Ten firms have entered the incubator during its two years in existence
- FoxWorks Aerospace is working on development of software for a spacecraft movement simulator
- SMUP – UQ is developing software for more realistic simulation of engineering processes and design
- within the incubation period of up to two years, the firms can receive technical and financial support in the value of up to EUR 50,000, mentoring and other benefits
The European Space Agency (ESA) has selected two more start-ups for ESA BIC Prague. FoxWorks Aerospace a SMUP – UQ will receive support over the next two years. CzechInvest officially introduced these Czech firms at the annual ESA BIC Prague End-of-the-Year Conference 2017 at the Centre for Architecture and Metropolitan Planning in Prague.
“Using space technologies in everyday life is a major challenge. We are pleased that, as the operator of ESA BIC Prague, we can support two more companies and their interesting products. Since the beginning, firms in the incubator have used more than CZK 4 million for development of their business and further expansion,” says Karel Kučera, CEO of CzechInvest.
FoxWorks Aerospace is working on the development of software for a space simulator, which will function as an instructional game and, in the next phase, will be useful also for customers in the space sector, e.g. for simulation of the movement of spacecraft, including satellites. The product is based in part on software from NASA.
SMUP – UQ is developing software for more realistic simulation of engineering processes and design. Common simulation systems work with precisely defined inputs and provide deterministic outputs. SMUP – UQ decided to develop a tool that improves the simulation process in that it works with uncertain, imprecise inputs and provides the same outputs. It thus quantifies uncertainty, which makes the simulation process much more realistic, while providing the user with very important information with respect to future development. The software is based on scientific research for the space sector.
At ESA BIC Prague, selected start-ups can receive support in the value of up to EUR 50,000 for completion of their products and subsequent introduction to the market. In addition to that, the incubator provides them with numerous other benefits, including favourable loans from Komerční banka, more than 40 hours of mentoring and workshops focused on technical and soft skills, as well as discounted rent at ESA BIC Prague headquarters at Palác Adria. Assistance with the firms’ active development and connection with investors and relevant partners are a matter of course. Besides the European Space Agency, the City of Prague is also financially involved in the project, having allocated nearly CZK 45 million for it. The project’s facilities are provided by CzechInvest in cooperation with the Ministry of Industry and Trade. The partners of ESA BIC Prague are the Ministry of Transportation and Komerční banka. Since opening in May 2016, ESA BIC Prague has already hosted eight firms: Festka, NG Aviation, Triphood, TuddyTuddy, Big Terra, InsightART, Let’s Earth and Right Rider.
Contact to CzechInvest:
+420 296 342 430