Today’s astropreneurs are making money by charting the final frontier
SpaceX. Blue Origin. Virgin Galactic.
These are just a few of the high-profile businesses set to disrupt the multi-billion dollar commercial space industry in the coming years. While they may not be well known to the general public some of today’s most successful entrepreneurs — Elon Musk, Jeff Bezos and Richard Branson — are sinking millions into this new-age market.
Investment in the industry is taking off and it’s not hard to see why. Cheaper products, lighter materials and better engineering is making it possible for companies to explore the final frontier like never before. According to CNBC, investors pumped $2.8 billion into space-related businesses last year.
Today’s most prominent space enterprises range from one-stop satellite shops to do-it-yourself space travel companies. Kepler Communications is one of the few Canadian startups competing (and succeeding) in the cut-throat business. The business creates a in-space telecommunications that help satellites better communicate when not near a ground station.. In layman terms, they’re simply, we are building cell phone towers in space.
Accelerating outer space success
Of course, that doesn’t mean it’s easy for newcomers hoping to succeed in the industry. It’s a capital intensive market and often requires deep pockets to fund research and launch costs that can run in the hundreds of thousands. Thankfully these days a series of space-focused accelerators and incubators are hoping to fix that.
In the last five years, global programs — like Starburst, Space Startup Ecosystem, Lightspeed — have focused on helping astropreneurs get their business off the ground.
While the future is always unknowable an increase in the support and networks available for entrepreneurs is a good sign for a market on the rise.
To learn more about the growing space market and how Canadian co-founder Mina Mitry found success listen to the latest BusinessCast episode, hosted by Robert Gold above. For more from BusinessCast, make sure to visit our official iTunes page.