Finally, space is becoming accessible to entrepreneurs. Low-cost, shared payloads are flying into orbit aboard reusable rockets from launch pads across the world. This is creating all kinds of opportunities for small businesses and entrepreneurs to get in on the action now and in the very near future, but what are they?
The growth in space exploration and commercial rocketry has led to a growth in the demand for the manufacturing, logistics, and computer networking that make rocket launches possible. Businesses that support the space industry are booming.
The rapid growth is creating opportunities for entrepreneurs who can provide the services space launch companies need. You can learn more about the industry, develop skills, and network at the Space Foundation CI&E and make your first steps towards a future in the space industry.
As technology has got smaller, it has become lighter too. Powerful satellites are now the size of a basketball, and capable of transmitting vast streams of data across the world or taking incredibly detailed images of the surface of the earth.
Orbiting satellites are now accessible to small businesses and entrepreneurs for all kinds of applications. There can be huge value in the data collected from imaging and sensing satellites in the oil and gas industry and for mining operations. Simply collecting and analyzing data can be an entrepreneurial opportunity.
There are some huge businesses, including Elon Musk’s SpaceX and Jeff Bezos’ Project Kuiper, that are developing low-cost and super-high-speed internet by using small orbiting satellites.
This technology uses a small dish instead of fiber optic cables buried in the ground. Mobile internet is also possible with technology that can be integrated into cellphones. This technology is going to shake up the internet and make new business models possible and can speed up profitable processes like stock trading and drop shipping.
The biggest challenge facing the space industry is perfecting manufacturing in space. There are many potential benefits to producing materials in zero gravity or in a perfect vacuum.
Making these processes possible in orbit will be game-changing to many industries on the surface of the Earth, and whoever perfects the tech will become the next space billionaire.
This is a long-term project for the space industry. The minerals and molecules locked into the surface of the Moon have enormous potential.
Helium-3 is a stable isotope of helium that is in very short supply on Earth but could be abundant in the Moon’s crust. It can be used as a carbon-free energy source that can power the planet’s future if it can be mined and transported back to Earth. The technology, software, and engineering needed to make this possible is a huge opportunity for a tech-minded entrepreneur.
Space is becoming more and more accessible to more and more people, not just businesses and entrepreneurs. Space tourism is the next frontier, and this will create even more opportunities for smart and space-savvy people to start small businesses and join the space race.