Gazing up at the stars in the night sky has always captured humankind’s curiosity and imagination, but could it soon also capture the entrepreneurial imagination?
The recent images snapped by NASA’s James Webb telescope have stoked people’s excitement for space exploration more than ever. Away from the stunning images and wild possibilities however, the space tech sector could have business booming.
So, how is space tech is growing and how it could be the new launchpad for entrepreneurs’ careers.
Space tech is skyrocketing
The mark of a good entrepreneur is knowing which sectors are accelerating and finding ways to capitalise. For this reason, space could be the next frontier for business. According to SpaceTech Analytics, the space tech economy has risen a staggering 15% in the past three years and now accounts for 0.5% of the globe’s entire GDP.
From manufacturing opportunities to technological and AI-based advances, there is a lot on offer for entrepreneurs in the space tech sector.
As technological advancements continue to be made — and they are being made constantly — the cost of launching something into space is declining. These reductions in costs give a rise to the number of affordable investment opportunities associated with space tech.
This is why Morgan Stanley predicts that global space industry revenue may soar past the $1 trillion mark by 2040.
Finding your niche
As with any growing industry, space tech is bringing new opportunities for investment and innovation. In numerous ways, space tech is already impacting our everyday lives, with more and more businesses opting to go remote and rely upon the booming satellite sector to facilitate remote calls in businesses ranging from corporate firms, to the innovative telemedicine sector.
While space tech already has a massive influence over the way we live our lives — think of the satnavs people use to get to work every day — there are also more visionary ways in which it can be utilised.
Space tourism may seem like lightyears away, but you can already get in the queue for Virgin Galactic’s first passenger-filled trips into space, provided you have £250,000 going spare. And, as technology advances and gets cheaper, and the barriers to entry into this market come down, the cost of a trip will likely come down too, potentially making space tourism a significant industry in the decades to come.
Launching your brand
So, how can entrepreneurs prepare for the space tech revolution?
Understanding the rate at which the space tech industry is growing, The Office of Space Commerce is already putting in place ways to connect space entrepreneurs with each other to help them grow. Building a network in space-tech, as in any other field, is key to getting ahead.
Alongside this, to connect with and build an audience around your space-tech brand, harness the imaginative power of space to grab people’s attention and do something memorable. For entrepreneurs with the right ideas and the determination to see them through, space-tech really is the next generation of business so, what are you waiting for?