Start-up space technology finds a quicker path to commercialisation
The space sector is undergoing unprecedented transformation and development on a global scale. The growing technological capabilities and the ability to handle increasing volumes of data with improved accuracy and resolution render space technologies crucial in addressing pressing societal and business needs. Despite the relatively high levels of European investment in space research, the market exploitation of innovative services or applications has remained low compared to other regions.
Strengthening EU’s position on the global stage
“With the growing number of Earth observation satellites being launched every year, space technologies have become a valuable tool for navigation and monitoring, generating comprehensive, consistent, accurate and timely information,” notes Tanya Suarez, BluSpecs CEO and IoT Tribe co-founder. Coordinating the EU-funded SPACE END project, which stands for Endeavour Space Hub, Suarez adds: “SPACE END was established to offer new opportunities to start-ups and entrepreneurs in the space downstream and upstream sectors, accelerate their growth, and scale up and commercialise their products.” To reach their goals, the project consortium organised a number of activities. ‘Design Studios’ was a three-day workshop established to connect IoT start-ups and entrepreneurs with space technologists and business mentors to identify new product applications. Each member applied their background and training to create strong business cases benefitting from cross-sector synergies. A key feature in the project was the ‘IoT Tribe Acceleration Programme’ for space-tech start-ups. Supported by mentors, business leaders, investment advisors and business pitch consultants, the programme offered the opportunity to 30 start-ups to discover promising space and IoT products and services. The project results were showcased in a final event, the Galactic Futures summit in December 2021 in Madrid, bringing together international experts, investors and start-ups from the three cohorts included in the IoT Tribe Acceleration Programme. IoT Tribe that organised this event is looking forward to witnessing the everchanging face of the space sector and seeing how the start-ups benefitted by the project will evolve accordingly.
Key takeaways
Over the two-year span of SPACE END, the consortium engaged with over 90 corporates, over 50 investors, over 150 start-ups and SMEs, 18 government agencies, and 42 universities and research institutes. The project impact on start-ups, as reflected in the final testimonials provided by each company, was significant, witnessed through contacts brokered with key relevant stakeholders and through access to new commercial opportunities. “From our various interactions, we figured out that the concept of space is still narrow for most players outside the field. Space is still perceived as a typical upstream industry, which delivers the public or private infrastructure for developing space-based solutions,” explains Suarez. “The downstream segment, which anchors these solutions in commercial markets, is gradually extending its impact and should become more relevant over the coming years.” A dynamic and competitive downstream sector creates a huge potential for new ventures to be born, helping start-ups exploit a greater number of market opportunities. “SPACE END stimulated start-ups to leverage the potential of their technology and their team. Importantly, it helped them demystify the concept of space technologies by ensuring that technologies can be integrated both in the upstream and downstream markets,” Suarez concludes.
Keywords
SPACE END, start-ups, IoT Tribe, downstream, space technologies, upstream, BluSpecs