 So, do you know how many birds die when they jump for the very first time out of the nest in order to fly? I don't know either, but I'm pretty sure the survival rate of these birds is higher than those of most hardware startups. And the story I want to tell today is about four friends. Four friends and aerospace engineers with their own dream of a bird. It is a story about uncountable amounts of sleepless nights, preparing a nest, preparing a bird, design it, throw it out of the nest and make it fly. And I hope what I get across is to understand and let you know how we believe we can succeed in this very demanding deep-tech hardware startup world. My name is Patrick. I'm co-founder of Lilium, and as you might can see, the sleepless nights somewhat relate to stress-induced hair loss. And when Slush approached us at the very beginning and asked, what's the founder story of Lilium? We got together and asked ourselves, what do we want to say? What kind of story do we want to say? And we said immediately, we don't want to make it a fairy tale. We want to be blunt. What I want to do today is give you a little bit more raw, an unfiltered view behind the curtain. What it means when four founders try to enter one of the most regulated areas in business, which is called commercial aviation. More importantly, I want to get across that severe setbacks and also failures, just in the moment a disaster, but actually they help you to make sure not only you as a founder, but also the company and most importantly the product. And we need to stop criminalizing failures and setbacks and hardware startups. But let's start maybe at the beginning with a why, with a why of founders. Why do you exist? And this why relates to a purpose on a planetary scale. And this purpose you're having is there to solve a problem, which is equally big as the purpose that you have in mind. For us, for friends, it was at the very beginning how we bring people from point A to point B. By 2050, it is expected that 80 percent of the world population will live in super metropolitan areas. What this will lead to, that we can bring our cities completely to halt. Not only we will congest our city centers, the CO2 missions in these regions will peak. Billions of hours will be spent in traffic. Not with your friends, not with your family, not even you having the ability to follow your own personal purpose. Every one of us has it. No, you will be stuck in traffic. And this will create a vicious circle. More people want to come in these super metropolitan areas because they don't want to spend it in traffic. This will increase the rental prices and this will increase the gap between the poor and the rich even more just for our day-to-day living. And we will face collateral problems that we are not addressing right now, such as scarcity of fresh water supply in these areas. And all of this comes to an additional cost. Infrastructure. And our infrastructure for our current mobility solutions is already at a limit. You all know it is addressing a significant amount of CO2 emissions. But most importantly, it takes years to build it. And when it's built, it cannot suffice the demand, actually, for which it was intentionally built for. And more importantly, we put a financial burden upon it that takes decades to be paid back. So what you can see here is actually the very first sketch the four of us have scribbled to describe the solution to this problem. We thought why on earth were we not using the three-dimensional space of authors? There's no infrastructure. It's regulated. It's ready to be entered. And we had in our mind a solution that can fly far so we can actually create regional air mobility which can fly fast so we have much more time that we can save, which is inaudible to enable intercity operation at a high frequency. And when COVID has shown us in the last two years basically one thing it is we want to have flexibility and we want to address even the peripheral areas of these supermetropolitan areas. And all of this we want to do at a fraction of a cost because the solutions must be affordable and accessible because mobility is still and should be a human right. From sketch and scratch, this is what we came up with. This is the bird we want to build. This is the bird that we want to throw out of a nest and actually enabling regional air mobility. It is our interpretation of building radically better ways of moving. It is an aircraft that has the capabilities for vertical takeoff and landing and also the capabilities to fly forward like a normal commercial airliner. It has leading payload, one pilot, six passengers. It can fly up to 250 kilometers with a top speed of 280 kilometers per hour. It has low noise due to deducted fan architecture that we designed from scratch and has zero operating emissions because we designed it all with an electric battery system. Most importantly, we don't want to build one or two of them. We want to build thousands, 10,000s of aircraft. That means they must be ultra safe and this aircraft we are certifying to the same standards like the Airbus A380 and A350, for example. Over the past days, I have had a lot of great talks with people and they all had the same direction. Transportation will be decarbonized and it is inevitable. We believe once we go into market until 2030, we will be able to save over 3 million tons of CO2 already, which has a significant impact. How do we get there? And how far are we actually there? And what does this journey look like? So let's have a look at this journey. Four friends actually just had a vision, first of all. They had an idea. We need to do something. This is how we want to build it. How can we prove it? And it all started for two years bootstrapping everything in a shared flat of one of our co-founders who is so beautifully smiling here right now in this picture. We are doing it in a small room with no light and ramen noodles, no sleep. What we did actually is how can we prove that we can bring something to fly? We were very ambitious aerospace engineers, but we were also very unexperienced and we wanted to bring something in the sky. And so we did. What you see here is our very first prototype that we brought in the sky with a very questionable launching system. I know. But for us it was the world. It is wooden plates, glue, and foil. And this is actually the very first thing that we brought in the sky. With that we were able to get incubator money, hired very brave young engineers, interns, and actually designed our very first one-to-one full-scale aircraft. The concept that you see here right now was the original concept of a two-seater aircraft that we wanted to build, not seven seats, two seats. But it helped us. It helped us to mature, to design the technology, to understand how can we actually really certify an aircraft. We were able to raise more money. What we did with this money, we hired excellence in aerospace engineering and management. And what you see right now is our five-seater technology demonstrator. This is the architectural blueprint for the aircraft that we want to actually certify, that we want to bring into service. And maybe let's speak a little bit about why this architecture itself is so elegant. When you want to have an aircraft that can take off vertically and can fly forward extremely efficient, and we always wanted to apply ducted fans because they are more efficient and they have low noise capabilities, then you can do basically two directions. You take a normal commercial aircraft, you have big ducted fans, move them all around your normal aircraft architecture, or you make them smaller and distribute them equally around your lifting wing surfaces. And this is what we did. Because we believe that this architecture is not only low noise, but also low vibration. It has a high lift system, and it actually helps us to make more complex aerodynamic surfaces like tails, rudders, and aerons absolutely obsolete. We are right now preparing our flight test team to go to Spain to finish the transition flight test campaign of the aircraft, and then finish our high speed campaign as well. And I want to say one thing about that. It's a new aircraft, it's a new architecture. We are certifying it for the very first time with the regulatory bodies. It is done for the very first time by a newly assembled team. It is fine to be hard. And there's one thing that I want to say, hardware is fucking hard. And we needed to understand this in a very hard way. In January last year, 2020, right before COVID, we had a fire. The technology demonstrator or one of the technology demonstrators that was just showing catch fire. Hundreds of engineers were working for years on this prototype, designing it, testing it, assembling it, manufacturing it, producing it, bringing in test flight. Some minutes it was gone. But actually, this event was one of the best things that could have happened to us. Maybe it is destiny. This prototype is actually called Phoenix, my lucky Phoenix from the ashes. We built a second one and we got back to it. But this time, we designed the battery system from scratch according to aerospace processes. We learned to adapt these processes to our needs as a startup, as a hardware startup, to be fast and become an agile aerospace company. And now we have a technology demonstrator that we can actually fly multiple times in the week. And we're doing this kind of testing and getting back at it across everything in the company. We are having extremely comprehensive testing capabilities. We break things on purpose because they help us to get insights. Every new test is a milestone. Every new data point we celebrate because it helps us to get faster. What you can see here, for example, in the middle is a controlled explosion of a battery cell to understand how can we certify the newly developed battery system. And on the right-hand side, you can see bird strike testing of all engines. No real birds are involved. You're not allowed to do this anymore. It's still caught like that. And all of this is actually an accelerator for the ACROF program. And one thing every founder here in this room should have a look at when you're in hardware startup. What's your cash burn rate against the product delivery dates that you are having? And that's how I think we will deliver. You make sure you will grow up, you understand, and you will actually be able to understand how can we make this bird, how can we take it, and how can we throw it out of its nest to really deliver regional air mobility. Maybe the most important skill set associated to that. As a founder, at the very beginning you need to be naive. You don't need to know everything that's going ahead of your road. You don't need to know everything that's going to happen. You need to be naive and you need to dream big. And it's a step-by-step learning process with iterative failures. And just because you fail, it doesn't mean you don't succeed. And you will learn. In our case, we are having wind tunnel campaigns, we are having flight test campaigns, we have system testing and everything. We bring this all together in an aircraft program such that we can deliver it in time. And the collateral thing out of that is actually your naivety turns into professionalism. And that's exactly what we're doing. So when do we get this bird? When do we throw it out of the nest? Right now we have finished our architecture phase so we know exactly what we want to build. We are right now at the end of the so-called preliminary design review, which means all visible surfaces and all technical interfaces get frozen. And then we can run into a very hard phase which is called the critical design review. We will make detailed designing and testing. And we will see a lot of failures but a lot of learnings as well. They will make us faster and grow as a company. Slush cited us as outrageously ambitious, which I love, because this is what I show here is basically the only way how we think we can pull it off. It is commercial aviation and this is really, really difficult. Afterwards, once we finish this, we will build our bird. We will build the nest for it, start ground testing, and then actually go into a very long certification roadmap with regulatory bodies to certify the aircraft during flight test campaigns. Doing what we do and how we are doing it actually attracted tier one aerospace suppliers. We are gone from the startup world and really are on our track to become a real aerospace company. And these partners are not only supporting us because they love what we do, but also because they love how we are doing it. And I am very proud that we have tier one suppliers on board. But it is not possible without these people. And everybody knows, team is everything and you hear it everywhere. Every startup will tell you it is really important. But in order to enter as a small startup, commercial aviation, you need a team that is exceptional across the whole spectrum. There is no shortcut in commercial aviation. Therefore, you need to surround yourselves with people who are always smarter, faster, more ambitious than you are. These people translate every failure into a learning. And this chain will ultimately make you succeed. And that is the true path for success, I think. Last but not least, you can change. Your shared flat full of ramen and weird smells into the Cooperation Control Center of NASDAQ. We are now capitalized to make this journey, a journey in which 800 people are working their asses off. Now you can see we are looking much happier. And of course, we have still a lot of sleepless nights. But at least I cannot lose more hair. I can't wait to continue this journey. More importantly, even throw this bird here in Helsinki out of his nest. We have a very big mission in front of us. And I'm really looking forward to get inspired by you all, how we can save our pale blue dot. So thank you very much.