The space industry is set to expand rapidly, with more tourism, satellite, research, and exploration companies blasting off into the final frontier.
(Cover Photo: Apollo 17 Rover in 1972 | NASA)
Small businesses and entrepreneurs with ideas for commercializing space have been running into the same road block for decades: launch costs.
However, with private space companies like SpaceX and Virgin Galactic driving down costs through innovation, space is increasingly within reach of small business owners.
Here’s a great short video from Bloomberg on launch costs:
With prices for a single launch dropping in recent years from hundreds of millions to tens of millions of dollars, launching your business idea into space is increasingly more affordable.
Small satellites will make up most of the space cargo in the years ahead. However, tourism, research, and exploration will also increase in activity over the medium term.
On Earth, being a trash collector has never been a glamorous job. Yet, setting up a company to collect the tens of millions of pieces of dangerous space garbage could be both stylish and lucrative.
A Japanese entrepreneur recently raised $43 million to clean up the world’s extraterrestrial trash.
Beyond Science Fiction
Space has long been the realm of Star Trek fans and science fiction aficionados. With sky-high launch costs falling quickly, space-based entrepreneurship may become more grounded in reality.