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We are living in a new era of space activity and the evidence is all around us. From striking images of private sector rocket launches to new satellites and data capabilities to innovative tools enabling lunar exploration, the space industry is more vibrant and full of opportunities than ever before. . This is not only for “space companies”. Its main business is space activities, services and tools, but for all companies.
This may seem counterintuitive at first. According to the current space economy he is valued at $469 billion. space report, and is expected to exceed $639 billion by 2026. This growing economy is powered by thousands of companies large and small around the world, and many of these companies are not space-specific. So their products and services are not only applied in the space industry, but also in other fields such as precision manufacturing, data science and artificial intelligence, life sciences and biology.
In this era of dynamic space market growth, the challenge for entrepreneurs is to answer:
- Are corporate spaces contiguous or can they be changed to be contiguous spaces?
- What does the space market demand and what can the company offer?
- How do business leaders or entrepreneurs identify and access opportunities that require radically innovative applications of the universe?
There is no single route or strategy that will lead space-adjacent companies into the space economy. The best approach for an existing business model is not necessarily defined by the entrepreneur or his leader of the business. Still, there are best practices and signposts that you can easily join along the way. With that in mind, here are four steps to consider when looking for opportunities in the global space economy.
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1. Start locally
Like any business activity, opportunities require connection and collaboration. Wherever your business is geographically located (it may be in multiple locations), research the regions of your organization or company that are already involved in the space economy.
This doesn’t necessarily mean looking for a rocket launch provider. Instead, consult major manufacturers who may sell their technical components to private or commercial space organizations. Engage with local military establishments who are sure to have space experts who can help uncover market opportunities and accelerate adoption. Look for events at your local chamber of commerce related to space, and research trade associations and academic institutions that offer space-focused seminars and forums. Ultimately, only an entrepreneur or business leader can pinpoint a local space official. Step one is to find them and grow from there.
2. Seek new applications for existing IP
When one thinks of space products and activities, one might imagine breakthrough technologies invented in government-run laboratories. Its application begins and ends in space. This is incorrect. In fact, while some space technologies are completely new (such as scientific instruments for biological experiments in microgravity environments), many are just reuses of space tools and services devised for use on Earth. .
In other words, entrepreneurs and companies may already have intellectual property that, if adjusted, could be sold to companies involved in space activities. If you are in textiles, do you have patents for innovative materials whose properties could benefit space operations? If your business is in the food and beverage industry, local space operations on Earth or adapt products for consumption in space? Industries that can use existing products in space, such as industrial construction, artificial intelligence, raw material sourcing, and supply chain optimization. The list of is endless. When seeking access to the space economy, entrepreneurs should look to existing IP and consult a growing network of contacts in the space industry.
Related: Space Stories: A startup made up of artists, scientists and ex-government officials
3. Turn data into opportunities
Space-to-Earth markets make up a large part of the space economy. Put another way, the massive data flows pouring in from satellites and other space-based assets are now a major area of economic interest. Entrepreneurs and businesses in the data science space can find enthusiastic customers seeking insights and services derived from this data. This includes markets for earth observation, climate monitoring, logistics and transportation, agriculture, water management, public health, and many other industries. Here, cosmic adjacency is defined by the ability to process and compute data streamed from space and sell the resulting insights to markets here on Earth.
For example, a keen understanding of water levels and drought in a geographic region is of great value to water utilities, municipalities, and agricultural businesses. Entrepreneurs and businesses are looking at ways to access space-derived datasets, looking at data science capabilities, and looking to the market for the intersection between space adjacency, data insights, and terrestrial demand. is to point
4. Check for public domain patents
Space activities are valuable because the tools and technologies required for space operations often have important applications on Earth.In the United States, NASA has a technology transfer program Database of thousands of expired patents Unlimited commercial use is allowed. The European Space Agency also offers a technology transfer process. These and other space agencies are already doing costly and innovative work to create something new. Delve into these databases to assess your capabilities and identify patents you can use to bring new products to market.
A new era of space access and exploration is just beginning, and analysts expect the global space economy to reach $1 trillion in the next few years. Today, entrepreneurs and business leaders who start exploring the space realm for opportunities do more than open up new revenue streams and fuel innovation. It also leverages the first-mover advantage, enabling the organization to lead as the space market grows.