43% of those registered are entrepreneurs based in Galicia.
Of the more than 110 projects registered, 48% belong to the Incubation itinerary, which for 12 months will support unincorporated or recently created companies with an idea and the development of a minimum viable product (MVP). 37% of the registered proposals are Acceleration, where for 8 months, they will receive mentoring and support to systematise their business model, develop and validate their product or service, achieve recurring sales and penetrate new markets. Finally, in the Consolidation phase, 15% of the proposals submitted were registered, and for 6 months they will receive support to scale and internationalise their company.
The Business Factory Aero, a programme of incubation, acceleration and consolidation of companies in the aerospace sector of the Xunta de Galicia, supported over its five previous editions a total of 46 business projects, which mobilized an investment of about 7.8 million euros and recorded a combined turnover of 9.2 million in 2023.
Funding up to 280.000 euros
In the Incubation phase, startups will have access to funding of up to 40,000 euros through the Galician Institute for Economic Promotion (Igape) on a non-repayable basis. Acceleration projects will have Igape funding of up to 60,000 euros non-refundable and the possibility of an equity participation through an equity loan of up to 50,000 euros, with the option of capitalisation through Xesgalicia, the investment vehicle of the Xunta de Galicia.
Companies in the consolidation phase will be able to access up to 30,000 euros through the Igape on a non-repayable basis. In the event that the company so requests, and within the framework of a financing round, a direct participation in the company’s capital of up to 250,000 euros may be valued.
A dynamic innovation ecosystem
BFAero projects will have a team of mentors and experts in the aeronautics, aerospace and unmanned vehicles sectors, as well as early adopters and customers, and the possibility of access to public and private investment entities.
In the last five editions, Galicia has been able to consolidate a dynamic and robust innovation ecosystem with the participation of more than 55 entities that cooperate with the aim of responding to the needs of entrepreneurs in the aerospace and aeronautics industry, weaving a network of collaboration for the promotion and scaling of disruptive technologies that solve the challenges of companies and society.
The industrial footprint generated by the BFAero translates into three areas. Along with the creation of new companies, 46 in total since 2018, the programme has driven the consolidation of a benchmark operator in the sector, as is the case of Aeromedia, and has also led to the transfer to Galicia of the headquarters of startups such as Kreios Space and FuVex.