Sponsor Spotlight: Nichola Bates
An advocate for collaboration between startups and corporations.
Nichola leads the ATI Boeing Accelerator efforts for platinum sponsor Boeing and has been a valuable mentor and connector for our startups. She and the team at Boeing HorizonX Global Ventures offer a £100k equity investment into each cohort company and supports the teams throughout their programme experience.
Nichola joined Boeing just over three years ago, following a 10 year career working with early stage and scaling startups, where she championed the role of the SME particularly in the security and resilience sector.
She brings extensive experience in international business development and fundraising for growth, from strategy through to execution; with a wide network across governments and industry. Having also gained experience of working inside one of the world’s largest companies, Nichola has become even more passionate about the benefits collaboration between startups and corporations can bring.
Tell us a little bit about your journey — how did you end up working for Boeing HorizonX Global Ventures and why?
Quite simply, I stalked them! When I joined Boeing from a startup, there was definitely a culture adjustment; and while I enjoyed my time supporting Boeing’s work in the national security arena, it was my passion for innovation that kept coming to the fore. I had joined the company shortly after HorizonX was established and it was very clear to me that this was where I belonged in the company, this was my tribe. My experiences of being on the startup side of the table as a business development director, and through the highs and lows of fundraising and scaling brought a different perspective. When the opportunity arose for me work day-to-day championing early stage innovators and proving out my passion about how valuable and transformative startups can be for large corporations, and our customers, it really was the dream job for me.
What can aerospace learn from an industry like Defence/ Security?
I would re-phrase that a little, in that I feel like aerospace and defence operate in a fairly similar way, while the security sector is the outlier. Aerospace and defence are dominated by a relatively small number of large corporations, with a fairly homogenous route to market for the little guy, through these primes. The security sector however is very different, the range of customers is vast, as is the range of solutions and suppliers. It is a much, much more diverse environment, which also makes it extremely complex but also amazingly innovative and agile. So I suppose I would be more inclined to suggest that there is huge opportunity for aerospace to leverage the innovation and innovators in the security sector to harness that agility and learn from the security sector in terms of how we can access new ideas and solution much more quickly.
As an investor / scouting for HorizonX, what is the one thing you value most when assessing a prospective investee company?
When the team has really thought through their aerospace application, and can clearly articulate not only the opportunity but also the challenges that they can see ahead. It seems obvious, but I find it amazing just how many founders waste their time with trying to secure meetings with investors who are clearly not the right fit for their startup.
From your most successful investments, what does a good founding team look like?
Diverse and resilient! As a founder, you are going to meet every challenge imaginable, and a whole lot more that you can’t even imagine! Having diversity baked in from the start just means that your team will be better equipped to manage whatever the rollercoaster of startup life brings.
Any helpful advice for founders raising their next round of funding?
Start early! If this year has taught us anything, it’s that you really don’t know what’s around the corner. Knowing exactly where you are on your financial runway, and being over prepared for the end of that runway is going to ensure that you have the options and, just as important, the headspace to make good decisions for the future of the team and the company.
Do you have any advice for founders looking to work with corporates? What’s worked (and what’s not worked) during your time with corporate accelerators?
I think it’s to be realistic, remembering that we operate in a very different environment, which can mean that things can take much longer than you are used to. But again, be as focused as you can be on finding where your solution fits in the ecosystem of a large corporate, conscious that Boeing may not be your direct customer, and that perhaps your direct customer is further out in our supply chain.
What are your projections for the aerospace industry?
Boeing has just released its market outlook, and I’d recommend taking a look at that. For me, the big take away is that while the aerospace industry is having a very tough time, long-term demand for air travel is still extremely strong. I know that I am certainly looking forward to country borders opening up again so I can jump on a flight, and head somewhere warm and sunny!
Lastly, what advice would you give startups managing this challenging time with COVID-19?
Remember that you are entrepreneurs, and that a challenging time also brings opportunity. This challenge though has affected everyone right across the world, and I think that brings an added pressure. When we are surrounded with the constant stream of news on the effects of this pandemic, it has an effect on our mental health, along with our routines having been completely disrupted (and don’t even get me started on home schooling!). I think if you can actively manage your mental health during this time, making sure you give yourself that time to clear your head and really think — the entrepreneur in you will shine through, and be able to capitalise on the opportunities ahead.
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For more information about the programme, please contact the Aerospace Xelerated team:
Gabi Matic — gm@xelerated.aero | linkedin.com/in/gabrielamatic
Wil Benton — wb@xelerated.aero | linkedin.com/in/fatkidonfire
Ksenia Kurileva — kk@xelerated.aero | linkedin.com/in/kseniakurileva
Dana Zou — dz@xelerated.aero |linkedin.com/in/dana-zou/
