The technology may work. But what is the business case? Taking this question as their starting point, participants at the 7th edition of Business Factory Aero (BFAero) took part in a new training session held at the School of Aeronautical and Space Engineering at the University of Vigo, in Ourense.
The event brought together around 60 students and the Luxsit, ShareWing, Arzeos, DroneSilencer, Binarial and DroneCleaner projects, in a session focusing on two key aspects for any start-up: understanding how to run a business and how to turn a solution into a viable business model.
Business management to drive a start-up forward
The first part of the day was devoted to the training session ‘Key aspects of business management for start-ups’, during which participants were able to explore in greater depth some of the essential elements involved in organising, planning and growing a business venture.
The session covered aspects relating to management and leadership, organisational structure, talent management and organisational communication, alongside key planning issues such as the business plan, the financial plan and the various sources of funding.
The session also covered tools and criteria for monitoring results and decision-making, process optimisation, team coordination and the key legal aspects that must be taken into account when developing a start-up.
A practical guide to the various areas of business management, which enabled the participating projects to focus not only on their technological solution, but also on the structures and decisions required to turn it into a sustainable business.
From technology to the business model
One of the highlights of the day was the session entitled “Business Model Generation for Engineers”, led by Daniel Franco, Business Innovation Manager at Airbus, as part of Airbus’s collaboration with BFAero.
The training session took a practical approach to how to turn a technological solution into a viable business model: understanding the customer, defining the value proposition and identifying who uses the solution, who makes the decision and who pays for it.
Using tools such as the Business Model Canvas, participants were able to work interactively on the various elements that make up a business model and reflect on how to align a technological proposal with the market’s actual needs.
The session sparked great interest amongst both the participating start-ups and the students, creating a space for learning and the exchange of experiences relating to innovation and entrepreneurship.
BFAero presents its 8th edition
The event also served to present the BFAero programme and officially announce the opening of applications for its 8th edition. Luis García Santalla, the programme manager, was responsible for announcing the new call for applications and highlighting the support that BFAero offers to projects linked to the aerospace sector.
With the launch of this new edition, BFAero continues to drive the development of innovative initiatives and to provide entrepreneurs with access to training, specialist knowledge and connections with companies and stakeholders within the ecosystem.
A space to learn, connect and create opportunities
The day concluded with a networking session between the participating projects and organisations, which provided an opportunity to share experiences, make new contacts and explore potential opportunities for collaboration.
These kinds of events form part of the support that BFAero offers its start-ups, combining business training, industry expertise and connections within the ecosystem to help projects move from technology towards business models with growth potential.