Aurea Avionics

“It takes twice as long as expected to get the first income”

A company that develops hardware and software for drones. And that started with 60,000 euros from the 3Fs. The money had to be enough for a year and a half or two. “It took us eight months to win our first customer; Our drones have professional applications. In those eight months we did practically no commercial work. We evolved. From the signing of the contract to the delivery of the development it can take up to two months, for this reason there is always a part that we calculate at the beginning “, explain Alberto Nieto and Juan López, two of its founding partners.

“What have we done wrong in our accounts? With the income forecast. It takes twice as long as expected before you start making returns. And then there are still many small expenses that you didn’t expect and that are important when taken together: Representation costs when you have to go to the customer, when you close merchandising, agencies, legal advice, because our contracts have a series of clauses where we need advice These are expenses that do not come cheap. It’s convenient to have a conservative business scenario and not have any income in an 8-18 month period.”

Manuel Fandiño, one of the founding partners of Isetic.

Isetic

“We were far-sighted. Only the costs of a tax audit for the registration of a shareholder were overlooked”

A multi-million dollar investment – around a million euros since its launch – which they have matched with their own money, subsidies, bank financing… to carry out this big data project, which is 99.9% of the money for workforce employment provided product development.

“We drew up a five-year business plan. For the first we needed 60,000 euros and we asked for less than half to start. We were very careful. We started the PMV with the work of the founders and then little by little we went with the money we received and settled it with the customers,” comments Manuel Fandiño, one of the founding partners.

“We went through the ranks. We didn’t say that the global project is very big, we need so much money and we’re going to tackle it. We have developed products as we have grown and received funding. There are a hundred and a few thousand euros that must be returned. Now we finance ourselves and pay the loans with our daily work,” he continues.

A startup that has hardly any fixed structural costs. “It’s all in the cloud.” But the template weighs a lot. “In the beginning we were four people, now we are ten and there are very high-quality specialist technicians. We knew from the start that HR was going to be a very high game. At the moment the annual expenditure is at least half a million euros.”

I AM SURE YOU ARE INTERESTED…

How much does it cost to start a bakery? And a craft brewery?

company management