Although the first image that comes to mind when you think of space science may include moon landings and aliens, careers in the space industry are actually far more diverse. Take, for example, planetary scientists. Their job is to investigate new materials, surfaces, substances and elements that come from planetary samples.
Another example of diversity in space careers includes entrepreneurship. With transformative technologies like virtual reality and artificial intelligence on our doorstep, plus the prevalence of conversations around environmental sustainability, space entrepreneurship is what’s next for the business world.
What is space entrepreneurship?
Historically, most space science advancements have been carried out by federal agencies like NASA. However, technological and attitudinal changes in the space industry have more recently led to a shift in national interest towards improving life on Earth, finding environmentally sustainable ways to live, and even exploring what it could look like to relocate to a new planet.
Space entrepreneurship starts with increased private investment in the space industry. It involves funding research and innovation in areas like manufacturing, navigation and communication to “solve problems that have not been solved before”. Although it may sound otherworldly, much of space entrepreneurship focuses on advancing our everyday lives while securing the future of humankind.
What do business trends say about space?
CNBC reported that in the next decade alone, the Bank of America expects the space economy to grow to a US$1.4 trillion market — more than triple its current size.
These forecasted business trends were proven by the financial growth of the space industry last year. Despite the challenges brought on by the global pandemic, private investment in space companies hit a record-breaking US$8.9 billion in 2020.
Three examples of space entrepreneurship
So what do private investments in space science actually look like? While research missions seem like the obvious answer, space entrepreneurship often includes supporting advancements in areas like space engineering, machine learning, and even our day-to-day lives as consumers.
These are some real examples of what space entrepreneurship means beyond missions.
● SpaceX making space travel cheaper, faster and more accessible by landing and reusing rocket spaces.
● Planet Labs minimizing the cost of manufacturing and launching satellites by utilizing components from the technology we use every day, including cellphones.
● Orbital Systems creating home showers that are highly efficient by replicating the water recycling technology used for Mars missions.
