Entrepreneurship in the new space era

Blog written by Gustavo Dalmarco PhD, Technology Management and Innovation Specialist

Some may think that space exploration is only about sending astronauts to the Moon, or performing experiments at the International Space Station. What most people do not know is the innovative potential of space technologies. For each €1 invested in space exploration, €10 come back to Earth in the form of new products, processes or business models, as illustrated by this EC Space Strategy video.  

European Commission Space Strategy

The space sector is well known for having spin-in and spin-off technologies resulting from the need to develop materials and equipment that can operate in the hostile space environment. On the one hand, space missions may adapt technologies already available in other terrestrial sectors, while on the other hand different industries may absorb space technologies for various applications on Earth. 

Above: 2016 Act In Space (AIS) promo video. Below: 2018 AIS, UK events planned for Harwell, Edinburgh & Daresbury

This flexibility opens a wide range of possibilities that entrepreneurs are exploring in different manners. Stocks of patents exist, which are available for start-ups who are looking for new opportunities. Events such as the Act in Space and Start-up Weekend Space, among others, are key activities for promoting and improving space technology transfer. 
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These kinds of event are becoming more frequent, resulting in a wide range of new companies who are exploring space technologies through different products and services. Who would imagine, for example, that the same formula used to calculate the safe landing trajectory of the robots sent to explore Mars could also be applied to calculating the optimum method for packing potato crisps into bags? 

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Or indeed that ESA’s satellite navigation technologies could be used to help blind people navigate using a map? Space start-ups are recognising and exploring new opportunities, such as the ability to create an on-demand meteor shower or developing new control room systems based on technology developed in space operations centres controlling satellites.

Space is no longer about rockets, satellites and probes only. There is a new space system emerging aimed at creating data, services and out-of-this-world business models. As expressed by the appropriately named Richard Rocket, founder of US-based space data provider NewSpace Global, "New Space is entrepreneurial, it's about reducing costs and trying to do things in a more enterprising fashion - it requires innovative thinking".