The Business Factory Auto (BFA) Initiative is back for its sixth edition! The BFA Initiative is promoted by the Xunta de Galicia through the Galician Innovation Agency (GAIN), the Galician Institute for Economic Development (IGAPE), and the Collective Investment Undertakings of the Closed-End Type (Xesgalicia); the Free Trade Zone Consortium of Vigo (CZFV) and Vigo Activo Sociedad de Capital Riesgo, SA SME (VIGO ACTIVO); the Galician Automotive Companies Cluster Foundation (CEAGA) and Stellantis.
The key differentiating element of BFA’s success is that the industry itself defines its needs and selects projects to participate in the program, based on such needs. Sector companies supervise and advise projects to boost development and increase their competitiveness. They also offer their plant facilities to develop pilot projects and test innovative solutions.
BFA also helps companies validate their product or service idea or project in a real automotive environment since it is the only industry-specific accelerator in Galicia.
Why You Should Apply for the BFA Initiative
BFA offers up to € 375,000 per project:
Up to € 125,000 in the Acceleration Phase
Up to € 250.000 in the Consolidation Phase
Directly Connect with the Automotive Sector
Lead by CEAGA, and with the direct participation of Stellantis as one of the promoters, the BFA Initiative supports automotive sector companies both regionally and internationally by facilitating access to new markets and enabling contacts with other sector companies.
The main installations are located at Área portuaria de Bouzas s/n, close to CEAGA and Stellantis in the center of Vigo. These installations combine everything necessary for the development and daily activities of businesses including coworking areas, office space for companies in consolidation, meetings, training rooms, dining room, and more.
BFA organizes speeches, conferences, and round tables related to technologies, markets, and financing that facilitate the generation of synergies between the participating projects and the attendant people, as well as the search for new business opportunities.
Mentoring & Training
The capacitation program includes tutoring, mentoring, and training sessions. Business Factory Auto, in collaboration with the IE Business School, has designed and developed the Advanced Management Program to provide top quality, proven, and recognized business administration and management training.
The methodology and organization of the sessions focus on promoting project development, increasing competitiveness, and improving the capabilities of its team members.
Management Team Support
Participants have the support and advice from the CEAGA management team that is composed of automotive professionals and entrepreneurs who orient themselves to the participants during all phases of the BFA Initiative.
Who Should Join the BFA Initiative?
The Sixth Edition of the BFA Initiative calls on early-stage automotive startups and scaleups as well as mature companies in the automotive sector that develop technology solutions based on, but not limited to, the following areas:
Big Data and Advanced Analytics
Defect Detection and Prediction
Ergonomics and exoskeletons
Internet of Things (IoT) solutions
Artificial Intelligence (AI) & Machine Learning (ML)
Augmented, Virtual or Mixed Reality (AR, VR, MR, XR)
Automated systems for the movement of materials
Artificial intelligence vision
The BFA initiative is also looking for solutions that enable the following applications for automotive players:
Digital Twins for Industrial Plants
Human-Machine Interface (HMI)
Monitoring and Control
Autonomous Vehicle (AV) solutions
Connected Vehicle solutions
Electric Vehicle (EV) solutions
In response to the challenges caused due to the COVID-19 pandemic, BFA is also looking for technology solutions and tools to overcome COVID-19, especially in industrial environments.
Which Program Best Suits Your Idea or Business?
The Acceleration Program for startups not older than 3 years:
The BFA Acceleration Program is specifically designed for entrepreneurs in the automotive industry.
Lasting up to 9 months, program activities will focus on validating and developing a product or service, defining a business model, achieving the first sales, and boosting the team’s skills and abilities.
Participating projects co-work alongside other entrepreneurial initiatives with comparable degrees of maturity and ranges of application, and they share training workshops, meetings, and experience interchange opportunities.
The Consolidation Program for startups not older than 6 years:
The BFA Consolidation Program will last up to 12 months and provide training and mentorship to help participating projects reach the market and generate recurring sales/revenue.
The program will be customized according to the specific needs of each project, who also have access to an extensive network of automotive players, financial aid, and a workspace in the incubator area of the BFA facilities.
Application Procedure & Timeline – Registrations close on 22 September!
Interested applicants and projects must fill in the registration form provided on the Business Factory Auto website. Only information provided in the form will be taken into account to evaluate projects that comply with the predefined conditions and requirements.
The registration form must be accompanied by a video from the project developer explaining their case in no more than 4 minutes.
The aim of the video is to explain the project, provide details of the team, define the added value of the proposal, the elements that differentiate it from its competitors, the main milestones achieved, and the next steps or means necessary for its implementation.
Shortlisted participants for the BFA Initiative will be announced by 15.11.21
Both the Acceleration and Consolidation programs will commence on 15.12.2021
Hurry, apply now for the BFA Initiative & grow your automotive business!
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