Aerospace Xelerated has launched a new ‘always on’ approach for its accelerator programme that will give participating startups, corporate and government stakeholders more benefits.
In partnership with the UAE’s Tawazun Council, the innovation programme will now run year-round, with Aerospace Xelerated scouting, selecting and matching two to three startups each quarter with corporate and government partners to solve clearly defined innovation challenges affecting their organisations.
Each startup will receive up to £200,000 ($244,000) in funding to execute a proof of concept (PoC) contract if selected. The startups will also have the option of receiving a total of £200,000 ($244,000) Simple Agreement for Future Equity (SAFE investment) from Boeing and Tawazun and perks valuing more than £100,000 ($122,000) from partners, including Oracle, Amazon, HubSpot, Digital Ocean and many more.
“The opportunity to work on a fully funded proof of concept project will allow selected startups to develop, refine and validate their product or service solution with an established industry partner,” said Jacqueline Davidson, programme director for Aerospace Xelerated. “This will provide startups credibility and open the door to additional funding opportunities and business prospects. Likewise, collaborating corporate and government organisations will benefit from bringing tech innovation in-house to affordably, efficiently and effectively solve real challenges that their organisations are facing.”
Until now, Aerospace Xelerated selected an annual cohort of startups working on solutions to key industry challenges. Earlier this year, Tawazun Council partnered with Aerospace Xelerated to support the fourth cohort focused on digital services and solutions related to flight and passenger journey optimisation, supply chain intelligence, next-generation workforce, and operational efficiency.
The 11 selected startups were offered a tailored accelerator curriculum, investment of approximately £200,000 ($244,000), and connection with a global network of mentors and investors from the aerospace industry.