Aerospace Xelerated has announced a new model to its Boeing-led accelerator programme – the “always on” innovation approach aims to deliver more significant benefits and impact to participating startups, corporate and government stakeholders.
Following the successful graduation of its latest cohort earlier this year, Aerospace Xelerated has partnered with Tawazun Council for a second year to support the evolution of the innovation programme.
Following the new “always on” model, the 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 in funding to execute a proof of concept (PoC) contract if selected. Proof of concept contracts are preliminary agreements that demonstrate the feasibility of a concept or idea to validate its potential before committing to a full-scale implementation or investment. The startups will also have the option of receiving a total of £200,000 Simple Agreement for Future Equity (SAFE investment) from Boeing and Tawazun and perks valuing more than £100,000 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, and connection with a global network of mentors and investors from the aerospace industry.
Since 2019, thanks to the support of industry partners, including Tawazun Council, Boeing-led Aerospace Xelerated has helped 40 tech startups across 14 countries and 12 industries access critical investment, mentorship and support. Aerospace Xelerated portfolio companies have raised over £200 million in funding on top of Boeing’s initial investment and have created more than 750 jobs in the UAE and beyond. Many global organisations have worked with participant companies as partners or mentors, including Etihad, GKN Aerospace, Rolls-Royce, KPMG, PWC, Frazer-Nash, Chevron Technology Ventures and EasyJet.