The concept of developing space projects to cater to the needs of various sectors in space industry has generated a massive interest among space enthusiasts, space engineers, space wanderers and explorers.
The multitude of ideas transforming into innovative solutions for reaching beyond the ordinary and venturing into outer space with unique plans has paved the way for numerous opportunities.
Spacepreneurship, a term comprising the entrepreneurial foundations in space has been a trending area in the 21st century where technological advancements have known no bounds. Considering tech giants such as SpaceX aiming to develop colonies on Mars or Project Kuiper launched by Amazon to incorporate high speed Internet services by putting 3,000 satellites in orbit, the pressure developed due to competition between innovators or leading business firms has been huge.
This accounts for enormous capital investments in terms of manufacturing equipment and products which can prove success for the world’s most successful tech companies. The focus has also shifted towards building space tourism and asteroid mining to provide greater source of revenue.
Sinéad O’Sullivan, an entrepreneurship fellow at Harvard Business School, discussed how space is much more important to modern business than most people could eventually realize. It plays a pivotal role in making food, pricing insurance, and steering self-driving cars.
She has also questioned about whether the attractive space market has been under the umbrella of equitable distribution or not and if it has been abiding to sustainable development pertaining to natural resources such as the space itself. She was quoted as saying “we’re running out of space in space”.
She also mentioned that there would be a stringent requirement of space related policies and regulations to permit several organizations to utilize outer space with a careful approach.
She is of the view that there are two space based economies, one that is serving Earth and the other which is more interplanetary. The one which is Earth-centric shall deliver services in the field of telecommunications, imaging etc.
On the other hand, the interplanetary economy would consist of startups providing a platform for space missions whom we would see probably after a decade or so. According to her, for further establishment of newer space firms, it should be compulsory that they resort to sticking with certain space based governing bodies or else it would become a cumbersome task to allocate limited resources in space to budding spacepreneurs.
Secondly, the concept of data ruling the space industry and space economy is of much significance in the upcoming years as the conventional setups shall be more data oriented in the near future.
With Global Positioning System (GPS) dominating the functioning of satellites and autonomous vehicles being the next target of most of the Fortune 500 companies, there is a bright future for space technology to open doors for more space focused boot camps or programs to fulfill the needs for improving technical arenas.
The big question to ponder upon is whether privatization of space industry could maintain transparency or if they would automatically close the gates for other skilled inceptions. Moreover, the time frame to conquer outer space and higher planets builds up extreme pressure on these multinational companies to quicken their Research and Development (R&D).
However, the time shall convey to us what lies ahead for space economy which is expected to multiply by three times every year for producing great economic development globally.
Having said that, we can only wait and think about fresh zones where space and orthodox streams could combine. Also, to conclude, the need of the hour is to research and set goals and plans of actions to accommodate hybridized fields for a better and stronger future.