The BFAero participated together with the startups of the accelerator Vig-Sec Drone, AGUIA Analítica, Kreios Space and Fly-Fut in The Way Startup Summit, the event of entrepreneurship, innovation and investment in the northwest of the peninsula.
The projects shared their personal experiences of entrepreneurship and innovation, as well as the strengths of the Galician aeronautical ecosystem that provides them with a dynamic and enriching environment. The participation has been positive for the entrepreneurs who have made contact with public and private institutional investors.
Impacto Business Factory Aero
BFAero is an accelerator promoted by the Xunta de Galicia, managed by the CEL Foundation, which has been incubating, accelerating and consolidating aeronautical, aerospace and unmanned vehicle projects in Galicia for 6 editions.
Since 2018, it has contributed to the creation of an industrial footprint in Galicia with the start-up of 5 new companies, the attraction of 11 companies in the aeronautical sector and support for 46 innovative projects.
BFAero, for the second consecutive year the best accelerator in Spain according to the Funcas ranking, has mobilised close to 7.8 million euros in investment and achieved a combined turnover of 9.2 million euros in the projects of the last two editions.
In addition, the programme has led to the creation of 221 new jobs, 73% of them with a high level of professional qualifications.
Finally, in terms of technological impact, BFAero has driven the development of 39 solutions for the sector and has led to an average increase of 1.2 levels in TRL, significant progress that demonstrates the effectiveness of the programme as a driver of technology transfer and applied innovation.
Support for entrepreneurs
In the Incubation phase, entrepreneurs 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 as a non-repayable grant. 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.
In addition, the projects have at their disposal a team of 110 mentors and experts in the aeronautics, aerospace and unmanned vehicles sectors. From the perspective of the entrepreneurs, it is worth noting that the entire ecosystem has given them access to 50 potential customers or ‘early adopters’ and 7 potential investors.