The problem
After the disruption caused by the unwisely chosen Apollo Space Program, space technologies have finally advanced into serious commercial and scientific opportunities. Moreover, the limited funding provided by public agencies has invited increased participation by private entities. For example, the deployment and use of communication satellites are major industries in their own right. And the use of satellites to remotely detect everything from economic activity to mineral resources to climatic conditions steadily grows in importance. As a result, there is an expanding number of technological gaps and morphing business opportunities. Because it remains early days, the number of opportunities is exceptionally wide.
Importance and scale
It is difficult to overstate the significance of space technologies, and the benefits of current or almost current applications. Weather forecasting, in a world of rapid climate change, is an urgent necessity. And the ability of satellites to search for commercially valuable information has become a strategic competitive advantage for most global industries.
UBS, an investment bank, estimates that the current space economy is valued at $340 billion and will grow to over $800 billion by 2030. UBS also compared the burgeoning space industry to the growth of global internet, citing that “advances in processing power… opened up vast and disruptive opportunities… as technology is starting to tear down the high entry barriers to access space.” In the very near term, two high potential businesses within the space tech industry are launching and maintaining satellites and space tourism.
Investments in space start-ups have increased since the turn of the century. According to Goldman Sachs, $13.3 billion has been invested in space start-ups since 2000. A report from investment firm Space Angels states that a record 120 VC firms invested a total of $3.9 billion in space companies in 2017.
Additional project details
More information about this project will be shared during the kickoff meeting. Students will receive all the details they need at that time.