Updated: Aug 3
If before space was only a matter of scientific, political, or philosophical interest, the last twenty years have proven that this industry is now both financially viable and profitable from a business perspective.
As we speak, the space industry, or New Space, consists of over ten thousand private space tech companies, employs over one million people, has an annual global revenue of $420 billion, and is expected to skyrocket to one trillion by 2040. In 2021, total investments in space companies reached a record number of $17.1 billion, making up 3% of total global venture capital investments - a fifty percent increase from the preceding year.
Cascades of innovation in the last couple of decades have resulted in a lower cost of entry, shorter project timelines, and flexible methodologies for companies seeking to create infrastructures and new services. Besides having better access to funding, modern space startups also have extremely simple access to technology.
IPEX CubeSat mission funded by NASA. (Image credit: NASA)
One thing that accelerates new space growth is the availability of off-the-shelf components for satellites and other infrastructures. Online marketplace platforms allow space startups to find, assess and purchase space products, sub-systems, components, software, and other services from suppliers worldwide.
In other words, the space industry is in the pre-stage of exponential growth, and there will be no better time for taking action and becoming an early adopter or innovator.
In order to support aspiring entrepreneurs or business owners looking to transition into the space industry, Martynas Fedotovas and Nika Chinchaladze have co-founded Altair Enterprises - a space education company with the goal of accelerating the growth of the new space economy by providing globally accessible on-demand learning, fostering international cooperation through annual conventions and supplying the industry with the next generation workforce.
They have published an eBook titled “Space Business 101: 7 Steps to Position Yourself in the Next Trillion Dollar Industry”, which contains their experiences of operating in the space industry and insights collected throughout the years.
What you're going to learn:
Creating a Winning Business Idea;
Sharpening Your Skillset;
Finding Compatible Business Partners;
Building an Adept Team;
The Power of Strategic Planning; Dominating Marketing Campaign;
Scaling to New Heights.
This eBook is a free resource, will provide you with actionable insights for each step - from creating a winning startup idea to fundraising and scaling your business - and act as a guide to the success of your space endeavor, allowing you to effectively capture a significant market share in the NewSpace industry.