Investment in growing aerospace startups
As part of its commitment to supporting innovative startup businesses in the UK, GKN Aerospace will continue its sponsorship of the Aerospace Technology Institute (ATI) Boeing accelerator with additional investment into the programme.
The 12-week accelerator programme will be welcoming a second cohort of ten to 15 aerospace startups in September 2020. The programme will open for applications at the end of March 2020 and will help to strengthen the UK’s growing ecosystem of startups.
The programme is designed to help startups build and grow their business. Selected startups will be mentored by Boeing, ATI and GKN Aerospace and are all offered a £100k equity investment from Boeing HorizonX Ventures. The startups are also given access to a wide range of business and technical professionals and corporate sponsors to accelerate their speed-to-market and facilitate access to potential investors and funding.
This agreement was announced with the UK aerospace minister Nadhim Zahawi at the accelerator hub in London. It continues GKN Aerospace’s sponsorship of the ATI Boeing Accelerator, which was announced in October 2019 and saw ten startups actively supported. The first cohort attracted international interest of more than 200 applicants, with a high ratio of female founders.
Rachel Power, Head of Strategy and Innovation, Aerospace Technology Institute said: “The accelerator was created to help grow innovative aerospace startups in the UK and drive new collaborations with leading aerospace corporates. GKN Aerospace’s continued support of the programme demonstrates the value they have gained through their deepened engagements with startups. We are excited to continue this collaboration and are excited for more corporates to join the programme.”
Paul Perera, VP Technology of GKN Aerospace, added: “Sponsorship of the ATI Boeing Accelerator is a win-win situation. Technology and sustainable innovations are at the heart of GKN Aerospace and crucial to the UK’s industrial strategy. By collaborating with energetic and inventive startups and learning about their exciting ideas, we enhance our innovation power. At the same time, we are a sounding board for these companies and give them access to our global footprint, cutting edge technological knowledge, and industrial expertise.”