Pushing to make flying taxis a reality, Vertical Aerospace (EVTL -1.81%) designs and builds zero emission electric vertical take-off and landing (eVTOL) aircraft. The company recently showcased a full-scale model of its flagship VX4 plane and plans to launch its first test flights as early as this summer.

With demand accumulating, Vertical Aerospace's real work starts now. It will have to prove to the world that its tech is functional, worthwhile, and above all, safe.

Global footprint via strategic partnerships

Led by CEO Stephen Fitzpatrick, Vertical Aerospace launched in 2016 with the goal of creating the world's most advanced electric aircraft. Vertical soon began partnering with key businesses, including Rolls-Royce, Microsoft, and Honeywell. (All three of which are equity investors in the company). This granted Vertical access to global engineering teams, manufacturing capabilities, and, most importantly, funding for research and development.

These partnerships provide Vertical Aerospace with advantages in the eVTOL space. For example, Honeywell Aerospace, a global pioneer in avionics, builds advanced flight control systems for Vertical's VX4 vehicle and assists with flight simulation testing. Other partners include Virgin Atlantic, American Airlines, Avolon, and Solvay.

With a global network of partners in place, Vertical pushes to not only spearhead an entirely new flying taxi market, but also to "disrupt and displace" the existing helicopter market. Touted benefits of eVTOL technology versus traditional helicopter travel include safety benefits, less noise, and reduced operating costs.

But the company isn't off the ground yet

Vertical impressed tech enthusiasts and raised hype to a fever pitch when it showcased a full-scale model of its prototype VX4 craft in July. But with real-life air testing being the next phase, the real work is just about to start for Vertical Aerospace.

With a series of ground tests complete, Vertical will next conduct flight tests with a piloted full-scale aircraft. In its early August second-quarter shareholder letter, the company announced it would start flying the fully built VX4 prototype "in the coming weeks."

While Vertical Aerospace anticipates that flight range, performance, and noise will all be substantial testing hurdles, the company's most formidable challenge is proving its aircraft are safe. Certification stands firmly in Vertical Aerospace's crosshairs in the near term. The company will need to demonstrate to regulators that its aircraft meet the highest global standards of aerospace safety.

The expense to design, build, test, and operate aircraft -- especially cutting-edge aircraft -- is significant. In the first half of the year, Vertical reported a net operating loss of 39 million British pounds, a 79% increase from the same period last year. And the company expects to spend up to 50 million pounds more by year's end.

Demand is climbing

Vertical has drummed up plenty of interest for its VX4 eVTOL aircraft, with pre-orders landing from American Airlines, Virgin Atlantic, and many others. Aside from the passenger travel business, Vertical Aerospace has also secured pre-orders for uses in emergency medical and cargo service industries.

As a result, Vertical grew its pre-order book to over 1,400 VX4 craft in the second quarter -- a total value of $5.6 billion. American Airlines also committed to a pre-delivery payment for its first 50 craft on an order that could reach 350 units. According to Fitzpatrick, "[t]he outlook for eVTOLs and Vertical has never looked better."

As of June 30, Vertical had enough cash on hand to continue operations for at least another 12 months. So is it time to buy Vertical Aerospace? Ultimately this depends on risk tolerance.

While risk-averse investors might avoid speculative start-ups like this altogether, those with a higher risk tolerance, and some patience, could see an investment in Vertical Aerospace really take off. Keep in mind that higher-risk investments such as these can present significantly more volatility than blue chip stocks, and also have a much higher rate of failure. As such, risk-averse investors should wait until the company's concept is proven and its product truly lives up to the hype.

As Shark Tank star Kevin O'Leary once said, "Vision is nothing without a plan to execute it." Investors with a longer time horizon and an appetite for more risk could live to see a future where air travel is far more convenient than ever before (think Jetsons). If Vertical Aerospace can execute its plan with minimal delays, this tech stock could ascend to be a leader in the emerging flying taxi market.